The Professional Services Industry Could Be in for a Rough Ride Are you prepared?
While revenues were up last year, the Professional Services marketplace is in for a rough ride in 2016 according to the 2016 PS Maturity™ Benchmark Report from Service Performance Insights (SPI). We want you to be prepared to prosper in potentially turbulent times.
Information – along with a deep understanding of the dynamics of your industry – is now a more competitive weapon than ever. That’s why Deltek is proud to continue its ongoing relationship with SPI and sponsor this year’s benchmark report that features over 200 KPIs across critical business functions including business development, resource utilization, talent management and finance.
Here are some interesting observations from the 2016 report:
Top priorities for 2016 must address the significant decline in leading indicators of future success – revenue from new clients, size of the sales pipeline, backlog, and bid-to-win ratios.
Firms must also focus on efficiently delivering high-quality services and minimizing non-billable resources.
Leaders must address dramatically rising employee attrition rates. This is a big issue as it costs in excess of $150,000 to replace valuable talent.
And finally, with new client revenue the lowest level in 9 years, organizations need to focus on expanding markets, winning new clients and offering more services to ensure future revenue growth.
Also within the report, Dave Hofferberth, one of its principal authors, states, “Lack of an effective information infrastructure within professional services organizations is no longer an option!” As a consulting professional, you know that seamless integration between information systems, metrics and analytics is critical to taking the guesswork out of how your firm is performing at any given time.
Deltek has delivered solutions that deliver visibility and control to thousands of professional services firms around the world. I encourage you to read the full report and benchmark your business to determine where you excel and where you fall short compared to firms of a similar size.
If you have any questions about the information in the report or want to discuss Deltek’s full suite of solutions purpose-built for professional services firms, please don’t hesitate to reach out. We wish you the best as you navigate the marketplace in 2016 and beyond!
Complete the form below to download the report