When data is connected and leveraged across a professional services organization, it can result in more profitable engagements, accelerated cash flow, and satisfied clients. However, that is often a struggle to achieve.
According to Consulting Magazine, 50% of consulting firms have 3 or more systems in place to handle administration and project management. Why is this a problem? Well, it means that critical business data is fragmented, inaccessible, and challenging to analyze.
Consulting Magazine identifies three key benefits of single, or integrated, business solutions for consulting firms:
Visibility – Bringing together client, project, resource and financial data in an end-to-end system enables people to access the appropriate information to do their jobs efficiently and strategically. A lack of visibility due to data silos can hinder a manager’s ability to see true WIP status, it can keep a business developer from determining service capacity, and more.
Connect Decisions with Results – In a disconnected system, a consulting manager who is faced with staffing issue may inadvertently replace the resource with a higher-cost consultant, thereby pushing the project over budget and diminishing the firm’s profit margin. These kinds of poor tactical decisions can be avoided if data like WIP status, engagement budget, and margin are all managed in a seamlessly connected system.
Insight – Business insight cannot be gleaned from data that is redundant and conflicting, which is often the case when it is being managed in multiple, disjointed systems. By centralizing data on past results, current projects and future business, you can quickly and easily drill into information and gain the insight that leads to improved results for your organization.
For assistance aligning your existing business solutions or identifying the right solutions for your consulting firm, request a Professional Services Strategy Assessment today!