Leaders in every type of PSO firm share the same goals. From accountants to architects, management consultants to software consultants, and engineering and construction firms, leaders are seeking greater efficiencies, increased margins, and more resilience in a turbulent market.
The definition of PSO success, however, is more complicated. Your profit margins depend on excellence in service execution, keeping a sharp eye on billable hours, and optimizing people utilization. When bidding for new business, you need to ensure that your proposals will succeed. As you measure revenue per employee, it’s essential that you also monitor their engagement and optimize their development. Meanwhile, you can’t maximize financial performance without complete, real-time visibility into finances. And ultimately, no PSO can achieve success without keeping their client satisfied.
And, of course, the disruption of the last few years forced PSOs to work in new ways to overcome challenges such as managing remote workforces and absorbing revenue losses. The good news is that many of the technology-driven trends toward improving efficiencies — including automated processes, self-serve tools, and adaptable dashboards — were already in use long before the chaos started. The pandemic only served to accelerate the need for a single, company-wide view of projects.