The professional services automation software is a tool meant for the professional services industry. It helps in project management and resource allocation for the client’s projects. In brief, it is used to bring transparency in the process of project handling in any market research company and consulting firm. It includes time management, time tracking, expense management, billing, invoicing, and resource allocation.
Market survey reveals that the professional services software helps to gain business insights and supports the management to improve efficiency, productivity, and profitability of the project operations.
Data collection reveals that the major end-use industries of PSA include BFSI, Architecture, Engineering, Construction, Legal services, healthcare, and others. An estimate by the top market research companies in India shows that the banking sector holds the highest market share in terms of penetration. This tool allows the banking professionals to tackle a massive amount of financial data, credit expenditure, quality management, risk assessment, and risk management.
A recent survey by the best data collection company shows that only 23% of the enterprise workers have adopted the system, which combines project management and intelligent work automation to empower work productivity, quality enhancement, and profit maximization. While 51% of respondents are keen to adopt and use such a solution.
The primary concern of every business organization is to ensure profitability. This tool helps the management professionals to ensure, automate their resources, and track the essential changes required in the management system.
Every company aims for revenue maximization. This tool mainly helps the professional services firms to manage their core revenue-generating activities and their deliverables, which ranges from adequate utilization of resources to accurate revenue forecasting. For the sales team, it is helpful to plan their project phases and scopes of their product life cycle. For market research companies and research managers, this tool helps to pair up the resourcing needs of the projects. Delivery managers can monitor the health of the ongoing projects in the enterprise to ensure timely delivery and under budget. Project managers in the market research and consulting firms can calculate the time required for completing the project, expenses to incur, and plan the budget of their project.
The global market research company estimates that the market size for PSA is expected to reach the value of USD16015.0 Mn by 2025, growing at a CAGR of 11.7% during the forecasted years 2019-2025.
