It’s imperative for professional services firms and project-based businesses to connect their systems of people, processes, and technology. This will, in turn, enable them to drive utilization and increase profitability. Disconnected, siloed systems – from which most businesses suffer – result in a lack of integration. This makes it impossible to track and measure what’s happening across the organization. As a result, business leaders do not have the insights they need to take on the right projects, utilize their people most effectively, and maximize profitability.
Connected systems allow you to address the operational, tactical, and strategic challenges that impact utilization at each level. The results? Improved performance and the ability to achieve business goals.
- Operational changes will deliver the quickest value and the most direct measure of ROI. The goal is to increase the number of billable hours, as measured by Utilization Rate. This can be accomplished by increasing productivity through reducing the amount of time that billable staff loses to non-billable activities.
- Tactical changes will improve how your organization does business. You’ll want to implement more effective processes across sales, marketing, project management, and financial management that will increase revenues and drive down costs. The goal is to increase actual hours billed, measured through Realization Rate.
- Operational and tactical improvements roll up to allow for strategic changes. Executives have the insights to effectively plan and make decisions and the ability to effectively drive action through the organization. Here the goal is to align pipeline and resource capacity to optimize revenue, as measured by Chargeable Utilization.
Read more here and take the first step toward a connected system that will enhance your bottom line.