How to Effectively Manage Each Stage of the Engagement Lifecycle with a PSA Solution

To remain competitive today, professional services firms must prioritize digital transformation and agility. However, these are moving targets that require ongoing investment - just because an initiative is complete doesn't mean the work is done. Instead, iterative approaches to improvement are necessary for success. One technology aiding in this digital transformation and agility is professional services automation (PSA) software. PSA software helps automate project management, increasing efficiency, productivity, billable utilization, and financial margins. It also improves collaboration, transparency, and planning, enabling better resource allocation and project management across the client engagement lifecycle, which consists of five stages: proposal, initiate, execute, monitor, and close. PSA solutions can aid firms in each of these stages, providing managers with real-time visibility into engagements, optimizing aspects of operations, and improving client satisfaction, productivity, and business outcomes.