Professional services analytics help your company grow by offering real-time visibility into your entire organization. By assessing and identifying business requirements, professional analytics help design and implement quality solutions to ensure maximum ROI. It gives you the expertise and agility you need to respond to rapid market changes by capturing real-time and aggregated data.
In other words, analytics can help businesses think about “how can tomorrow’s performance be affected”, rather than “what’s happening today?”
Let’s take a look at how analytics help professional service firms:
Analysis of employees
Resource Utilization: Low utilization rates reduce profits, hence most firms strive for a resource utilization of over 80%. Thus, quickly analyzing billable time, time spent by individual resources, and projects being worked upon, will help you make good staffing decisions.
Efficiency of staffing: Lack of transparency in staffing processes results in inefficiency. Analysis on staffing efficiency helps you identify issues by skill level, region or analyst. This results in an increased revenue and reaching staffing goals on time.
Analysis of operations
Automated reporting: Most businesses have a slow and manual error-prone reporting in place, thus automating their reporting is a top priority. This will increase the productivity of employees, and will make it easy to pull out data to ascertain the amount of work that could be allotted to each employee.
Track projects: By allowing the delivery team to keep a close check on projects, analytics enables businesses to keep a track of projects’ burn rate. It is also possible to set up automated alerts for thresholds. With better forecasting of projects, it is easier to dynamically update a consultant’s monthly goals, and ascertain the challenges and risks before time.
Role-based Access Control: Creating multiple reports according to roles is a major setback for any business. Role-Based Access Control (RBAC), allows employees to access information pertaining to their jobs, while preventing them from accessing information irrelevant to them.
How do analytics help your professional services firm? Tell us in the comments below