Improving project profitability by assuring on-time, quality delivery

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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.

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Improving project profitability by assuring on-time, quality delivery

  1. 1. PAGE 1 • PRESENTATION TITLE COMPANY CONFIDENTIAL © 2013 KEYEDIN™ SOLUTIONS Better Business Performance for Professional Services Organisations Improving project profitability by assuring on-time, quality delivery
  2. 2. 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
  3. 3. PAGE 3 • PSO MASTER CLASS SERIES COMPANY CONFIDENTIAL © 2013 KEYEDIN™ SOLUTIONS 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
  4. 4. PAGE 4 • PSO MASTER CLASS SERIES COMPANY CONFIDENTIAL © 2013 KEYEDIN™ SOLUTIONS 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)
  5. 5. PAGE 5 • PSO MASTER CLASS SERIES COMPANY CONFIDENTIAL © 2013 KEYEDIN™ SOLUTIONS 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)
  6. 6. PAGE 6 • PSO MASTER CLASS SERIES COMPANY CONFIDENTIAL © 2013 KEYEDIN™ SOLUTIONS 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 time Check • Measure the impact of change • Keep task progress and completions up to date • Input and review regular project status reports Verify • Ensure each team member is aware of their contribution to the success of the project • Utilise PSA Software to deliver visibility and ease admin Delegate • Ensure all project team members have a single version of the truth • Connect all team members and project stakeholders through a single solution Coordinate • Ensure on time, on budget, quality delivery • Drive increased customer satisfaction • Celebrate successful, profitable project delivery Celebrate
  7. 7. PAGE 7 • PSO MASTER CLASS SERIES COMPANY CONFIDENTIAL © 2013 KEYEDIN™ SOLUTIONS Agility: The Prerequisite of Responsive Project Management Be Responsive Anytime, 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
  8. 8. PAGE 8 • PSO MASTER CLASS SERIES 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%
  9. 9. PAGE 9 • PSO MASTER CLASS SERIES COMPANY CONFIDENTIAL © 2013 KEYEDIN™ SOLUTIONS 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
  10. 10. PAGE 10 • PSO MASTER CLASS SERIES COMPANY CONFIDENTIAL © 2013 KEYEDIN™ SOLUTIONS Track Every Detail Knowledge is Power  Avoid errors and late billing  Drive process efficiencies  Write out write-offs  Ensure access to the latest information
  11. 11. PAGE 11 • PSO MASTER CLASS SERIES COMPANY CONFIDENTIAL © 2013 KEYEDIN™ SOLUTIONS 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
  12. 12. PAGE 12 • PSO MASTER CLASS SERIES COMPANY CONFIDENTIAL © 2013 KEYEDIN™ SOLUTIONS Set Alerts to Maintain Momentum Keep Everything on the Radar  Incorporate standard risks  Set thresholds addressing profitability  Stay aware of all exceptions  Realign delivery commitments as necessary  Manage client expectations
  13. 13. PAGE 13 • PSO MASTER CLASS SERIES COMPANY CONFIDENTIAL © 2013 KEYEDIN™ SOLUTIONS 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
  14. 14. PAGE 14 • PSO MASTER CLASS SERIES COMPANY CONFIDENTIAL © 2013 KEYEDIN™ SOLUTIONS 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
  15. 15. PAGE 15 • PSO MASTER CLASS SERIES COMPANY CONFIDENTIAL © 2013 KEYEDIN™ SOLUTIONS 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
  16. 16. PAGE 16 • PSO MASTER CLASS SERIES COMPANY CONFIDENTIAL © 2013 KEYEDIN™ SOLUTIONS Increasing Client Satisfaction, Increasing Profitability
  17. 17. PAGE 17 • PSO MASTER CLASS SERIES COMPANY CONFIDENTIAL © 2013 KEYEDIN™ SOLUTIONS 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
  18. 18. PAGE 18 • PSO MASTER CLASS SERIES COMPANY CONFIDENTIAL © 2013 KEYEDIN™ SOLUTIONS Useful Resources INCLUDES: Supporting whitepapers, Webinars, PSO Insight blog and FREE trial of KeyedIn Projects Visit: www.keyedinpso.com
  19. 19. 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
  20. 20. PAGE 20 • PSO MASTER CLASS SERIES COMPANY CONFIDENTIAL © 2013 KEYEDIN™ SOLUTIONS Questions and Answers Thank You Email: ondemand@keyedin.com Web: www.keyedin.com/keyedinprojects Twitter: @keyedinprojects

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