Professional Services firms must take steps to capitalize. On new business opportunities in the digital landscape, and to do this, they need to have strong end-to-end engagement management capabilities. This includes everything from bid creation, project setup, staffing, time and expense tracking, outcome tracking, and billing.
By having a comprehensive engagement management system in place Professional service firms can identify and address deviations from the plan early on, before they negatively impact the profitability of the engagement. This will help firms to improve project performance, reduce costs, and increase revenue.
Additionally, professional service firms are evolving into virtual firms by leveraging talent networks, and this requires close integration of talent management, contingent worker management and resource and engagement management to effectively manage the workforce holistically. This allows for a better balance of demand and supply, and more agile reactions to market changes.
To further increase revenue and compete in today’s market, professional service firms need to create new, non-linear revenue streams through digital, knowledge-as-a-service offerings. This requires a seamless and highly automated quote-to-cash process that enables self-service configuration, price, quote and solution order management, and subscription billing. Without this integration and automation, scaling these new revenue streams will be challenging. Implementing integrated processes will improve customer experience, increase efficiency, and drive growth.
At Altzen Technologies, we understand the challenges that businesses face in today's fast-paced and competitive environment.
