Time is moneyCoined in 1748, the old proverb is still a firmly anchored principle in today’s service industry where existence depends on the ability to be able to leverage your collective skills and expertise to efficiently generate business and deliver services of the highest quality.

With thousands of tasks, both large and small, to complete every day chances are money is leaking out of your business because you just can’t efficiently manage it all. You’re not alone. Time efficiency and resource efficiency are some of the most talked about pressures facing businesses operating today. A lack of collaboration, prioritisation and tracking of metrics are common but at the same time are essential to achieving the goals and objectives of your business.

Experiencing global revenues into the billions and an annual growth surpassing almost every other sector the service industry has definitely ballooned as of late. From prospect to project, service businesses must ensure that the right resources are matched with the right skills in order to achieve business success.

One of the challenges faced by these service companies is the lack of collaboration. For example, when the sales and service team don’t communicate everybody loses. The service staff receive limited information preventing them from providing the most effective service possible. Meanwhile the sales staff can fall victim to over or under promising customers on what’s available to deliver. The lack of visibility on both sides creates a disruptive service for the customer which could be fatal in the long run.

In an industry where people sell people, failing to track your resources or not having full visibility into your available skills, users could miss potential opportunities which could be disastrous for the business. In a recent news article it stated that most service providers utilise an average of 50%-60% of each of their employee’s billable time. That means that almost half of their staff time is being spent on non-billable activities – try explaining that to your boss! By accurately and effectively tracking your billable and non-billable resources, users are able to ensure that every revenue stream is being utilised to its full potential.

Having clear visibility into the complete business schedule ensures that all projects are delivered on time and within budget. From time and expense capture to billing, accurate and timely project accounting ensures that all revenues and costs are kept in balance. Without this type of real time visibility businesses wouldn’t be able to effectively monitor measure and control the business and it could lead to loss of cash flow and a decrease in customer satisfaction.

Many service companies, large and small, are abandoning spreadsheets as a means to track their employees time and instead are opting for an off the shelf application specifically tailored to the Professional Service market. Using a Professional Service Automation (PSA) solution can help facilitate better results in billable utilisation, annual revenue per consultant, on time project delivery and customer satisfaction. When time equals money it is no surprise that the service industry is trying everything they can to manage theirs effectively!