The professional services industry and the usage of PSA software have grown over the past year according to the report, from an adoption rate of 51 percent in 2010 to 76 percent in 2011. Professional services revenue increased 13.7 percent, and the average net profit increased to 13.5 percent worldwide in 2011, according to SPI’s study based on 825 professional services organizations.
NetSuite’s cloud PSA and SRP software help services organizations automate and manage key business processes, such as resource management, project management, CRM, billing and service delivery. NetSuite also allows organizations to manage growth and maximize productivity of current resources. NetSuite OpenAir can be tailored to fit the needs and processes of any company, providing automated workflow, which enables faster onboarding and frees management time to handle growth. Customers typically realize cost savings and new service delivery efficiency upon transitioning to NetSuite from disconnected application silos and spreadsheets. Global services organizations take advantage of NetSuite’s multi-currency, multilingual and local taxation capabilities to expand business internationally with real-time global visibility across their entire business.
Other Key Findings of the Report
SPI’s report notes that PSA has become increasingly important as services firms strive to improve the management and control of service execution, and states that PSA should be considered by any team with 10 or more employees. Other key findings include:
- Project managers at firms using SRP manage 5.6 projects concurrently, versus 4.1 for firms without SRP
- Net profits rose to 17 percent for professional services organizations within technology companies, and to 10.6 percent for independent services firms
- Percentage of billable staff has increased every year, from 67 percent in 2007 to 73 percent in 2011
- Billable utilization has risen from 65 percent in 2008 to 70 percent in 2011
About SPI Research
NetSuite Inc. is the industry’s leading provider of cloud-based financials / ERP software suites. NetSuite enables companies to manage core key business operations in a single system, which includes Enterprise Resource Planning (ERP), Accounting, Customer Relationship Management (CRM), and Ecommerce. NetSuite’s "real-time dashboard" technology provides an easy-to-use view into up-to-date, role-specific business information.
NOTE: NetSuite and the NetSuite logo are registered servicemarks of NetSuite Inc. Any other marks are the property of their respective owners.
Siemens and the Siemens logo are registered trademarks of Siemens AG.
SOURCE NetSuite Inc.