This is the third year in a row that FinancialForce PSA has taken the crown, this time around achieving it with an incredible 22% of the 561 professional services organizations having adopted the platform. This statistic looks even more impressive when the next closest competitor registered just 11% adoption.
Of course, this year has been a very different twelve months for professional services businesses and the economy as a whole but despite the challenges presented by the coronavirus pandemic, the sector is one that has performed well during in the changing economic environment.
Technology has had a huge role to play in the sustained comparative good health of the sector. However, success and growth are not universal and there are organizations who have struggled to adapt to the new market and way of doing business.
Most often, those experiencing difficulties are the businesses slow to implement the tech platforms necessary to adapt and operate in new ways. There is no doubt that the gap between successful and struggling professional services firms is widening.
“2020 was truly unprecedented and the global economic marketplace continues to shift towards distributed and remote workforces, which will have an extremely positive impact on the professional services market,” said Jeanne Urich, Managing Director at SPI Research. “As clients accept and embrace virtual service delivery, cloud-based PSA tools like FinancialForce will be imperative for professional services organizations to swiftly identify new opportunities and quickly act to meet customer demands in this rapidly changing environment.”
The adoption of PSA technology like FinancialForce is also helping to deliver significant financial and organizational benefits to the industry, with annual revenue growth at 8.5%. The average annual revenue generated per consultant reached an all-time high of $209,000 and revenue per employee reached $169,000.
And FinancialForce’s customers are backing up the stats with that all important, if a little less measurable, anecdotal evidence:
“As both a customer and partner of FinancialForce, we see the inherent daily value in using PSA with Salesforce to streamline business operations for profitability and growth,” said Camil Bourbeau, Chief Operating Officer at Nubik, a digital transformation provider. “FinancialForce PSA allows you to match the right resources and skills at the right time to the right projects. It’s an essential component of digital business transformation for any professional services organization.”
“It’s great to see continued strong performance in the professional services market, but the SPI Research PS Maturity Benchmark Report also shows it’s more important than ever for the industry to follow best practices,” said Lori Ellsworth, Vice President, PSA Product Management at FinancialForce. “The report is a valuable resource to help professional services organizations see how top performing peers use PSA for greater efficiency and effectiveness at every stage of service delivery. FinancialForce PSA helps customers run successful businesses and be hyper focused on customers, with all the benefits of the Salesforce platform including visibility and intelligence to make smart decisions.”
Want to find out more about the FinancialForce platform? LEVEL8’s exclusive resource library is a great place to start.