When you are a professional services firm or project-based business, your bottom line is driven by resource utilization. If your business suffers from disconnected or siloed systems of people, processes, and technology, the various parts of your organization can’t integrate their data, which makes it impossible to track and measure utilization effectively.
On the other hand, by connecting your disparate systems into one coherent, integrated system, you can effect considerable improvements in utilization, and your bottom line. A connected system will allow you to address the operational, tactical, and strategic challenges that impact utilization at each level, resulting in improved performance and the ability to achieve business goals.
Improving resource utilization by addressing operational challenges
When you are looking to make changes at the operational level – which is where you will see the quickest value and the most direct measure of ROI – the goal is to increase the number of billable hours, as measured by the utilization rate. The way to increase billable hours is to increase team and individual productivity by reducing the amount of time that billable staff loses to non-billable activities.
Operational changes to improve available billable time:
Reduce app switching
By conservative measures, simply opening and closing apps can cost a company of 100 people over 1500 potentially billable hours per year!
Simplify time entry
Easier time and expenses entry = timelier and more accurate data = improvements throughout billing and revenue cycle. Integrated time tracking improves project accounting accuracy.
Minimize administrative tasks
Time spent on administrative tasks means less time available for billing. The goal is to eliminate as much of this as possible. Automate everything you can and then assign dedicated administrative, non-billable staff to do the rest!
Automating workflows frees up billable time, increases accuracy, and improves collaboration between teams, and more.
Simplifying communications improves billable time, manages customer expectations, and reduced internal, non-billable meeting time.
Provide relevant information by role
This is very important. When billable resources have real-time insight into their own utilization, billing rates, and project and task status, they can better prioritize their time and efforts.
Learn more about the challenges caused by disconnected systems and how Velosio’s solutions can help connect your systems so you can make the organizational changes necessary to increase billable time and utilization rates.