Professional services automation (frequently abbreviated to
PSA) is software designed to assist professionals, such as lawyers, auditors,
and IT consultants, with project management and resource management for client
projects and utilization rate management for billable staff. This is
accomplished by developing metrics to quantify and qualify basic business
processes that can then be used to streamline and improve those processes.
Typical PSA functions include project management and
documentation, time recording, billing, reporting, and labor utilization.[citation
needed] These features are often integrated with accounting, Customer
Relationship Management (CRM) systems, and payroll systems in order to improve
efficiency of overall operations. As a result, in addition to better managing
client projects, independent contractors can prevent lost revenue and slow
billing cycles
.
Several factors such as the increasing need for enhanced
mobility among service consultants, growing trends of automation and reduction
in the overall cost, and growing need for scalable and flexible Professional
Services Automation solutions are driving the growth of the market. Also, an
increased adoption of Professional Services Automation solutions and services
by several industry verticals, such as audit and accountancy, media and entertainment,
healthcare and life sciences, and legal services, is expected to boost the
market growth.
Industry Ecosystem
The Professional Services Automation ecosystem comprises vendors,
such as Autotask Corporation (US), Changepoint Corporation (US), FinancialForce
(US), Microsoft (US), Atlassian (Australia), ConnectWise (US), Kimble
Applications (UK), Mavenlink, Inc. (US), Oracle (US), SAP (Germany), Upland
Software (US), Projector PSA (US), Project Open Business Solutions S.L (Spain),
and Kaseya Limited (US).
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