The best professional services automation softwares are comprehensive solutions that assist organizations in efficiently managing business processes and resources, time and expenses, projects, bills and invoices, reports, customer information, and Business Intelligence (BI). The best professional services automation softwares help organizations automate business processes throughout the project life cycle, right from customer acquisition to billing, thereby ensuring high-quality service delivery.
Visionary leaders in the best professional services automation softwares market are the leading market players in terms of new developments such as product launches, innovative technologies, and the adoption of growth strategies. These players have a broad product offering that caters to most of the regions globally. Visionary leaders primarily focus on acquiring the leading market position through their strong financial capabilities and their well-established brand equity.
Dynamic Differentiators in the best professional services automation softwares market are established players with very strong business strategies. However, they have a weaker product portfolio compared to the visionary leaders. They generally focus only on a specific type of technologies related to the product.
Innovators in the competitive leadership mapping considering the best professional services automation softwares are vendors that have demonstrated substantial product innovations as compared to their competitors. The companies have focused on product portfolios. However, they do not have very strong growth strategies for their overall business, when compared with the visionary leaders.
Emerging companies in the best professional services automation softwares market have niche product and service offerings. Their business strategies are not as strong as that of the established vendors. The emerging vendors include the new entrants in the market, emerging in terms of product portfolio and geographic reach, and require time to gain significant traction in the best professional services automation softwares market.
Nowadays, organizations across various industries are focusing on enhancing their customer relationships. The best professional services automation softwares enable enterprises to improve the efficiency of their operations through automation and creation of efficient workflows for managing the entire project. The best professional services automation softwares empower professional service providers to engage with clients throughout the project lifecycle. It empowers organizations with several capabilities, including project management, resource planning, collaboration, time tracking, invoicing, and business intelligence. The best professional services automation softwares enable organizations to track the performance of projects throughout their lifecycle. Furthermore, it enables organizations to manage data and business operations from a centralized place, thereby ensuring enhanced service delivery to end-users.
The project management solution enables clients to engage with projects throughout their lifecycle. It manages every aspect of the project, from the start to the completion, including budgets, costings, approvals, scheduling, deliverables management, issue tracking, and revenue management. It facilitates organizations with the capability to monitor the real-time status of a project. It also enables organizations to track successful and at-risk customer engagements. Furthermore, the project management solution facilitates organizations to ensure that the project is moving in the right direction, meeting the deadlines, and fulfilling the client’s expectations.
The project accounting solution facilitates organizations in maximizing service delivery while ensuring profitability by ensuring control over project financials. It helps organizations in keeping track on project financials, such as budgets, bookings, estimates, work in progress, and percentage completion and costs. The project accounting solution ensures timely billing and invoicing of clients to keep account of each transaction.
TIME AND EXPENSE MANAGEMENT
The time and expense management solution facilitates organizations in tracking the time and expenses invested in the delivery of projects. Time management ensures quick and accurate accounting of times and expenses incurred throughout the lifecycle of a project. It ensures the accounting of employees’ worked time on a project through web-based timesheets. These timesheets are accessible to employees from anywhere and anytime. Managers can review and approve the timesheets of employees on a timely basis. Moreover, time management ensures the efficient cost updates to a project through the time tracking and overtime management feature.
Expense management captures expenses incurred during the lifecycle of projects and their reporting. It facilitates organizations with simple tools that allow features, such as expense entry, approval, reimbursement, and tracking.
The project analytics solution helps enterprises organize and analyze the business data. It enables organizations to improve the overall business performance by providing analysis and insights into the business data. The project analytics solution gives organizations a clear picture of the business data and the processes using striking and easy to understand visualizations on dashboards. It empowers clients, delivery teams, and executives to gather the required information and reports easily, thereby facilitating them to make important business decisions.
BILLING AND INVOICE MANAGEMENT
The billing and invoice management solution empowers organizations to have full control over the cash flow. Professional services automation software simplifies and automates the process of generating an invoice by calculating the associated charges, such as the sales tax, discounts, and various other one-time or recurring charges. It generates billing batches as per the predefined billing schedule of a project. It empowers client with an integrated workflow process, capable of managing the entire billing process from the quote to order. Furthermore, the best professional services automation softwares provide clients with an easy access to the summary, which provides a detailed history of the business transactions.
The resource management solution empowers organizations to allocate and manage resources efficiently to increase the productivity of the business operations. It provides a proper estimation of the supplies and demands, which facilitate the organizations to map the projects with the right resources, at the right time. The resource management solution enables organizations to improve the billable utilization, resulting in increased profit margins. Additionally, proper allocation of resources for the project offers several benefits to organizations, such as project completion within the timeline, retention of top talents, and enhancing the project.
The contract management solution provides the ability to maintain and manage the customer contracts. The best professional services automation softwares enable organizations with various capabilities, such as easy access to contact information and allocation of appropriate service levels, payment processing, and contract renewals. It ensures that the details about the contract, the transactions, and the customers are handled securely and confidentially. Moreover, it enables customers and suppliers to administer the details of individual contracts, including the Service Level Agreement (SLA), contract, and service tax codes; and billing cycles, such as weekly, monthly, quarterly, and yearly.
OPPORTUNITY AND LEAD MANAGEMENTThe opportunity and lead management solution provides organizations with detailed information regarding the customers, sales activities, contracts, and proposals, which are helpful for improving the effectiveness of the sales. The best professional services automation softwares help enterprises streamline their processes from the sales to delivery of professional services to customers, thereby increasing the visibility of processes and improving the performance. It enables the sales teams to identify and determine the probability of closure of any opportunity by providing detailed insights into the client’s current relationship and history. Thus, the opportunity and lead management solution helps managers identify the opportunities where an additional sales effort is required. Furthermore, it enables organizations to carry out the best practices to standardize processes with the help of the knowledge base.
Frequently Asked Questions
What is the market outlook and which are the driving factors for Professional Service Automation market?The professional services automation market is projected to grow from USD 634.7 Million in 2016 to USD 1,244.8 Million by 2022. The global market will grow at a Compound Annual Growth Rate (CAGR) of 11.7% during 2017–2022. Several factors such as the increasing need for enhanced mobility among service consultants, growing trends of automation and reduction in the overall cost, and growing need for scalable and flexible professional services automation solutions are driving the growth of the market.
What are the attractive opportunities for the new market entrants in Professional Service Automation market?An increased adoption of professional services automation solutions and services by several industry verticals, such as audit and accountancy, media and entertainment, healthcare and life sciences, and legal services, is expected to boost the market growth. The services component is expected to grow at a higher CAGR during the forecast period.
How will cloud deployment help to drive the Professional Service Automation market?The cloud deployment type is expected to grow at a higher CAGR during the forecast period. Cloud-based professional services automation solutions empower organizations to meet the varied needs of customers and to reduce overall cost. Cloud-based solutions offer enterprises various advantages such as disaster recovery, project monitoring, and economies of scale. Professional services automation solutions can be easily integrated with a customer relationship management (CRM) system to facilitate organizations to share business data and process, in order to automate quote to cash operation. Cloud-based professional services automation solutions offer organizations with subscription-based pricing. Due to the easy deployment of cloud deployment and its growing awareness of flexibility among organizations across all industries, its market size is expected to grow at a higher rate during the forecast period.
Which segment will account for the highest growth in Professional Service Automation solutions market?The Small and Medium-sized Enterprises (SMEs) segment is expected to grow at a higher CAGR in the professional services automation market during the forecast period. Organizations with less 1,000 employees are categorized as SMEs. The deployment of professional services automation on the cloud could help SMEs to reduce their expenditure on IT infrastructure and its maintenance, as cloud-based professional services automation solutions are less expensive than the on-premises solutions. Moreover, the entry of small vendors in the market has also provided an opportunity for organizations to have inexpensive solutions. The real-time monitoring capabilities, reliability, scalability, mobility, cost-effectiveness, user-friendliness, easy integration, increased agility, and increased efficiency are the main factors that encourage SMEs to adopt professional services automation solutions and services at a rapid pace.
Who is the target audience for the Professional Service Automation market?Key Target Audience For Professional Services Automation Market: Professional Services Automation vendors, Project management solution providers, Resource management solution providers, Analytics vendors, Project accounting solution providers and Value-added resellers
Who are the leading vendors operating in Professional Service Automation market?The professional services automation market ecosystem comprises vendors, such as Autotask Corporation (US), Changepoint Corporation (US), FinancialForce (US), Microsoft (US), Atlassian (Australia), ConnectWise (US), Kimble Applications (UK), Mavenlink, Inc. (US), Oracle (US), SAP (Germany), Upland Software (US), Projector PSA (US), Project Open Business Solutions S.L (Spain), and Kaseya Limited (US). These Professional Service Automation Solutions Vendors are rated and listed on the basis of product quality, reliability, and their business strategy.