How to choose ERP for consulting firms?
5 software tips
Challenges in acquiring top talent and new skills to cater to diverse clients and stay competitive are increasing for consulting firms. Add to this the problem of inconsistent or disorganized knowledge-sharing without unity in a single, transparent system and it’s no surprise that consultancies are looking for a new, better way of doing things. For many, that’s ERP.
Specifically, cloud-based ERP can help consulting businesses adopt the “‘anywhere, any time team operating model” Infosys Consulting CEO Mark Livingston sees as critical to delivering the choicest talents to clients wherever they are with direct access to the information they need in real time. It does this not merely by allowing consulting firms to operate remotely, but by solving yet other problems that flourish in outdated consulting practices–poor resource management and information silos.
Using cloud ERP, consulting businesses can differentiate from the competition with superior services and resourcing, make knowledge transparent and gain the means to make client work more profitable than ever.
In this article, we’ll give you the information you need to find the best ERP for consulting firms.
What is the best ERP for consulting firms?
Resource management: ERP’s secret weapon for consultancies
Key benefits of ERP for consulting firms
How to select ERP for consulting businesses
What is the best ERP for consulting firms?
Hands down, the best ERP for consulting firms is Professional Services Automation software, or PSA. PSA is a type of ERP that consolidates the various components of your Quote-to-Cash cycle in one data-rich system, strengthening resourcing, project planning, financial management and organizational efficiency. Elimination of project, client and cross-departmental information silos allows your consultants to execute their expertise responsively and with the agility needed to deepen client relationships.
Moreover, PSA ensures the efficiency and 360-degree visibility required to increase billable time, win more deals with the right resources at the right time and stay nimbler to meet the complex project needs of clients big and small.
As purpose-built ERP for professional services industries, PSA covers:
Quote, proposal and opportunity management
Project management and planning
Resource management, scheduling and forecasting
Time tracking, which in leading solutions can be automated with auto-populated timesheets that update project budgets and margins
Business expense tracking, which can be as swift, simple and transparent as uploading photos of receipts and assigning predefined expense categories
Task management with tasks available for all team members across your organization and visual task tracking against client projects
Billing and invoicing, which the software should automate, including the scheduling of invoices for retainers and fixed-price projects
Real-time reporting with data you can configure any way you need for various stakeholders