Tech service companies – from IT to design, often move at a clip along the path to success, and experience unique challenges as a result. Amidst their own growth, these companies also must face the fast-advancing world of new technology that threatens tech companies’ survival.The CEO’s many time experience the effects of these threats from all sides of the business. They often see more demanding client expectations, a need to further innovate their current operations in response to the competition’s advancements, and face conservative pushback from senior management when challenged with large project spending.
As the pressure builds, the new operational and strategic hurdles can throw tech companies into a tailspin, putting pressure on business models in four major areas:
- Budget Performance
- Optimal Resource Use
- Profitability
- Price
If these companies hope to weather technology’s perpetual innovation storms, they must recognize four critical directives to safeguard business success.
Optimize and Innovate Financial Infrastructure
Tech service companies can’t afford to use outdated financial systems that bottleneck productivity and hamper growth. These companies need fast, options-driven functionality that scales with project-based accounting. They need to offer detailed transparency and streamlined functionality, so finance, project development and operations can work more closely together.
Protect Project Life Cycles
Service-based companies need to protect the life cycle of their projects to ensure they can continue to deliver a reliable product, but with outdated solutions and innumerable spreadsheets of static data, teams can’t see the answers they need from the field, or sometimes even in-house. The best way to ensure streamlined project cycles is to make critical data and information accessible to those that need it 24-7, with drill down options to offer answers that teams need to move projects along without missing a beat.
Consult Real-time Metrics
Decision-makers only gather guesswork from workarounds and half-missing information. Real-time visibility into actual amounts, budget variances and billing provides accurate data for strong customer support, and quick, informed decisions.
Use Business Performance Insights Proactively
Service-based companies can be using business plans not only for past performance but also to proactively support sales plans, future bids, and more lucrative project planning, which all drives company growth.
When forward thinking companies adopt a best-in-class software like Sage Intacct, they discover more unified process streamlining for finance, project development and operations. They experience stronger reporting accuracy, highly customizable dashboards for real-time mission critical data delivery, and powerful collaboration and integration tools across departments for off-the-charts clarity on project development.
If your company is facing the added hurdle of competitive tech, take action. Contact us to find out how to unify your company processes again for tech service longevity now and going forward.
