Replicon Uses Time Intelligence™ to Break the Profitability Myth for Professional Services Organizations
REDWOOD CITY, Calif., June 14, 2018 /PRNewswire/ — Today Replicon announced its latest release of the Time Intelligence Platform, now available for Professional Services Automation. Replicon’s Time Intelligence Platform breaks the Profitability Myth that companies operate under, by combining a complete view of resource time and availability with a configurable framework that supports an organization’s unique business workflows. This builds a time-focused system-of-record based on the way individual organizations work, rather than forcing them to adapt to solution-dictated processes.
In most professional service organizations the largest operating expense is typically employee time – upwards of 80%. The Time Intelligence Platform tracks and details how all the time in an organization is used, and ties it to the outcomes produced – whether it’s project time, overhead time, billable, or non-billable. This provides businesses a comprehensive picture of their profitability, resource utilization, and cash flow for both current and forecasted projects. Without a complete picture of how time is used in an organization, it is easy to make incorrect conclusions about profitability based on incomplete data from siloed systems. Failing to account for all time, and consequently all expenses, creates and perpetuates the Profitability Myth.
“A common recurring theme we’ve seen with professional services customers is that everyone has a set of metrics, but they’re not based on a centralized system of record. So people’s definition of what those metrics mean within the company are different, perpetuating the myth of understanding profitability,” said Scott Bales, VP Solution Engineering and Implementation, head of Replicon’s own professional services division. “This Profitability Myth perpetuates revenue leakage, overhead, and oversight. Replicon’s Time Intelligence platform solves this problem by providing a single source of truth—time. This provides businesses with the holistic view they need to be confident in their data and profitability metrics.”
The system supports the five key pillars every professional services organization should implement:
- Service Delivery Management
Project or Program Managers are able to orchestrate and gain visibility into their unique service delivery workflows and processes via a powerful business process modelling engine. There is no need to change service delivery processes to conform to a chosen solution.
- Revenue Management
Project, Billing, and Finance managers gain clear visibility into profitability, progress, billing status, and budgets, while maintaining compliance in a hassle-free manner. These valuable metrics enable organizations to optimize their operations.
- Resource Utilization
Organizations can set productivity targets at individual resource levels, enabling PSOs of all sizes to effectively utilize resources by measuring them against these targets. In addition, the ability to easily collate individual, project, group, or company level productivity and utilization metrics enables PSOs to drive financial performance and productivity.
- Growth Management
In addition to managing current utilization to manage profitable project deliveries, PSOs can also forecast their future resource utilization needs based on service delivery pipelines. This enables the effective management of bench capacity, actual resource costs, and overhead.
- Project Accounting
Project Managers and Finance teams can gain full visibility into their projects’ financial health in real-time and monitor key metrics – budgets, estimates, costs, margins, WIP, billings, bookings etc.
This release greatly expands on the industry-leading financial management and service delivery capabilities of Replicon’s Professional Services Automation. The solution provides a key functionality for PSO executives including:
Contract Modeling: Current PSA solutions support simplistic contract models. However, billing models are becoming more complex as the professional services industry becomes more competitive. Replicon’s advanced contract modeling solution supports a full range of contract types from simple contracts based on time and materials or milestones to custom contracts built using Replicon’s powerful scripting platform.
End-to-end Billing Workflow Management: Replicon’s Billing Workbench enables end-to-end visibility and alignment across an organization’s entire billing workflow. It supports the validating exceptions, making adjustments, and adding discounts without resorting to Excel spreadsheets. This unified platform shortens time to bill and reduces errors due to manual intervention, thus improving traceability and minimizing revenue leakage.
Revenue Recognition: Replicon’s Revenue Recognition capabilities empower PSOs to easily configure how and when to recognize revenue from their operations. For example, this may be based on the percentage of work completed, milestones delivered or a custom formula. Industry standards for revenue recognition, ASC 606 and IFRS 15, are supported out of the box.
Services Delivery Workflow: Replicon’s Service Delivery Workflows allow PSOs to easily orchestrate their business workflows and manage project stage transitions to improve collaboration and service delivery. This enables Project Managers to easily collaborate with Finance and Billing teams to make quick decisions based on true project profitability.
To learn more about incorporating Replicon’s solutions into your business, please visit replicon.com.
Replicon, the Time Intelligence company, has over 20 years of industry leadership and is pioneering a new approach to time management. Time Intelligence elevates time as a strategic asset within an organization, to improve operational productivity, performance, and profitability. Replicon’s Time Intelligence Platform offers solutions for global time and gross pay compliance, enterprise time management for ERP, business operations software for professional services, and an SDK for continued development – expanding the company’s award-winning portfolio of cloud-based products, including complete solution sets for client billing, project costing, and time and attendance. Replicon supports thousands of customers across 70 countries, with over 400 employees around the globe including the United States, Canada, India, Australia, and the United Kingdom. To learn more, visit www.replicon.com.
Media Contact: Dan Capawana
Resound Marketing for Replicon
(609) 279-0050 x109