Optimise Project Results

Monday, May 9, 2016

Competition, customer expectations and pressure on margins are all increasing. Real-time insight into your business operations can keep you ahead of the competition, set expectation, maintain healthy margins and help you to optimise your processes and excel in today’s challenging business climate…

Leaky revenue: a very real problem for any business

Would you take a pay cut if your business ‘misplaced’ a certain amount of income every month and didn’t know where to find it? Believe it or not, the professional service industry loses a significant amount of revenue by failing to turn hours worked into cash.

The silent assassin of profitability

An SPI Research has revealed that the industry average for lost revenue stands at 4 – 5%, mainly due to invoicing errors, time wasted on product or project delivery, incorrect statements of work or misquotes. With project margins often very tight, the failure to invoice the full amount of hours worked is unforgiving and can lead to lost revenue and, if this continues, could be fatal to a business.

Learn how to plug the gaps

Once you’re aware of these issues, you can take all kinds of action to protect your revenues. There is a lot to gain by taking a closer look at your internal processes. For example, integrating project management with accounting and invoicing will help optimise your results, preventing that hard earned revenue from silently slipping away.

Don’t forget the effect on your people

When your business is going through challenging times due to disconnected systems causing ‘silos’ of information, this can cause dissatisfaction, reduced productivity and promote discontent. Bear in mind that a satisfied, motivated member of the team will be more productive and positively promote your business.

Improving operational efficiency will undoubtedly help optimise project results; however, before you start looking at how to optimise, you will first need to take a step back and review your current project management processes and software systems and ask yourself the following questions:

What processes do I have in place at the moment to manage my projects?

Who manages these processes?

Do these processes result in the project objectives being met?

Have any issues or weaknesses been identified?

Are my processesoperating efficiently?

Does my project management software give me insight and control over my projects?

A 360 degree view of your customers is important. However, having an insight into your project activity will help you know when you are getting it right and more importantly, if it does go wrong, then you’ll be in a position to identify where so you can improve your systems and processes and help keep operations streamlined– and customers happy.

Track time spent on a project, project progress and profitability

Real-time reporting on prepaid, fixed fee or time and materials projects – time, costs, invoiced and invoice proposals

Set budgets and alerts on projects

Gain full insight into your project activity

 

Who is Elementary Solutions?

Elementary Solutions is an Exact Certified Partner. Our technical business consultants have all been through the rigorous certification programme to ensure that they not only understand the Exact Software Solutions but, also understand how it can help your business reap the benefits efficiently and effortlessly.

What makes Elementary Solutions different?

It’s not just about the software system. Of course the software is important, but of equal importance are your people and business processes. When you choose Elementary, you can be confident in the knowledge that you are choosing a partner who understands the importance of this and can help you successfully implement your Exact Online Solution.

What is Exact Online?

Exact is a cost-effective, all-in-one, integrated software solution that can help your business save time, money and improve efficiency.

Exact for Accounting

Exact for Professional Services

Exact for Subscription Management

Exact for Wholesale Distribution

Exact for Manufacturing

 

Exact. All in the cloud and from anywhere.