Will consultancies’ reluctance to accept new technologies cause them to lag behind as more of their rivals adopt new ways of working in the coming years?
There are many excellent project and resource management software systems that have identified a significant opportunity for agencies to increase growth and revenue through technology usage in the quickly expanding PSA market. With PSA adoption expected to more than double in the next three years, they investigate how eager consultancies are to accept new technology and remain ahead of the competition.
According to a recent Consultancy survey, over 80% of consultancies are operated using spreadsheets or a collection of standalone tools, with only 17% using a Professional Services Automation (PSA) system.
Regardless of this, the research discovered that consultancies that use a PSA mechanism encounter substantial growth, with higher consumption, better margin exposure, and a boost in earnings per partner, with PSA supporters producing 7% higher application compared with firms that primarily use spreadsheets.
According to the study, more than a third of non-PSA users are likely to embrace a PSA system within the next three years, while the PSA marketplace will probably double in the same time period.
In the present-day hectic corporate environment, consultancies must be open to technology in order to stay pertinent while significantly increasing their bottom line. With the PSA industry projected to nearly double in the years ahead, now is the time for agencies to consider the advantages of adopting a PSA system.
While many agencies continue to use conventional tools and methods to run their businesses, these results illustrate the potential for growth and productivity benefits for those eager to embrace cutting-edge technology. As the marketplace for PSA systems expands, companies must consider the advantages that those devices may provide to their operations.
“Consultancies are rapidly realising it’s time to ditch the spreadsheets and start integrating key project and resource management workflows in a Professional Services Automation (PSA) system,” said industry expert Jon Stead
“Optimizing utilisation is the single most important profit driver for consultancies, and with clear evidence that PSA adopters generate 7% higher utilisation vs. spreadsheets, it is little surprise that PSA adoption is forecast to double in the next three years.”