Advanced Budget Management Critical for Reining in Project Costs at Professional Services Firms – Business Intelligence Info

PostedbyMarlonArevian,SeniorSolutionConsultant,PSANetSuite

Manyprofessionalservicesfirmshaveendurednightmareprojectsthatspiraloutofcontrol。

Abudgetissetandresourcesallocated,butastheprojectunfolds,scopecreep,unexpectedtwistsandclientdemandsblowyourbudgetoutofthewater。

Therootcausescanbemany。

Yourorganizationmighthavereliedonguessworkinbuildingitsbudgetbecauseyourbudgetandplanningsoftwaredoesn’tdeliverinsightsintohowsimilarprojectsplayedoutinthepast。

Oryoudidn’thavetimely,holisticvisibilityofcostescalationastheprojectprogressed,ordidn’tallocatetheresourcesbestsuitedfortheproject。

Regardlessofthecause,itmightbeweeksintotheprojectbeforeyougetahandleoncostandscopeescalation,leavingyouintheuncomfortablepositionofbearingunanticipatedcostsorseekingarenegotiationwiththeclient—puttingmarginandclientsatisfactionatrisk。

RippleEffectsofWeakBudgeting

Budgetingweaknessescanundermineperformanceacrossaservicesorganization。

Withoutsoundbudgetingandmonitoring,firmsjeopardizeon-timedeliveryandprojectquality。

Backlogscangrowifresourcesarespendingmoretimethananticipatedonaproblematicproject,whichmighttempttheuseofcostlyexternalresourcestofillthegap。

Lackofvisibilityintofinancialsoftenresultsininterruptionsinthequote-to-cashcyclethataffectsales,servicedeliveryandfinanceteam。

Ifyouhavearear-viewmirrorviewofprojectfinancialsthat’soutdatedbyaweekormore,itbecomesextremelydifficulttomakeneededadjustmentstopreserveprofitability。

SPIResearch,theleadingresearchconsultancyintheprofessionalservicesindustry,hasdocumentedsignificantgapsbetweenthehandfulofservicesfirmsthatexcelatkeyperformancemetrics,andthe90+percentofallothers。

Basedonasurveyof549firms,SPIfoundthatthebestservicesorganizationsenjoy47percentgreaterprojectmarginsthantheirpeers。

“Theleadersinthissurveycontinuallymonitorandmeasurefinancialmetrics,”SPIResearchsaidinitsstudy。

“Theyhavetheabilitytomakeadjustmentsasnecessary,anddontwaittoolongbeforeimplementingchanges。

Theimportanceofreal-timefinancialinformationcannotbeoverstated。



Webinar:ReininginProjectCosts?

Soundbudgetingandflexible,real-timefinancialmanagementisakeydistinctionoftopservicesperformers。

Ifyourbudgetingandmonitoringpracticesinvolvestandalonetools,timeandexpensepaperworkandExcelspreadsheets,wehopeyou’lljoinusforanupcominglivewebinar。

SetforWednesday,September21,“ReininginProjectCostswithAdvancedProjectManagement”willexploreleadingpracticesusedbytopprofessionalservicesfirmstoforecastandcontrolprojectcostsandimproveprofitability。

You’lllearnhowbestpracticesinadvancedbudgetmanagementcanhelpyou:

Calculateprojectcostsbasedonpastexperience

Reviewandsecureapprovalforbudgetproposals

Monitorbudgetvs。

actualsinrealtime

Bettermanagetimeandexpensesubmissions

Improvebudgetingaccuracywithresourceoptimization

Gaininsightstoimprovebudgetaccuracyandmargin

You’llalsoseealivedemoofhowNetSuiteOpenAir,theindustry’sleadingcloud-basedprofessionalservicesautomation(PSA)solution,equipsmorethan1,500servicesteamswiththeflexible,robustbudgetingfunctionalitythat’sneededtostrengthencontroloverprojectcostsanddriveprofitability。

Registernowforthebudgetingwebinar?

PostedonThu,September15,2016byNetSuitefiledunder

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