Estimating Sheets

 

Professional Services Automation (PSA) is important to AEC firms

 

In today's age operating the construction cost task manually may lead to a great financial loss. Precious time is often lost when project managers manually work on support functions and administrative tasks (i.e., assigning specific projects to different people, over/under budgeting, not logging in time efficiently, etc.), putting a wrench in workflow and profitability goals. Operating these tasks manually is costly, time-consuming and can be prone to errors.

 

A recent survey on FoxBusiness.com revealed small business owners collectively waste four billion hours of company time annually by spending too much time on back-end support functions and administrative tasks. A manual approach keeps Architectural Engineering and Construction (AEC) firm owners and management from focusing on what's important: their core business processes.

 

 

Because AEC firms face these pressures, it is crucial to automate as many business functions as possible, allowing for more projects to be completed quickly. Ongoing pressure to compete and survive in the marketplace is driving many AEC business owners and project managers to adopt comprehensive and integrated Professional Services Automation (PSA) solutions to help them better manage their pipeline, reduce costs, improve employee productivity and ultimately increase revenue.

 

PSA software doesn't just manage resourcing and scheduling; it can deliver revenue recognition, sophisticated billing (including intra-company billing) and supply chain functionality and even customer relationship management. PSA software can provide a solution that addresses automation needs, where managers and staff can collaborate effectively, stay organized and easily access data (onsite or remotely). Through these solutions, firms can customize workflow and back-end systems, preventing escalating budgets and improving profitability.

 

 

One of the examples is Vorex. They develop a module of features specifically for AEC firms. These cloud-based solutions include the ability to invoice according to labor hours or based on a fixed contract amount (or both); a ticketing and issue-tracking module with instant notification; an easy-to-use time and expense tracking interface, with the ability to add notes and attach receipts; invoicing fixed contracts, which can be broken down by completed phases; project percentage completion, down percentages within a single phase; and KPIs and reports that show project performance, labor utilization, etc.

 

The PSA software market is projected to be an estimated $7.63 billion industry by 2017, according to Global Industry Analysts, Inc. As the PSA software market booms, there will be an increase in providers and products, which is a win-win for AEC companies and firms. Not all PSA providers are the same, so it's important to explore different vendors to see which solutions fit best.

 

Professional Services Automation is important to AEC firms

 



 

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