What does it take to excel as a professional services organization (PSO)?
The challenges are many in a fast-changing and highly competitive market. In 2016, PSO profitability declined by 8.4 percent, according to the 10th annual Professional Services Maturity Benchmark study by SPI Research(opens in new tab), the leading research consultancy in the professional services industry.
Based on a survey of 416 PSOs, SPI Research also found that revenue growth and the bid-to-win ratio dipped to new five-year lows, while employee attrition reached a five-year high. While growth may have slowed, the PS market also saw improvements in revenue per consultant, project backlog and on-time delivery.
Amid such volatile dynamics in an increasingly service-centric economy, “best-of-the-best” services organizations outperform their peers across virtually all key metrics, as SPI’s study has documented for years. What differentiates the top five percent of PSO leaders from the rest?
Jeanne Urich, Managing Director of SPI Research, will share the secrets to success and key findings from the 2017 study at a live webinar(opens in new tab) on Thursday, March 9. This is a great opportunity to tap into SPI’s in-depth research to size up your own performance and identify areas for improvement.
Urich will be joined by Kenneth Ewell, SVP of Worldwide Professional Services at Aspect Software(opens in new tab), a provider of contact center, self-service and workforce solutions. Aspect is one of SPI’s 21 “best-of-the-best” PSOs for 2017, and a user of NetSuite Service Resource Planning(opens in new tab) (SRP).
Thriving on an Integrated Platform
Ewell will outline the performance improvements that Aspect’s PS organization has realized since replacing an on-premise ERP and Salesforce CRM with NetSuite SRP, comprising the global OneWorld ERP solution, CRM and professional services automation.(opens in new tab)
“I am extremely proud of the ongoing transformation of our professional services organization and the dramatic performance gains we have made,” Ewell said. “By developing a consistent, repeatable service delivery framework we have been able to reduce our clients’ time to benefit and total cost of ownership, all while improving utilization, quality and consistency.”
Aspect Software is a prime example of how PSOs can thrive through the use of integrated ERP, CRM and PSA. For instance, 84 percent of the 2017 “best-of-the-best” PSOs have integrated ERP and PSA, compared to just 52 percent of the others, the SPI study found. The level of CRM and PSA integration is 64 percent at top firms, compared to 38 percent at others.
“As the professional services market has grown more competitive, and volatility within the market intensifies, information has become a competitive weapon to increase performance and profit,” Urich said. “Lack of an effective information infrastructure is no longer an option!”
For insights that can help you chart your course in 2017, watch SPI’s on demand webinar, “Tips from the 2017 ‘Best-of-the-Best’ Professional Services Organizations”(opens in new tab) today.