Consulting firms embrace project management software to gain flexibility in their service delivery to clients. Project management software is a tool that can help in planning, organizing, developing, and managing a firm’s resource tools and estimates. The software is handy in controlling a company’s cost, delivering the committed projects, and tracking payments.

There are turns of functions performed by this project management solution to various business entities. Some of the importance of this project management solution to consulting firms are below:

• Customizability. Project managers and administrators get the option of managing and customizing the consultancy firm’s business processes. The customization helps in fitting in the running of the business affairs and team members. Client margin improvements towards profitability are considerations of the software’s customizability. Consultancy firms customize the software to maximize resource utilization and delight clients. Software customization helps small businesses to streamline their operations per their needs to meet their set goals. Effortless task management becomes the norm through team collaboration.
• Exhaustive Customer Support. Whatever project management tools the consultancy firms pick, the software will deliver comprehensive and all-inclusive customer support. The software provides an entire day’s support system with a variety of channels. The consultancy firms can engage their clients via live chat, online forums, and phone calls. The software helps automate some of these functions to deliver real-time responses to client queries. The automation ensures a seamless workflow from one stage to another, making the firms provide their clients’ professional services in real-time.
• Flexibility. Consulting firms operate in an ever-changing business environment. The firms must adapt to the dynamic industry to remain relevant. Project management software helps in attaining this goal by granting the needed flexibility. The customization nature of the software allows the project managers and team members to get creative in meeting their clients’ needs. The software is also adept at events and activities like time tracking, ensuring that everything is running as expected.
• Scalability. Consultancy services involve gaining and losing clients regularly. The software needed by such a company must embody a scalable feature as much as possible. The growing amount of work means added resources to the system. The software is vital because it covers the offering of contract-free engagements subjected to change at will by the consultancy. This software is adept at providing additional features that offer services at different levels and timelines. The firms are at liberty of choosing the services to deliver depending on their or clients’ needs.
• Speed and Visibility. The software is vital to consultancy business as it permits the creation and sending out of new business proposals fast. The pre-made templates make work easier by filling out the needed fields for quick action. The visibility is in the tracking of these proposals and their action stages by the client. A firm can tell whether a client has completed their portion of the proposition or not and chat the way forward on time.

Benefits of Project Management for Consulting Firms

Consulting firms are among the busiest organizations in the business sector. Having an aiding tool comes in handy in executing tasks, time tracking, resource allocation, pricing, documentation, and many more. The software tool offers an all-in-one stop for all the features needed to accomplish a task. Previously, a project management tool symbolically got defined as a sheet of paper, pencil, and methodology. Technology has, over time, been through an evolution where software solutions and programs are functional in project planning. The project management software is an impactful item that helps small businesses to become competitive, increase profitability, and stay unique. Some of the main benefits of PM software to consulting agencies include:

1. Easy and effective Drafting. Project planning is one hectic and tiresome activity in the entire project development process. Project management software is ideal for the effective planning of events. The constraints include the project scope, calendar, and cost. The baseline of planning and forecasting is the automation of activities. The tool is beneficial in helping both beginners and experts establish a well-laid foundation. The system provides the project milestones, team roles, and deliverables within the set timelines.
2. Resource allocation and balancing. A vast project manager is aware of various ways to ensure project success. The software helps in effective resource management and estimation through team monitoring. The balancing of resources is equally important as it sets healthy working conditions and standards among team members. The resource allocation software has the best feature of notifying on the right time to improve or increase team members. The software relieves the struggle of excessive workload through resource management.   
3. Enhanced teamwork. Keeping everyone in a loop enhances teamwork and work collaboration. Project software has a Kanban board element that helps in building a team. The Kanban also sets and outlines priorities for the team. The team members can effortlessly note whatever item to work on and at what time. The software helps in aligning duties by reducing re-work or overwork among members. The team collaboration feature has multiple ways of managing timelines, discussing tasks, sorting outstanding, budgeting, and many others.
4. Budget management. For a consulting firm, budgeting is paramount as projects require funds to commence and progress. A well-performing agency is determined by how well the agency can deliver within the estimated budget. The project management software comes in handy in budget management through invoicing and portfolio management. This software aids in the evaluation of funds from the beginning to the end.
5. Reporting and Task Monitoring. Business monitoring is among the most critical component of a consulting firm. The process is essentially a reporting way of showing workflow and project tracking. Through the software solution, clients and management can estimate a possible due date of a project. Enhancement of the process is through the reporting element offered on the software dashboard. The tool further helps in making decisions as information is in an all-in-one placement.
6. Enhanced Communication. A project management software forms a base of information conveyance to both internal and external communication. The disclosure unites the consultants, team, and company stakeholders to integrate and share ideas. The software solution comprehensively develops transparency, trust, and communication among different parties. By logging in to the software, clients can view the progress of their projects, make suggestions, or convey questions to the team.
7. Client Contentment. Client fulfillment is among the most varied components of a successful business consulting firm. Prompt and timely project completion leaves clients feeling satisfied and walk away with a broad smile on their faces. The software tool enhances intelligent planning by utilizing the management software strategies, functionality, task deliverability, success rate, and goal achievement. The impactful measures lead to the client’s contentment, referrals, and future collaborations with the same client.

Main Features of Project Management Software for Consulting Firms

The era of manual tasks or project execution is long gone, and new systems are taking over. Consulting firms need the best project management software to manage their processes. The functionality of the chosen project management tools must manifest certain relatable features. Below are some of the features of the software for consultancy service providers.

• Task Automation. Task processes are quite complex, involving multiple teams requiring approvals at different levels from various people. The best project management software eliminates the manual execution of these tasks by automating all actions and processes centrally. This feature helps visualize and design workflows, looping in the right people, and automates processes.
• Project Timesheets. Another integral feature of the software is the availability of reporting timesheets management. Each team member logs in their spent time per task. The timesheets help in billing clients, tracking the project’s pace, and identifying and resolving bottlenecks. Some of the software solutions include automatic time logging using timesheet software and reviewing the logged time. Another software solution is extensive reporting. The reports get exported in timesheets of XLS, CSV, and PDF formats.
• Task Management. This feature stands out for managing straightforward and complex consulting projects. The projects get broken down into tasks, milestones, and subtasks. Kanban boards, calendars, and Gantt charts help in visualizing the consulting projects and track progress efficiently. Setting task dependencies to stay on schedule constantly is also part of this feature.
• Charts and Reports. A necessary feature of any software is the reporting element. Through multiple chart reporting, project planning and team management are possible. Detailed reports provide accurate project progress and resource management. Some clients rely on company public reports to conduct portfolio management when deciding on their investments.
• Time Tracking. Every time spent on a task or billable hours counts and needs tracking and recording. Using timesheets and task timers help in keeping abreast with the output of every team member. This feature provides records for following the pace of the project and identify bottlenecks for quick addressing. The company salesforce can track time using this feature on products and services pricing and invoicing.
• Team Collaboration. This feature allows project managers to sync with the team members from their comfort through an online collaboration tool. The feature utilizes various social media platforms through a CRM system. The team holds discussions around milestones, events, and tasks centrally, making task management effortless.
• Issue Tracking. This feature provides the taken records of the emerging bugs and issues requiring immediate tracking and fixing. Automate monotonous concerns in a status update relaying alerts at the right time to the right people. This feature creates custom views basing on the agency’s needs. Issue management becomes effortless through the prioritization of bugs needing urgent attention. The trait also draws up contracts with clients defining rules for the issues up to their resolution.
• Project Administration. This feature permits careful project planning with a lot of organization. The supporting elements of this feature involve using templates to manage projects with familiar structures. This feature uses a game scope methodology to motivate team members and provides field customization to expand on the deliverables if not initially covered.
• Mobile Apps. Perhaps the best feature relevant to the working from home era is the project management application for mobile teams. This software covers this feature, making it easy for employees to work from any point of their choice. Email correspondences through Gmail and other emailing platforms are seamless.

Which is the best type of Project Management Software for Consulting Firms?

Consulting firms are the dynamics of growing and developing entities. New and improved work tools get established daily. The tool’s efficiency is enhancing quick task execution with less time and on a pocket-friendly budget. Consultancy organizations deserve excellent and functional software that can handle the heavy tasks involved. At times it is challenging to find software that has all the required features. Experts look for several compatible software to help bring the missing traits and overall performance. The best types of project management software’s are:

Easy to Navigate. Software should be easy to use, streamline, monitor, and navigate. Some tools have easy setups that need less research, skills, or training.

Cost-effective. Various project management tools vary in price, performance, how agile they are, functionality, and features. High-performing software is costly compared to ones with few functional traits. Some software companies offer a free trial option before making the first purchase.

Clients relationship. Best performing project management software should allow clients to view and access the software with ease. The accessibility enhances transparency and trust between the clients, company management, and team.

Software Functionality. Different software deters in features and usability. Some tools such as Asana, Mavenlink, Jira, and Xero have the ultimate features needed in a consulting agency. The programming preference differs, but the performance and execution of projects are effective.

Software Competence. Software proofing is the first step any project management should follow before putting the software to work. The procedure enhances the workability of the tool. An online proofing software works closely with modern software to perform with effectiveness. The competence of the software encourages commenting, invoicing, and other automation procedures.

Workflow Efficiency. For best team productivity, project management software should streamline various project expenses, profitability, and progress. The software tool should save time, energy, and money to increase its preference among users.

Team Collaboration. A strong workforce guarantees results and excellent collaboration. Real-time collaboration is needed to enhance work division, resource allocation, and performance. Project management solution eliminates dormancy by keeping tabs on every activity each team member is handling. Fostering team collaboration is possible by using mobile apps such as Slack and API through communication and documentation. The same mobile apps bring salesforce together through business consultation.

Resources Approval. At times getting resources approval from the stakeholders is challenging due to their busy schedules and unavailability. With a good software tool, the stakeholders can easily mark the resources as approved with less time and effort. High competition forces strict measures to keep up with the pressure. A work management solution helps small businesses to overcome and endure the harsh competitive ground. The project management solution has in-build templates that save time writing emails, messages, sticky notes, spreadsheets, and meeting write-ups. The new technology allows quick pricing and payment through the existence of credit cards and other online methods.

COR is effective software that works best for consultant firms. The tool has the dedication to offering risk minimization attributes that impact a consulting agency. The efficiency of the software makes it more ideal for its workability. Reporting, budgeting, invoicing, and collaboration are easy and faster through COR. The communication between the team and the client has automation through useful templates and insights.

The post Consulting Firms: Why is a Project Management Software Important for You? appeared first on COR.

From defining roles and responsibilities to implementing technological tools like COR, we explore key methods to achieve smooth and profitable operations. Get ready to discover how to transform your consulting firm and achieve the financial success you desire.

Strategies for Efficient Organization

“An efficient organization is the foundation of a profitable consulting firm”

To achieve this, it is essential to establish clear and effective processes. Define precise roles and responsibilities for each team member, ensuring everyone understands their tasks and how they contribute to the overall goal of the company.

• Defining Roles and Responsibilities

It is vital that each team member has clearly defined roles and responsibilities. This involves not only assigning specific tasks but also ensuring everyone understands how their work contributes to the success of the project and the company overall. Clarity in expectations allows each person to know what is expected of them and how their performance impacts the final outcome.

• Process Documentation

Another crucial aspect is process documentation. Having well-documented processes ensures that all team members follow the same steps and procedures, reducing the possibility of errors and increasing efficiency. This also facilitates the training of new employees and ensures work continuity in case of absences or staff rotations.

• Automation of Repetitive Tasks

The automation of repetitive tasks is another crucial strategy. Many administrative and operational tasks can be automated to save time and reduce errors. Project management tools, such as COR, can be very useful in this regard. These platforms allow for centralized project management, facilitating task assignment and real-time progress tracking.

• Implementation of Management Tools

“Using appropriate management tools can transform the way your consulting firm operates”

COR, for example, offers functionalities that help keep all aspects of the project organized in one place. From task assignment to time and cost monitoring, COR facilitates comprehensive management that optimizes team performance.

• Continuous Review and Improvement

Implementing a continuous review and improvement process is essential. This involves regularly evaluating current processes and procedures to identify areas for improvement. Collecting feedback from the team and clients can provide valuable information on how to further optimize efficiency and profitability. Using management tools like COR can simplify this process, allowing for detailed review and data analysis for informed decision-making.

Resource Optimization

Optimizing the use of your resources is vital to increasing profitability. This involves not only efficient time management but also budget and personnel management. Proper administration of these key elements can make a significant difference in the overall performance of your consulting firm.

• Time Management

Efficient time management is fundamental to optimizing resources. This includes detailed task planning and appropriate time allocation for each task. Using time management techniques, such as the Pomodoro method or the Eisenhower matrix, can help prioritize tasks and ensure they are completed in the shortest possible time without compromising quality.

• Budget Management

Efficient budget management is equally crucial. This begins with the development of detailed budgets for each project. Establishing a clear budget allows for anticipating needs and avoiding unnecessary expenses. It is important to review and adjust these budgets periodically to ensure they remain aligned with the project’s financial objectives. Management tools like COR can be invaluable in this regard, providing visibility and control over costs and ensuring each project stays within the established budget.

• Personnel Management

Optimizing personnel involves assigning tasks in a way that best utilizes the skills and capabilities of each team member. This not only improves efficiency but also increases job satisfaction and motivation. Conducting periodic performance audits of the team and adjusting task assignment strategies based on the results can help identify areas for improvement and ensure all human resources are utilized optimally.

• Periodic Audits

Conducting periodic audits is essential to identify areas for improvement in resource utilization. These audits can reveal inefficiencies and provide valuable information on how to adjust strategies to improve performance.

“Audits also allow for informed decisions on where to invest additional resources and how to redistribute existing resources for better results”

• Financial Planning

Good financial planning allows you to anticipate needs and avoid unnecessary expenses. Establish clear budgets for each project and monitor their compliance. Financial planning also involves anticipating potential contingencies and establishing reserve funds to cover unforeseen events. Again, management tools like COR can help you maintain rigorous cost control, providing detailed reports and analyses that facilitate real-time budget tracking.

Improving Customer Satisfaction

Customer satisfaction is a determining factor for the success of any consulting firm. To ensure clients are always happy, it is essential to maintain constant and transparent communication. Regularly informing them about the progress of their projects not only strengthens the relationship but also allows you to identify and proactively resolve problems.

• Constant and Transparent Communication

Constant communication is key to keeping clients satisfied. This involves providing regular updates on the status of projects, including milestones achieved, deadlines met, and any challenges that have arisen. This transparency builds trust and shows clients that you are committed to their success.

• Proactivity in Problem Solving

Informing clients about any problems that may arise and how you plan to resolve them is crucial. Proactivity in problem-solving shows your commitment to the project and helps avoid misunderstandings or frustrations. Clients value knowing that their consulting firm is prepared to handle any situation that arises.

• Feedback Collection and Analysis

Customer feedback is invaluable. Implementing a system to collect and analyze their opinions is essential for improving your services. This can include post-project surveys, review meetings, and satisfaction questionnaires. By analyzing this information, you can identify areas for improvement and adjust your strategies to better meet your clients’ needs.

• Service Personalization

Each client is unique, and their needs may vary. Personalizing your services to adapt to each client’s specifics can significantly improve their satisfaction. This includes adjusting communication methods, offering tailored solutions, and being flexible to their requirements.

“Showing a deep understanding of the client’s needs and adapting your services accordingly strengthens the relationship and promotes loyalty”

• Team Training and Development

A well-trained team is crucial to providing high-quality service. Investing in the continuous training of your team ensures they are up to date with the latest trends and techniques in consulting. A competent and motivated team can provide exceptional service, resulting in more satisfied clients.

Conclusion

Effectively organizing your consulting firm and maximizing profitability is not an easy task, but with the right approaches, it is entirely achievable. Establishing clear processes and defined roles ensures smooth and efficient operations. Resource optimization, through precise time, budget, and personnel management, increases profitability and efficiency.

Customer satisfaction is crucial; constant communication and proactivity in problem-solving strengthen relationships and increase loyalty. Additionally, implementing management tools like COR can simplify and improve each of these aspects, providing comprehensive control and detailed analysis for informed decision-making.

Ready to transform your consulting firm? Start implementing these strategies today and take your business to the next level. Discover how COR can help you achieve it!

The post Transform Your Consulting Firm with This Ultimate Guide to Maximize Profitability appeared first on COR.

Profitability optimization starts with transparency and internal visibility of projects and resources. A lack of visibility in this aspect can lead to underutilization of resources and decreased profitability. Transparency not only builds solid relationships with clients by sharing internal processes but is also essential for effective time and resource management.

In the professional services sector, timely delivery and strategies are crucial, but internal management is equally critical to be efficient and profitable. Transparent management implies having complete visibility of operations, which allows for avoiding time deviations and accurately estimating the hours dedicated to each project. This knowledge is vital for renegotiating rates and avoiding common problems such as disparities between the work sold and the work executed.

The first step to stop thinking of visibility as a problem and transform it into a benefit is to have all the project information in one place and thus be able to identify deviations.

Centralized visibility: the first step

Having visibility of deviations with the client, i.e., the difference between the actual hours spent and the hours budgeted at the beginning, allows for a more reliable ground for negotiating rates.

Concrete data about the time and resources used in projects are essential for communicating to the client the value of the work performed, including time, creativity, and expertise provided.

Moreover, project management and the availability of dashboards for real-time visibility are crucial for identifying deviations and improving communication with clients. This includes visibility of deviations, deliverables, rework, and operational capacity, which are fundamental for the proper allocation and management of resources.

Companies that provide professional services need to demonstrate to the client with concrete data what the causes of time deviations are and thus reach the stage of renegotiating rates. Thanks to the correct use of a project management tool, we can know these data.

Capacity planning and project monitoring are fundamental tools that only a few consultancies use adequately.

Visibility in processes with clients allows us to achieve fluid feedback, allows us to detect quick deviations, or identify over-requests in a more agile manner, allowing us to address the issue in time, thus aligning the expectations and priorities of the project itself and with delivery times. Having this visibility and having a tool where all this data and communication with the client can be centralized is key to a good relationship with the client.

Anticipation and Strategic Management

The key is to anticipate post-mortem analyses of deviations and instances of renegotiation contextualized with concrete and timely data (it’s not about claiming things that happened 6 months ago, much closer checkpoint instances can be made).

Transparency and strategic management can transform the relationship with clients and anticipate renegotiation needs, avoiding late conflicts.

Through meticulous tracking of time and demonstration of the tangible impact of resource management on project outcomes, consultancies can instill confidence and foster long-term partnerships based on respect and mutual understanding, achieving more fair rates based on real and updated data.

Visibility allows knowing which services, clients, or projects contribute to or detract from your profitability.

It is essential to make adjustments in the initial budgets/SOW. Defining and agreeing on an initial scope of work, monitoring its execution, and adapting to changes and new requests are key steps to maintain profitable projects and relationships. This approach prevents problems such as low wages, high turnover, and talent loss, ensuring the company’s success and differentiation in the long term.

In summary, the process is “we define/agree on an initial SOW”. We start executing, and the key is to show how we are doing against that SOW. Brands also do not benefit when a consultancy does not have profitable clients/projects. Maybe in the short term, yes, but in the long run, this will turn into > low wages > turnover > loss of talent > loss of differential > loss of clients due to lack of added value.

Identification of profitable and non-profitable clients

Get a complete picture of all the types of services you offer, to be able to discern which ones are profitable for you and which require adjustments. Avoid competing for services that may generate losses and compete for campaigns that do not align with the value of your team’s time.

New technologies can help predict profitability in real-time and negotiate better rates.

• Identifying the clients and projects that contribute to or detract from your profitability: Through dashboards, you can get information on the most profitable clients and projects versus those that bill the most. It is essential to make decisions to correct the profitability of your projects before finishing them at a loss.
• Understanding which services contribute to your business’s profitability: Get a complete picture of all the types of services you offer, to be able to discern which ones are profitable for you and which require adjustments. Thanks to the analysis of budgeted hours, estimated hours, and invested hours, in real-time, you can make decisions that favor your profitability.

Conclusion

The first step is to manage our operations based on information to, with it, provide visibility to our clients.

Real data and access to information on the progress of each project, the rework, and the status of each, generate greater transparency and trust with clients to negotiate fairer rates.

The post Steps to identify which services generate the most profit appeared first on COR.

Business Highlights and Trends

Let’s assess highlights and trends in the management consulting industry.

• Continued digital transformation. As with many industries, the management consulting sector saw accelerated digital transformation throughout 2020. Although rapid advances were made, many experts consider the sector still lags behind other sectors in automation and digitization. As reliance on new technology increases, it’s expected the industry will move from a per-hour model to a fixed-fee system. 
• Talent recruitment. As the industry hurtles towards a new, streamlined operating model, HR teams from a variety of businesses have a renewed focus on talent sourcing and onboarding. While degrees in a related field remain a requirement for entry-level jobs, new management consultants will also be expected to have strong digital soft skills to help with increased integration.
• Crowdsourcing talent. With the expansion of the “gig economy”, personal branding and social media platforms like Linkedin, freelance management consultants are now more accessible than ever. Businesses from a wide variety of industries are now engaging with independent consultants in a trend that’s been dubbed “crowdsourcing talent”. These freelance professionals are able to produce quick results for businesses with minimal costs.
• In 2020, there were more than 700,000 management consulting firms worldwide, providing a range of services in fields like IT, real estate finance, and healthcare.
• Use of big data. The use of data analysis and new technologies will continue to disrupt the management consulting industry into “modularization”, a trend whereby businesses engage management consultants in part, and not all, of the process. New technologies mean businesses now have greater visibility over the operations, removing the need for traditional management consulting.  You can read more about new trends in the industry here. 
• The average salary for a management consultant in the US in 2020 was $83,610 per year. This works out to be $40.20 per hour.

 Project Management Stats

• Bain & Company surveyed 1286 industry leaders to hear their thoughts on emerging trends. 66% of respondents agreed with the following statement: “digital disruptions and software solutions are rapidly changing the rules of competition”. This reflects the digital transformation trend seen in the consulting industry as a whole. Source.
• A survey by the Boston Consulting Group found that 80% of business leaders say they plan to accelerate digital transformation in their business following the crisis caused by the Covid-19 pandemic. In addition, 65%  of respondents claim they intend to invest even more in tech solutions despite the economic turndown. Source
• Consulting giant Accenture carried out a study into the use of data analytics in project management. While businesses are expected to have 10 times more data in 2025 than in 2017, 32% of companies are unable to carry out tangible and measure results from this data. Source
• A McKinsey & Company report on project management found that over 75% of the 300 respondents say their respective organizations plan to modernize their project delivery model. However, it also found 86% believed their company hasn’t done enough to update their project management models. Source 
• A survey by project management websites at 4 PM, found that on average 70% of projects in a business fail. It puts this down to poor project management practices and a lack of understanding of different methodologies. Source.
• The Project Management Institute recently published a report in which it found that 10p of every dollar spent on projects is wasted by businesses, totaling over $2 trillion globally each year. It claims poor organizational agility is one of the main reasons for wastage and unsuccessful project delivery. Source.

 Resource Management Stats

• Deloitte surveyed over 3,500 executives to get their thoughts on the top factors in making remote work sustainable. According to 39% of respondents, the most important factor is the “implementation and use of digital collaboration platforms”, followed by “personal choice in determining how the work gets done” (36%). Source.
• A far-reaching survey of over 3000 consulting professionals by Boston Consulting Group determined the three biggest trends in consulting firms’ resource management in 2021. The first is digitization, and how new technologies like AI will revolutionize business intelligence. Next is talent, and how businesses will strategically manage their workforce in the new normal. And the third is the future of work and agile resource management. Source
• A report by McKinsey & Company analyzed the effect the pandemic and remote working had on hiring and human resources management. It found that 67% of over 120 CEOs plan to spend less time on hiring permanent recruits, and 63% plan to grow their IT and tech teams in response to changing ways of working. Source.
• In a recent study of HR trends, 40% of HR teams plan to focus on organizational restructuring following the sweeping changes caused by the Coronavirus pandemic. While 40% also plan to invest in preparing their teams for an increasingly digital workspace. Source.
• The same study by Accenture found that 100% of HR teams see intelligent technology as a positive change in resource management that will enable agile and simple user experiences. But it found that only 23% of companies are ready for digitization. Source.
• Deloitte published a report in which it surveyed HR leaders from across the industry. The study concluded that using the data will revolutionize the way companies manage their people, but that only 23% felt they were correctly using this data. It added that Saas or “cloud” solutions will help teams better manage their HR data. Source.

 Financial Performance Stats

• The famous “Big 4” management consultancies (KPMG, Deloitte, EY, and PwC) are worth a combined $3.5 billion dollars and have enjoyed 11.5% growth. These 4 firms outperform others in the consulting services industry. Source.

• The management consulting industry globally is worth over $250 billion dollars, with the US and UK amongst the biggest markets. Further afield, Germany, Switzerland, and Austria are Europe’s top management consulting countries, with combined total revenue of €8.7 billion. Source. 

• Industry leader ICF saw total revenue of $434 million in the fourth quarter of 2020, with non-GAAP earnings per share (EPS) at $1.36. Despite the crisis caused by the Covid-19 pandemic, Q4 revenue was 9.5% higher than the same quarter in 2019. CEO John Wasson attributes this to sweeping IT modernization and public health demands caused by the Pandemic. Source

• In the US, federal government agencies made up some of the industry’s biggest clients. ICF saw 19% revenue growth from government clients, with income reaching $165.5 million. This represents 38% of the organization’s total revenue. A further $34.4 million came from overseas governments, representing 9% of the overall turnover. Source.

• Consulting giant Nasdaq recorded solid growth in the full year 2020, with total net revenue of $2.9 million, a 15% increase on 2019’s full-year revenue. The fourth quarter was particularly strong for Nasdaq, with total revenue reaching $788 million, a 22% increase on the equivalent period in 2019. Non-GAAP EPS finished at $6.29 for the full year and $1.34 for the fourth quarter. Nasdaq’s total liabilities for the fourth quarter finished at $8285. CFO Michael Ptasznik puts Nasdaq’s strong performance down to its solid cash flow of over $1 billion, allowing the business to invest in growth. Source.

•  As a whole, the management consulting industry in the US was worth over $55 billion in 2020, representing a 7.7% growth compared to the previous year. Globally, the industry was worth $819.7 billion in 2020. Western Europe represented 45% of the market, followed by the US at 29%. Source.

• Industry giant Accenture also had a strong fourth quarter and full-year financial performance, with a 10 point increase in profit margins (operating profit margin was 14.7%). Its free cash flow finished the full year at $7.6 billion, allowing the firm to further invest in growth. Its GAAP diluted EPS was $7.89, up 7% from the 2019 fiscal year. Shares provided a return of 23% for the full year. Source.

Market Size and Market Share Stats

• The Big 4 consulting firms ( PwC, Deloitte, EY, and KPMG) accounted for 37.4% of the market in 2018. The firms ranked as followed: Deloitte 10.9%, PwC 10.1%, EY 9.3%, KPMG 7.1%, Accenture 5.5%, McKinsey and Company 4.9%, Boston Consulting Group 3.4%. Source
• In Europe, the UK has the largest share of the management consulting market but is expected to be challenged by Germany, Austria, and Switzerland. These three countries have seen their market share increase in recent years and could overtake the UK. Source.
• New York-based Nasdaq recorded strong market share growth in the Nordic countries, reaching 79% of the management consulting industry in the fourth quarter of 2020. For the full year, it posted a similar figure with a 78% market share, a decade-high for the firm. Source. 
• Firms that specialize in IT consulting services have seen the biggest growth in recent years, as digital transformation continues to take center stage, representing a 9% share of the industry’s overall revenues.
• Despite many of the industry’s big players reporting large advances, the overall market size decreased by 12.5% in 2020, largely due to the coronavirus-led economic downturn. 

 Revenue Stats

•  Consulting giant Accenture saw revenue depreciation of 2% in the fourth quarter. Full-year net income finished at $44.3 billion, seeing 3% revenue growth in US dollars. CEO, Julie Sweet, claims “We continued to deliver revenue growth ahead of the market as well as strong profitability and superior cash flow”. Source 
• Deloitte enjoyed a 5.5% revenue growth in the fourth quarter, one of the strongest in the financial services industry. Its full-year revenue sits at $47.6 billion. Punit Renjen, Deloitte Global CEO said “FY2020 has been a tale of two halves. In the first part of the year, we were serving our clients, people, and communities as normal, then the COVID-19 pandemic struck, bringing with it a level of global disruption we’ve rarely seen in our 175-year history,” Source
•  One of the world’s largest firms in the consulting market, Boston Consulting Group, posted global revenue of $8.6 billion, representing an 8% increase, although down on the 14% growth experienced in the same period in 2019. BCG’s CEO, Rich Lesser said “In an exceptionally challenging global economy, BCG adapted, remained agile, and continued to put our clients first”. Source.
• McKinsey and Company recorded strong financial performance in the full year 2021, with strong balance sheets recording $10.5 billion. Source.
• In their financial statement, management consulting firm Bain and Company posted total full-year revenue of $4.3 billion. Source
• The management consulting industry as a whole experienced negative revenue growth in 2020 vs the same period in 2019. Analysts largely expect a rebound in the rest of the financial year and into 2022 as the world recovers from the pandemic. It’s expected the tech and healthcare industries will provide the biggest boost to the industry. Source.

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Huge names like Boston Consulting Group (BCG), McKinsey & Company, Ernst & Young (EY), Deloitte Consulting LLP, PricewaterhouseCoopers (PwC), Accenture, and many others have popularized the field of strategy and management consulting. This important sector helps businesses across fields grow, make sounder decisions, and transform their operations.

This is the outside perspective many companies and organizations need to reinvorgorate their processes and make their businesses more successful and competitive in ever-changing markets.

What is strategy consulting?

Strategy consulting or strategic consulting is the process of bringing in an outside advisor or firm to help businesses guide them on how to better achieve their goals. Businesses leaders will work with strategy consultants to develop and execute plans for bridgining gaps, overcoming challenges, and finding opportunities. 

Typically, these professionals advise the company during a set period of time, during which they will get to know the key players in various departments, closely examine processes and procedures, and analyze all aspects of the business or individual department, all toward the end goal of solving problems and helping the organization achieve its objectives. This may involve a complete overhaul of company missions and operations. 

What does a strategy consultant do?

Strategy consultants may work independently or on behalf of consulting firms. These professionals have a depth of knowledge, often specializing in particular sectors or niches. This industry knowledge is critical for understanding the ins and outs of each client they assist.

The field is competitive, with several firms or strategy consultants vying for the same contracts. Those who are at the top of the field will be able to take a holistic view of organizational issues and have a wide breadth of tools and ideas in their arsenal.

Strategy consultants work in both private and public sectors, conducting research, identifying holes, developing solutions, and offering general guidance on implementation and execution.

These professionals operate at a high level and tend not to be involved in the day-to-day goings on at client organizations, except to better understand procedures and operations.

Strategic consultants are usually embedded at their client organizations for a fixed period of time. 

Strategy consulting examples

There are several contexts in which a business might hire a strategy consultant or firm to help them bring their company to the next level.

For example, let’s say a business is undergoing a merger, buy-out, or acquisition. They will bring a strategy consultant in to identify overlapping roles and areas that can be consolidated, as well as provide general guidance as an independent, unbiased third party. 

Or, perhaps a business is attempting to heighten its operations and escalate delivery of services. So, they ask a strategy consultant to come in and find ways to do more in less time. This might include partnerships with outside firms, for instance.

In another example, a business could be floudering and searching for ways to increase their revenue. A strategy consultant can offer suggestions as to how the organization can boost sales while at the same time looking for ways to limit waste.

Strategy consulting services

Strategy consulting services touch on the following areas:

• Budgeting and financial decisions
• Business model transformation
• Corporate decisions
• Digital transformation
• Economic policy
• Functionality
• Management
• Market research
• Mergers and acquisitions
• Operations
• Opportunities
• Organizational structure
• Production

These areas differ in some respects, of course, but each niche seaks to help businesses identify and solve problems and reach their goals. 

Strategy consulting firms

Everyone is aware of the main consulting firms. There are the so-called “Big 3”: Bain, BCG, and McKinsey. Then there are the Big 4, which offer a range of of professional services, including strategy consulting: Deloitte, Ernst & Young, KPMG and PwC.

There are many other firms specializing in particular areas or offering comprehensive services. Firms work closely with clients to learn about their long-term goals, formulate plans, identify problems and opportunities, create roadmaps for implementation, pinpoint new markets and new products, optimize processes, cut costs, and more.

Why strategy consulting?

Business owners and leaders may well be equipped with the skills to successfully organize and manage a company. An outside perspective, particularly from someone with superior skills and deep industry knowledge, contributes tenfold to strategic planning and overall business strategies. 

For one, while business leaders do oversee business units and companies overall, they are deeper in the trenches and closer to the individual operations. Meanwhile, through corporate strategy consulting, a third party can take a wider view of the company, all while simultaneously focusing on particular issues as they relate to the overall company. 

Plus, because you’re using an outside firm or individual, you’ll be able to get a more objective perspective. There are no personal stakes in the outcome, so the strategy consultant is better equipped to make sound judgements. 

How to get Into strategy consulting

From a professional’s perspective, strategy consulting is a sought-after field. While the work is demanding, it’s very lucrative and considered highly prestigious.

Looking to break into the field? Here’s what to do.

Develop certain skillsets

In 2020, a Statista survey found that nearly half — 43.5% — of consulting companies around the world cited the need for new skills as one of the main business challenges they’re encountering.

Prospective strategy consultants should have skills such as:

• Analytical skills
• Collaboration skills
• Communication skills
• Critical-thinking skills
• Flexibility
• Industry-specific knowledge
• Problem-solving skills
• Time management skills

Complete your education

Strategy consultants should have a bachelor’s degree at minimum. Business administration or a related field are the preferred areas of concentration. Many firms, particularly the most competitive ones like the Big 3 and Big 4, will want to see candidates earn an MBA as well. 

Get your foot in the door

It’s a bit of a Catch-22 — you need experience to land a great job, but you can’t gain experience without a job. Many strategy consultants get their start in other business roles, such as that of a business analyst. 

In order to land that first role, you should become extremely familiar with the industry, recognizing the big and small names and understanding the particular roles. 

Gain experience

Once you’ve gotten your foot in the door, focus on growing in your role and gaining experience and skills. Take advantage of opportunities to meet successful professionals in the industry, and volunteer to lead projects and complete different assignments.

Look for more opportunities

It’s important to actively search for opportunities, rather than waiting around for your next big role. Strategy constulants are go-getters who are proactive.

How to succeed in consulting

So, once you’ve broken into the field, how do you make yourself the consummate professional? 

Obtaining advanced degrees and certifications will certainly help you move up. These are considered valuable in consulting. It’s also important to find a niche and learn everything you can about that particular field. 

You’ll need to continue to pitch your services and secure contracts, and experience will help. Learning how to market yourself and your skills will come in handy here. 

Keep building and improving your skills, too. It’s a continuous process.

Ultimately, putting in the time and effort is what will set you apart. This is not a field for the ambivalent or those who aren’t willing to do the hard work. At the end of the day, businesses will turn to a strategy consultant with a proven track record and the obvious skills and competence for transforming their organizations.

The post What is Strategy Consulting? appeared first on COR.

Best ways to manage employees’ time

Looking after your employees’ time is essential to running a profitable business. But many organizations fall short when it comes to looking after their team members‘ work-life balance. In pursuit of profits, consultants often find themselves with heavy workloads and tight deadlines. But this short-term gain has negative long-term effects, as team members risk burn out which affects employee engagement and turnover. 

Here are some of the most common ways successful consulting firms manage their employee’s time without losing money in lost projects.

• Set limits and rules. Within a team, it’s important to design policies that protect employee downtime, not just promote them. It’s becoming increasingly common for organizations to provide perks like unlimited leave, but often team members don’t engage with these policies out of fear: they’re worried about what their boss will think. Therefore, businesses should go one step further and enforce employee well-being by implementing policies like required vacation time.

• Discourage long hours or late or weekend working. Traditionally, staying late at the office and responding to emails on a Saturday was a badge of honor certain to get you into your boss’ good books. But frequent overtime and constantly feeling the need to connect has negative effects on employees, like burnout and disengagement. These days, the best bosses challenge and discourage this behavior.

• Train your staff in time management techniques. Often employees work long hours as they lack the tools and experience necessary to prioritize workloads and stay focused. There are several different time management techniques you can teach your team, which one works best will be down to individual skill sets. This way you’ll be empowering your team members to own their time and tasks. 

• Consider tracking hours. The most successful consulting businesses keep records of hours spent on tasks and projects, as it allows them to build a 360-degree view of their operation. These tools automatically record how long an employee takes on any given task. We’ll look at how this works later in this post, but in small businesses and start-ups, employees should start by tracking their own time spent on tasks. Often, they’ll be surprised at the results, and this “shock factor” will help them better manage their time and avoid scope creep.

How does time affect profitability?

Let’s use an example to help us understand how time affects profitability. We have two management consulting firms, Firm A and Firm B. A marketing agency has approached them to complete a small, but important, project with a tight deadline. 

Firm A

Firm A has been using time tracking tools for the past two years. This means they have their own database of previous work and how long it took to complete. They can use this data to help them accurately forecast how long future projects will take. 

Firm A has worked on similar projects to what the marketing agency is requesting, and so they use this information to determine the exact hours required. As their software automates reports, this information is available at the click of a button, which helps them quote in less time.

The client has a tight deadline, but Firm A uses this data to explain why the delivery time is what it is. This means they set a realistic deadline with the client from the start of the project, which helps them manage expectations.

The firm completes the project on schedule, leaving the marketing agency a satisfied client and source of repeat and new business from referrals. This is an example of how time tracking has a positive effect on profitability. 

Firm B

On the other hand, Firm B doesn’t use time tracking software and their consultants don’t proactively log their hours. As there’s no data to back up their time estimations, they have to guess how long they think a project will take. 

To help them determine project delivery time, consultants rely on their own, as well as colleagues’, past experiences. This raises several challenges for Firm B. Firstly, memories fade over time and they’re only rough estimates, not data-backed figures: “It took me about a week to complete” or “That should only take two weeks”. 

The next issue is if employees leave the business, there’s no continuity of this information as there’s no software to record it and make it accessible to all employees. And crucially, when consultancy firms don’t track time, they often don’t invoice for all billable activities, like admin. Nor do they factor in unforeseen delays, such as consultant illness. Therefore the consultants don’t have an accurate idea of completion times.

Now, Firm B knows the marketing agency has a tight deadline, but they believe they can meet it and so agree on an unrealistic completion time. And of course, that means it’s underquoted which negatively impacts the entire project:

• Quality is compromised as the consultants have to complete more work than expected and in less time, so they rush through the tasks.
• The profit margin is significantly reduced as the project has been underquoted. The price was based on 20 hours, but it takes 30: they quoted $2000, expecting $100 per hour, but it only ends up at $66 per hour.
• The project isn’t completed on time which means an unhappy client.

Long-term consequences of not tracking time

It’s clear to see the negative effects not tracking time has on a project’s profitability. If not addressed, there’ll also be long-term consequences for the consulting firm. 

• High turnover – If full-time consultants are constantly under pressure to meet unrealistic deadlines, they’ll leave in search of new opportunities. The consulting firm would then have human resources expenses, like recruiting and onboarding of new hires.
• Reduced profit margins – If they constantly underquote, they’ll never increase their profitability as their margins are always squeezed by scope creep.
• Bad reputation – The consulting firm will gain a bad reputation for unsatisfied clients, which makes it difficult to organically grow their client base.

High turnover, low-profit margins, and a bad reputation are all factors that affect a consulting firm’s profitability. And these issues all arise from poor time management.

Contrast this with Firm A, which enjoys the following long-term benefits from time tracking:

• High talent retention – As they accurately quote timeframes, their consultants aren’t under constant pressure to hit unrealistic deadlines. This means higher engagement and retaining experienced talent.
• Higher gross profit margins – They correctly quote completion time for projects, which means a strong gross profit margin.
• Higher fees – As they have the data to back up their time claims, they can negotiate higher fees.
• Organic growth – Efficiency leads to operational excellence which means satisfied clients. This means more success stories and case studies, which leads to organic new business.

As we can see, the small “micro-action” of time tracking has far-reaching advantages for the entire consulting firm.

Time is important for operational excellence

Effective time management also helps business owners to improve their operational excellence. By tracking time over an extended period, bosses can analyze data to see which tasks their team members spend their time on. This allows them to build a picture of how many hours are spent on billable vs non-billable activities, which gives an idea of the overall operational efficiency.

Consultancy firms can then look to automate the more manual admin tasks, freeing up their employees to spend more time on billable work. This efficiency improvement means consultants can take on more work and complete projects in less time. By improving the workflow, business owners increase their operating profit margins which directly impacts their bottom line.

Why is time tracking important in a consulting firm?

Now we’ve seen how time affects profitability, let’s look at the importance of tracking time for employees in the consulting industry.

The consulting sector, in particular, has changed over the past few decades, and these changes have made time tracking even more important. To understand why, let’s define how the consulting industry works.

Consultants provide their clients with a strategy, which can be broken down into four key consulting services. These form the backbone of their work:

• Information. Management consultants analyze data from firms, competitors, and entire industries. They make this data manageable and easy to interpret for their clients.
• Expertise. As experts in their field, consultants offer their clients valuable experience and first-hand knowledge.
• Insights. They know how to interpret the data to spot new trends emerging within the industry.
• Execution. Consultants provide their clients with a plan for implementing strategy.

Traditionally, these areas were packaged together and sold as one service to clients. However, the emergence of the internet, social media, and ever-evolving tech trends have led to a change in the way clients engage with consultants.

For example, the wealth of market research tools now available makes information more accessible than ever. Businesses no longer need to hire management consultants to extract large volumes of data, they simply use their tools.

As for expertise, many businesses are now hiring their own, in-house consultants. Traditionally, strategists worked in large consulting firms and interacted with clients on a per-project basis. These days, with platforms like LinkedIn, it’s easier than ever to hire freelance consultants and start a business strategy team within an organization. The internet is also full of expertise and anyone can look up information in blogs, white papers, and resources. 

In the age of big data, businesses now have almost instant access to insights thanks to platforms like Google Analytics. On a bigger scale, larger organizations are investing in their own technology to read data and provide insights, meaning they no longer need to hire management consultants to help with these tasks.

And execution is also being brought in-house by larger businesses, while smaller firms work with freelancers and subcontractors to help them implement their strategies.

So why does this make time tracking important in the consulting industry? It’s because the internet has enabled businesses to own parts of the consulting process, meaning consultancy firms can no longer easily “package” together their prices.

This has led to a restructuring of the industry and strategists are now more focussed on the execution side of their consulting services, being hired on an on-demand or part-time basis. The age of information and data has also led to a greater need for transparency. All these changes to the consulting industry mean consultants now charge per hour, which means time tracking is essential to achieving profitability. 

Pandemic: Easy ways to implement time tracking in your consulting business

Now we’ve established why time tracking is essential in the consulting industry, let’s look at some simple ways to implement it in your business. These steps are particularly important given the global covid-19 pandemic and emergence of remote working trends.

• Get buy-in first. As with all change management, your team members must agree with the need to track time. New employees are likely to be perceptive to change, but longer-standing colleagues may put up resistance. It’d be useful to run meetings and Q&A sessions about the new strategy, as well as using success stories of how other organizations have successfully implemented time tracking.

• Emphasize why you’re tracking time. It’s essential to emphasize that you’re introducing this system to improve profits and negotiate better fees, and not to spy on employees. Many team members may react negatively to time tracking if they perceive it as micro-management. Indeed, time tracking has a bad reputation in many industries, due to businesses using intrusive methods to track employee time. 

• Keep it simple. For employees to really engage with tracking time, simplicity is key. If you introduce complicated rules about when or when not to track time, you’re exposed to human error, confusion, and rejection of this new system. It’s a good idea to phase the introduction of time tracking, starting with simpler practices and incorporating more as the team becomes more experienced.

• Introduce organization-wide time tracking. For maximum effect, the entire consulting company should move to a system of time tracking. If you’re a small firm, it may help to assign one employee the role of checking and motivating their colleagues to adhere.

• Use time tracking tools. Perhaps the easiest way of implementing time logging is by adopting software that automates the process. This removes the element of human error, as employees don’t need to remember to log their hours. It also allows businesses to gather information, like employee utilization and estimated completion times, that can then be used to design strategies.

Tracking time is an essential practice if consulting firms want to avoid high turnover, dissatisfied clients, and low profits. It allows businesses a greater degree of transparency over their operation, which allows for workflow improvements and optimizations. While it can be tricky to introduce such a large change, time tracking tools that automate the process make it easier to implement and adhere to.

The post How to Manage your Employee’s Time Without Losing Money in Consulting Firms appeared first on COR.

Consulting firms embrace project management software to gain flexibility in their service delivery to clients. Project management software is a tool that can help in planning, organizing, developing, and managing a firm’s resource tools and estimates. The software is handy in controlling a company’s cost, delivering the committed projects, and tracking payments.

There are turns of functions performed by this project management solution to various business entities. Some of the importance of this project management solution to consulting firms are below:

• Customizability. Project managers and administrators get the option of managing and customizing the consultancy firm’s business processes. The customization helps in fitting in the running of the business affairs and team members. Client margin improvements towards profitability are considerations of the software’s customizability. Consultancy firms customize the software to maximize resource utilization and delight clients. Software customization helps small businesses to streamline their operations per their needs to meet their set goals. Effortless task management becomes the norm through team collaboration.
• Exhaustive Customer Support. Whatever project management tools the consultancy firms pick, the software will deliver comprehensive and all-inclusive customer support. The software provides an entire day’s support system with a variety of channels. The consultancy firms can engage their clients via live chat, online forums, and phone calls. The software helps automate some of these functions to deliver real-time responses to client queries. The automation ensures a seamless workflow from one stage to another, making the firms provide their clients’ professional services in real-time.
• Flexibility. Consulting firms operate in an ever-changing business environment. The firms must adapt to the dynamic industry to remain relevant. Project management software helps in attaining this goal by granting the needed flexibility. The customization nature of the software allows the project managers and team members to get creative in meeting their clients’ needs. The software is also adept at events and activities like time tracking, ensuring that everything is running as expected.
• Scalability. Consultancy services involve gaining and losing clients regularly. The software needed by such a company must embody a scalable feature as much as possible. The growing amount of work means added resources to the system. The software is vital because it covers the offering of contract-free engagements subjected to change at will by the consultancy. This software is adept at providing additional features that offer services at different levels and timelines. The firms are at liberty of choosing the services to deliver depending on their or clients’ needs.
• Speed and Visibility. The software is vital to consultancy business as it permits the creation and sending out of new business proposals fast. The pre-made templates make work easier by filling out the needed fields for quick action. The visibility is in the tracking of these proposals and their action stages by the client. A firm can tell whether a client has completed their portion of the proposition or not and chat the way forward on time.

Benefits of Project Management for Consulting Firms

Consulting firms are among the busiest organizations in the business sector. Having an aiding tool comes in handy in executing tasks, time tracking, resource allocation, pricing, documentation, and many more. The software tool offers an all-in-one stop for all the features needed to accomplish a task. Previously, a project management tool symbolically got defined as a sheet of paper, pencil, and methodology. Technology has, over time, been through an evolution where software solutions and programs are functional in project planning. The project management software is an impactful item that helps small businesses to become competitive, increase profitability, and stay unique. Some of the main benefits of PM software to consulting agencies include:

1. Easy and effective Drafting. Project planning is one hectic and tiresome activity in the entire project development process. Project management software is ideal for the effective planning of events. The constraints include the project scope, calendar, and cost. The baseline of planning and forecasting is the automation of activities. The tool is beneficial in helping both beginners and experts establish a well-laid foundation. The system provides the project milestones, team roles, and deliverables within the set timelines.
2. Resource allocation and balancing. A vast project manager is aware of various ways to ensure project success. The software helps in effective resource management and estimation through team monitoring. The balancing of resources is equally important as it sets healthy working conditions and standards among team members. The resource allocation software has the best feature of notifying on the right time to improve or increase team members. The software relieves the struggle of excessive workload through resource management.   
3. Enhanced teamwork. Keeping everyone in a loop enhances teamwork and work collaboration. Project software has a Kanban board element that helps in building a team. The Kanban also sets and outlines priorities for the team. The team members can effortlessly note whatever item to work on and at what time. The software helps in aligning duties by reducing re-work or overwork among members. The team collaboration feature has multiple ways of managing timelines, discussing tasks, sorting outstanding, budgeting, and many others.
4. Budget management. For a consulting firm, budgeting is paramount as projects require funds to commence and progress. A well-performing agency is determined by how well the agency can deliver within the estimated budget. The project management software comes in handy in budget management through invoicing and portfolio management. This software aids in the evaluation of funds from the beginning to the end.
5. Reporting and Task Monitoring. Business monitoring is among the most critical component of a consulting firm. The process is essentially a reporting way of showing workflow and project tracking. Through the software solution, clients and management can estimate a possible due date of a project. Enhancement of the process is through the reporting element offered on the software dashboard. The tool further helps in making decisions as information is in an all-in-one placement.
6. Enhanced Communication. A project management software forms a base of information conveyance to both internal and external communication. The disclosure unites the consultants, team, and company stakeholders to integrate and share ideas. The software solution comprehensively develops transparency, trust, and communication among different parties. By logging in to the software, clients can view the progress of their projects, make suggestions, or convey questions to the team.
7. Client Contentment. Client fulfillment is among the most varied components of a successful business consulting firm. Prompt and timely project completion leaves clients feeling satisfied and walk away with a broad smile on their faces. The software tool enhances intelligent planning by utilizing the management software strategies, functionality, task deliverability, success rate, and goal achievement. The impactful measures lead to the client’s contentment, referrals, and future collaborations with the same client.

Main Features of Project Management Software for Consulting Firms

The era of manual tasks or project execution is long gone, and new systems are taking over. Consulting firms need the best project management software to manage their processes. The functionality of the chosen project management tools must manifest certain relatable features. Below are some of the features of the software for consultancy service providers.

• Task Automation. Task processes are quite complex, involving multiple teams requiring approvals at different levels from various people. The best project management software eliminates the manual execution of these tasks by automating all actions and processes centrally. This feature helps visualize and design workflows, looping in the right people, and automates processes.
• Project Timesheets. Another integral feature of the software is the availability of reporting timesheets management. Each team member logs in their spent time per task. The timesheets help in billing clients, tracking the project’s pace, and identifying and resolving bottlenecks. Some of the software solutions include automatic time logging using timesheet software and reviewing the logged time. Another software solution is extensive reporting. The reports get exported in timesheets of XLS, CSV, and PDF formats.
• Task Management. This feature stands out for managing straightforward and complex consulting projects. The projects get broken down into tasks, milestones, and subtasks. Kanban boards, calendars, and Gantt charts help in visualizing the consulting projects and track progress efficiently. Setting task dependencies to stay on schedule constantly is also part of this feature.
• Charts and Reports. A necessary feature of any software is the reporting element. Through multiple chart reporting, project planning and team management are possible. Detailed reports provide accurate project progress and resource management. Some clients rely on company public reports to conduct portfolio management when deciding on their investments.
• Time Tracking. Every time spent on a task or billable hours counts and needs tracking and recording. Using timesheets and task timers help in keeping abreast with the output of every team member. This feature provides records for following the pace of the project and identify bottlenecks for quick addressing. The company salesforce can track time using this feature on products and services pricing and invoicing.
• Team Collaboration. This feature allows project managers to sync with the team members from their comfort through an online collaboration tool. The feature utilizes various social media platforms through a CRM system. The team holds discussions around milestones, events, and tasks centrally, making task management effortless.
• Issue Tracking. This feature provides the taken records of the emerging bugs and issues requiring immediate tracking and fixing. Automate monotonous concerns in a status update relaying alerts at the right time to the right people. This feature creates custom views basing on the agency’s needs. Issue management becomes effortless through the prioritization of bugs needing urgent attention. The trait also draws up contracts with clients defining rules for the issues up to their resolution.
• Project Administration. This feature permits careful project planning with a lot of organization. The supporting elements of this feature involve using templates to manage projects with familiar structures. This feature uses a game scope methodology to motivate team members and provides field customization to expand on the deliverables if not initially covered.
• Mobile Apps. Perhaps the best feature relevant to the working from home era is the project management application for mobile teams. This software covers this feature, making it easy for employees to work from any point of their choice. Email correspondences through Gmail and other emailing platforms are seamless.

Which is the best type of Project Management Software for Consulting Firms?

Consulting firms are the dynamics of growing and developing entities. New and improved work tools get established daily. The tool’s efficiency is enhancing quick task execution with less time and on a pocket-friendly budget. Consultancy organizations deserve excellent and functional software that can handle the heavy tasks involved. At times it is challenging to find software that has all the required features. Experts look for several compatible software to help bring the missing traits and overall performance. The best types of project management software’s are:

Easy to Navigate. Software should be easy to use, streamline, monitor, and navigate. Some tools have easy setups that need less research, skills, or training.

Cost-effective. Various project management tools vary in price, performance, how agile they are, functionality, and features. High-performing software is costly compared to ones with few functional traits. Some software companies offer a free trial option before making the first purchase.

Clients relationship. Best performing project management software should allow clients to view and access the software with ease. The accessibility enhances transparency and trust between the clients, company management, and team.

Software Functionality. Different software deters in features and usability. Some tools such as Asana, Mavenlink, Jira, and Xero have the ultimate features needed in a consulting agency. The programming preference differs, but the performance and execution of projects are effective.

Software Competence. Software proofing is the first step any project management should follow before putting the software to work. The procedure enhances the workability of the tool. An online proofing software works closely with modern software to perform with effectiveness. The competence of the software encourages commenting, invoicing, and other automation procedures.

Workflow Efficiency. For best team productivity, project management software should streamline various project expenses, profitability, and progress. The software tool should save time, energy, and money to increase its preference among users.

Team Collaboration. A strong workforce guarantees results and excellent collaboration. Real-time collaboration is needed to enhance work division, resource allocation, and performance. Project management solution eliminates dormancy by keeping tabs on every activity each team member is handling. Fostering team collaboration is possible by using mobile apps such as Slack and API through communication and documentation. The same mobile apps bring salesforce together through business consultation.

Resources Approval. At times getting resources approval from the stakeholders is challenging due to their busy schedules and unavailability. With a good software tool, the stakeholders can easily mark the resources as approved with less time and effort. High competition forces strict measures to keep up with the pressure. A work management solution helps small businesses to overcome and endure the harsh competitive ground. The project management solution has in-build templates that save time writing emails, messages, sticky notes, spreadsheets, and meeting write-ups. The new technology allows quick pricing and payment through the existence of credit cards and other online methods.

COR is effective software that works best for consultant firms. The tool has the dedication to offering risk minimization attributes that impact a consulting agency. The efficiency of the software makes it more ideal for its workability. Reporting, budgeting, invoicing, and collaboration are easy and faster through COR. The communication between the team and the client has automation through useful templates and insights.

The post Consulting Firms: Why is a Project Management Software Important for You? appeared first on COR.