Professional services delivery is changing.
Effectively providing services such as operations, healthcare, or technology consulting requires knowledgeable consultants, but it also requires the right backend systems today. To execute and control profitable projects, professional service organizations require real-time accounting and in-depth analytical solutions that span the entire organization, enabling efficient project management from sales to fulfillment. This requires cloud ERP.
Let’s look at the four phases of professional services delivery and how cloud ERP can help.
There are four phases in the life of any professional services project, whether it involves strategy consulting, financial advice, HR, IT, or healthcare consulting. All four of these phases benefit from the visibility and coordination that comes with a cloud ERP backend.
In the selling phase, professional services organizations manage leads and opportunities, create bids, and both close on sales and create service contracts.
Cloud ERP assists with this process by managing and automatically qualifying leads through rule-based and AI-assisted analytics, and centralizing this data for all stakeholders. It helps automatically generate bids and contracts, increasing the pace of sales activity, and keeps these contract specifications accessible during later phases of setup, delivery, and invoicing.
During the setup and staffing phase of a professional services project, firms set up engagement, define and assign qualified resources for a project, and establish utilization reporting.
In this phase, cloud ERP becomes a strategic asset for a professional services firm by giving real-time visibility into the current and future activity of all company resources and personnel. With this visibility, project planning can be more precisely coordinated and manpower better allocated. Utilization reporting also becomes automated and simplified.
In the delivery phase, professional service projects procure services and manage work in progress, record time spent, manage travel and expenses, recognize revenue, and manage project margins.
The project management and advanced accounting and financial management capabilities within cloud ERP significantly assist with service delivery and revenue recognition. Each activity related to a project is centrally recorded and indexed against the defined project variables for real-time visibility and easier project management that ensures projects stay on time and under budget. With ERP, a professional services firm always knows project status and its financial considerations.
The final phase of any project is payment. This phase includes billing, accounts receivable, credits and collections, engagement closure, and post-project analytics.
Most, if not all, of this phase can be automated with cloud ERP. A professional services firm can automate the generation of invoices based on expenses and work performed, and automatically send payment reminders or collection notices when these invoices are not paid. The system can issue credits based on custom or pre-defined rules, flag past-due accounts, and assist with post-engagement tasks so service organizations can focus on higher-value sales and project activity.
AI-assisted analytics can also help professional service firms learn from each project and further refine operations and future bids.
By unifying technological capabilities in the cloud, SAP Cloud ERP helps professional service firms reduce manual tasks through automation, eliminate data silos, and deliver predictable outcomes both for clients and internal stakeholders.
Our SAP Cloud ERP for Professional Services package is a complete backend solution designed specifically for service-focused organizations. It starts with a scalable ERP backbone built for professional services needs, and comes preconfigured with best practice workflows and seamless integrations for project management, time tracking, payroll, CRM, and collaboration.
This combination of SAP power and a preconfigured system for professional services organizations enables a quick, cost-effective ERP rollout that fits the needs of a services firm today while enabling scalability and growth as technology and business needs evolve.
At Navigator Business Solutions, we understand the needs of professional services firms because that’s also our line of business. As an SAP Gold Partner, we’ve helped businesses plan and implement more than 500 ERP solutions over the past 25 years.
During this time, we’ve developed a glowing reputation for both understanding the needs of customers and the underlying technology and delivering ERP solutions on time and under budget.
Our methodology for successful ERP implementation support includes:
When you work with Navigator, you get more than just technology implementation support. You also get a partner who genuinely understands and cares about your business.
Learn more about our methodology or our ERP solution for professional services organizations by contacting one of our experienced consultants at (801) 642-0123 or info@nbs-us.com.