Guest Column | August 9, 2013

5 Ways PSA Reports Can Improve Your Business

By Suzy Kratochvil, director of training and implementation for Tigerpaw Software

Access to meaningful metrics is crucial to making intelligent business decisions and maintaining your competitive edge. Professional services automation (PSA) reports provide a greater depth of data and analysis than reports from an accounting application or CRM tool alone. Here are five ways PSA reports can improve your business:

  1. Know your business. PSA reports allow you to analyze your sales processes, track the profitability and efficiency of your service department, and maintain proper inventory levels. You can also provide concise financial data to your management team and determine the overall strengths and weaknesses of your company.
  2. Evaluate the effectiveness of your sales opportunity pipeline. How quickly are your leads moving toward a sale? Which stages have the most lost opportunities? What are the key reasons for those sales losses? PSA reports can offer a real-time view of your opportunity management and help you identify where the sales process is stalling or where additional resources may be needed to close the sale.
  3. Measure the profitability of service contracts and agreements. There’s no need to second-guess the status of your contract negotiations. PSA tools allow you run reports to track the number of service orders worked, the time spent providing related services, and the revenue generated from contracts and agreements.
  4. Unlock the power of your data. Generate targeted sales reports that go beyond generic lists of customers and sales. Track sales for individual customers in specific industries that purchased targeted products — or services for a given date range — by type of decision maker in a selected geographic market. This level of detail enables you to create targeted offers, take advantage of upsell opportunities, and deliver customized messaging to your customers to improve customer satisfaction and increase your bottom line. 
  5. Manage rep utilization and effectiveness. Pull utilization and profitability reports to track time spent with customers and to gauge your team's overall effectiveness.  Successfully managing your technicians' time with these reports can enhance employee morale and customer satisfaction and increase profits.

Conduct regular checkups on your business performance by reviewing key metrics available through PSA reports. Take advantage of the real-time insights these tools offer your business to make better business decisions and increase your profitability.