Jun 8
Portfolio management challenges that most PSA Software fails to address
Some of the standardized PSA software solutions aim to provide automation benefits and productivity enhancement features but can’t meet market expectations. Professional services firms often experience lag when scaling some PSA solutions, as they are not ready to be used for enterprise needs.
Managers also experience issues with connectivity and integration, as some PSA solutions can’t provide seamless information flow between CRM, PPM, and PSA solutions. Data from one environment must be manually entered into another environment, which can cause issues with data integrity, delays, and information loss.
That is why it is important to opt for a trusted professional services automation software, which can optimize project management and ensure cloud-based connectivity for all resources, assets, and tools. Professional services firms looking for project portfolio management and an integrated PSA operational environment should aim for the best PSA tool in the market that is customized for their industry.
Most PSA solutions fail to address budgeting challenges
A key component of project portfolio management is budgeting and cost control. From formulating the right budgets to ensuring cost compliance, the project portfolio needs a technically advanced solution to automate core processes. Budgeting may remain a manually intensive task when PSA solutions aren’t adept at optimizing the domain.
Cost outflows and overruns are a key area of focus for portfolio managers as well, which is why the need for PSA software arises. Generic PSA solutions that can’t manage large-scale projects, may fail to deliver on cost compliance resulting in a lack of visibility into daily cost components.
Data and documentation digitization continues to remain a challenging area
For many project managers, a critical challenge area continues to be data access. While using disconnected apps, services, and tools may help single teams to share data, a more connected infrastructure is necessary. Some PSA solutions offer data access but are too slow for dynamic needs in terms of collaboration and updating.
Teams can benefit from the intrinsic benefits of cloud collaboration when they leverage the best PSA tool that is customized for their company. With information digitization, managers can share key project insights with collaborators, stakeholders, and third-party companies, for innovative project delivery and problem-solving.
Dashboards often miss out on key portfolio information
A recurring issue with generic PSA software is the lack of visibility driven due to inadequate dashboards. These solutions may only provide limited information on updates, workflows, KPIs, and simple metrics. They may also not be customizable, which can lead to confusion and issues with limited monitoring capabilities.
The best PSA software solutions allow for in-depth tracking of portfolio progress, as well as detailed insights on all metrics. Managers can focus on optimizing profitability for their projects while having an overview of all projects within their portfolios. This strengthens the focus of teams, to be more aligned to overall objectives.
Opportunity management is disconnected from execution
In many cases, PSA software can only provide features for tracking and flagging. They may lack a truly integrated environment that connects all processes within projects. They may also not have a bridge to connect proposal development, budgeting, estimating, and other critical opportunity management workflows.
That is why companies are opting for the leading PSA tools that can provide an integrated approach to opportunity maximization. By connecting all stages within projects, PSA solutions improve collaborative scoping, budgeting, planning, and other core primary stage processes. Data can also be shared across the enterprise to make proposals more aligned with client goals.
In conclusion
PSA software solutions that optimize project portfolio management are highly preferred by firms across industries. Globally, the demand for an all-encompassing PSA solution is driving the leading firms to develop software that can handle multiple dimensions of project delivery.
Planning, opportunity management, cost, budgeting, resource analysis, reporting, and integration tools are making PSA solutions more agile and dynamic, thereby improving profitability across portfolios.
Learn more about how PSA software by ProductDossier is leading the way in automating business processes. Visit us at — https://www.productdossier.com/professional-services-automation-psa/
Reach out to us at — +91–76209 00522 and +91–93257 08071 and marketing@productdossier.com
