improving project profitability by assuring on-time, quality delivery
DESCRIPTION
In this presentation we’re focusing on taking the element of chance out of profitable project delivery. We’re going to look at five ways of ensuring that you never miss details when it comes to billing and that your invoicing is always accurate and on time. We’ll look at monitoring budgets and building in an automated system of alerts that grab your attention if anything ever looks like it’s going off track. Professional services companies can raise project standards by applying a number of principles of standardization. These principles are the same for any size of company, from the small and medium enterprise, up to the larger corporate. So, we’re looking at frameworks that can support better project performance which drives overall better business performance for every type of service delivery. Whatever field you work in this webinar will give you some ideas on how professional service delivery can benefit from failsafe systems that support the efforts of your fee earners and drive more profitable outcomes for your company. The first thing to say is that while on-time, on-budget delivery is always the goal for a professional services organisation, it can bring problems. That might sound like a contradiction but it’s probably a situation you have encountered – what happens is: the project reaches completion, final billing is done and the job file closed. Then, some time after, costs that hadn’t been taken into account start to emerge. No matter how such late costs are handled they’re going to be a problem. You either have to absorb the costs into the job – eroding your profitability; or you have to advise your client that more costs are coming in – that means that you didn’t actually deliver on-budget. It also means you have a less-than-entirely-delighted client. Today we’re looking at how hyper-efficient project management makes sure you avoid the problems of delayed costs by managing every detail of every project proactively. Comprehensive planning and effective, proactive management is only really possible when project managers have constantly up-to-date visibility of every aspect of the project.TRANSCRIPT
PAGE 1 • PRESENTATION TITLE
COMPANY CONFIDENTIAL © 2013 KEYEDIN™ SOLUTIONS
MASTER CLASS WEBINAR SERIES
Better Business Performance for Professional Services Organisations
Improving project profitability by assuring on-time, quality delivery
PAGE 2 • PSO MASTER CLASS SERIES
COMPANY CONFIDENTIAL © 2013 KEYEDIN™ SOLUTIONS
Hyper-Efficient Project Management
Ensure On Time, On Budget Delivery Avoid delayed costs and overdue expenses
Proactively manage every detail of every project
Ensure full visibility into the status of each project
Ensure flexibility
Respond when events deviate from plan
Avoid “Happy Accidents or “Pleasant Surprises”
Rely on Assurances and Certainties
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Manage the Unexpected
Build the Right Foundations Comprehensive plan and budget
Implement the right management tools and processes
Take account of the human element
Elevate the importance of delivery
Plan for eventualities and change
Provide the visibility and agility to respond
Avoid issues escalating
Safeguard profitability
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Adopt the Competitive Option
4% of leaders have real-time visibility into the status of all processes from quote to cash compared to 32% of followers.”
If a project is headed south, companies with attentive monitoring will know right away and, most importantly, before it is too late to take action.”
Aberdeen Group – Project Management in Professional Services: Managing People for Profits (July 2012)
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Adopt the Competitive Option
Running a knowledge and skill-intensive business like Professional Services with disconnected applications, spreadsheets and email is no longer a competitive option. Efficient execution of core business processes demands visibility, transparency and control.”
Time, cost, engagement progress and quality are critical elements which must be tracked throughout the client lifecycle.”
SPI Research The New Growth Engine: Sales and Service Alignment (May 2011)
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Visibility: The Prerequisite of Efficient Project Management
• Understand the status of each project• Measure the progress of each task or deliverable• Keep all team members and stakeholders informed in real timeCheck• Measure the impact of change• Keep task progress and completions up to date• Input and review regular project status reportsVerify• Ensure each team member is aware of their contribution to the
success of the project• Utilise PSA Software to deliver visibility and ease adminDelegate• Ensure all project team members have a single version of the truth• Connect all team members and project stakeholders through a
single solutionCoordinate• Ensure on time, on budget, quality delivery• Drive increased customer satisfaction• Celebrate successful, profitable project deliveryCelebrate
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Agility: The Prerequisite of Responsive Project Management
Be ResponsiveAnytime, Anyplace, Anywhere
Find a better way
Keep up the pace
Drive rapid responses
Satisfy more customers more often
Embrace admin as a core driver
Focus on success factors
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COMPANY CONFIDENTIAL © 2013 KEYEDIN™ SOLUTIONS
Project Success in Professional Services
On Time
The top pressure [faced by project managers] is customers frequently changing their minds mid project (41%). Professional services project managers can end up wasting time and, most importantly, scarce resources to meet vacillating customer demands.
Aberdeen Group – Project Management in Professional Services
77% = Industry average
89%
On Budget
86% = Industry average
94%
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5 Ways to Improve Project Profitability
Deliver best. Better Improve Planning - Track every detail to empower vision
Collaborate Effectively - Provide a single version of the truth
Measure Progress - Set alerts to maintain momentum
Control Costs - Monitor budgets and cope with change
Eliminate Errors - Ensure smarter billing practices
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Track Every Detail
Knowledge is Power Avoid errors and late billing
Drive process efficiencies
Write out write-offs
Ensure access to the latest information
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Provide a Single Version of the Truth
Work Together Avoid time consuming second
checking
Instil confidence in the current status view
From boardroom to frontline
Role-specific interfaces
Complete portfolio
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Set Alerts to Maintain Momentum
Keep Everything on the Radar Incorporate standard risks
Set thresholds addressing profitability
Stay aware of all exceptions
Realign delivery commitmentsas necessary
Manage client expectations
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Monitor Budgets and Cope with Change
Knowing is Achieving Capture costs, drive efficient billing
Avoid bill-shock
Maximise additional billing opportunities
Enrich client relationships
Look good, feel good
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Ensure Smarter Billing – Keep On Top
Drive Positive Outcomes More accurate – ensure invoices are
accurate and up to date
More timely – utilise standard billing processes to invoice correctly and on-time
More detail – eliminate billing errors through accurate time and expense capture
More transparency – ensure no cost or billing milestone gets overlooked
More is more – smarter billing ensures stronger customer relationships and on-going profitability
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The Role of Technology
Empower the Business• Professional Services Automation
(PSA) improves:
– Visibility
– Insight
– Control
– Accuracy
• A cost-effective project management system saves money, improves efficiency and increases profitability
• Software supports your core skills
Visibility Insight
Control Accuracy
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Increasing Client Satisfaction, Increasing Profitability
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Summary – The Centre of Excellence
Improving Business Performance by Assuring Project Profitability Tight project control means never having to say you’re sorry
Track every detail to empower vision
Provide a single source of the truth
Set alerts to maintain momentum
Monitor budgets and respond to change
Ensure smarter billing to drive cash flow
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COMPANY CONFIDENTIAL © 2013 KEYEDIN™ SOLUTIONS
Useful Resources
INCLUDES: Supporting whitepapers, Webinars, PSO Insight blog and FREE trial of KeyedIn Projects
Visit: www.keyedinpso.com
PAGE 19 • PSO MASTER CLASS SERIES
COMPANY CONFIDENTIAL © 2013 KEYEDIN™ SOLUTIONS
Take a Free 15 Day Trial Today• Easy to adopt, easy to use
• Intuitive
• Minimise IT cost and deployment effort
• Delivery is backed by impressive Service Level Agreements
• Interfaces with ERP, CRM or financial/accounting software
PAGE 20 • PSO MASTER CLASS SERIES
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Questions and Answers
Thank You
Email: [email protected]
Web: www.keyedin.com/keyedinprojects
Twitter: @keyedinprojects