Professional
service automation (PSA) systems are software products designed to help
professional services companies streamline a number of operations, optimize
efficiency, and attain higher productivity and profitability. These systems are
complete business solutions and include a variety of capabilities, including
project management, billing, invoice management, time tracking, expense
management, and resource allocation.
A
variety of PSA systems are commonly used by many organizations across a number
of industries. The increased availability of PSA solutions with an improved set
of functionalities is leading to heightened demand for these products
worldwide. For the streamlining of operations, many small-scale companies still
rely on spreadsheets and other in-house tools. However, the vast benefits
gained by companies that have adopted PSA solutions, in terms of improved
time-to-market, reduced attrition rates of products and services, and improved
profitability, testify that the assimilation of PSA solutions in business
practices can prove mission critical, and that without them, the growth
prospects of a company can be greatly affected.
The
report on the professional service automation market gives a thorough overview
of its current state; the major drivers, challenges, and trends that are
impacting the market’s development prospects; and a detailed insight into its
competitive scenario. The data in the report has been gathered from a number of
sources and with the help of numerous primary as well as secondary research
methodologies.
Professional Service Automation Market: Overview
Professional
services companies are currently faced with challenges such as robust market
environments, shortage of knowledgeable and experienced resources, spin-offs
from mergers and acquisitions, and an increasingly sophisticated clientele. At
the same time, decision makers and top executives are becoming increasingly
aware of the benefits of PSA solutions and their role in making companies more
competitive and profitable. These are the major factors driving the global
professional service automation market.
The key
components of a typical PSA system include resource planning and forecasting,
project management, time and billing management, knowledge management, communication
management, opportunity and lead tracking, employee time and expense entry and
processing, financial accounting, human resource management, and proposal
automation.
Some of
the major end users of the global professional service automation market are IT
service companies, design and planning companies, architecture and engineering
firms, accounting companies, management consulting firms, research
organizations, and government contractors.
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Professional Service Automation Market: Key Trends and
Opportunities
Of the
two major deployment methods of PSA solutions-cloud and on-premise-PSA products
and services hosted on cloud platforms are gaining popularity, especially among
small- and medium-sized companies. The numerous benefits of cloud hosting in
terms of flexibility, disaster recovery, increased collaboration, and reduced
infrastructure development costs are some of the chief factors behind the
rising popularity of the cloud hosting module. Additionally, the rising
inclusion of smartphones, tablets, and other devices into the internal networks
of companies is leading to the development of the PSA mobile application
segment.
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