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3 Pillars of Profitability in Services Industry with Cloud ERP Software

Ray Rebello | October 20, 2015

In a climate where the business and professional services are constantly under pressure to do more for less, service organizations have to be willing to adopt new ways of working in order to meet demand, or they may risk losing clients to a competitive service provider who has already found a way to do the same work quicker and cheaper.

With that in mind, we’ve built our Cloud ERP software products and solutions around three “pillars of profitability,” designed to maximize your impact with clients and grow your business.

3 Pillars of Profitability in Services Industry with Cloud ERP Software

There’s a direct correlation between customer loyalty and the bottom-line. It’s been shown that a satisfied customer is likely to pay more for the same service as a new customer, and is also more likely to refer your service.

With clients having instant access to share positive experiences (and, yes, negative ones, too) on social media platforms such as LinkedIn and Yelp, that free endorsement can be quickly translated into measurable growth.

Here are a few must-do ways to cultivate that relationship with your customers:

  • Keep it a two-way conversation. Listen to what they are telling you and uncover what they may not be saying.
  • Understand their needs. There are always ways to serve them that you have the opportunity to mutually discover.
  • Under-promise and over-deliver. Complete the service on or before the due date and on or under budget.

This is just good, common-sense “people skills”, but one thing that can help to maintain satisfied customers is by keeping a good CRM (customer management system), excellent time management systems and top-notch billing procedures.

3 Pillars of Profitability in Services Industry with Cloud ERP Software

Because time literally equals money when you’re billing clients by the hour, adopting the use of productivity tools—such as automated business processes, integrated document management and mobile workflows—means your staff can get on with the business of doing their jobs, without having to navigate clunky systems or multiple devices.

Optimizing the time spent on a job means more billable hours, greater revenue and, of course, better customer service provided to the client.

If you are going to maximize your profitability in a market that is forcing you to do more for less, you require accurate and timely information to make the best decisions. Take stock of how much visibility and control you currently have into your key service indicators like time and expense management, project profitability, utilization of staff resources and on-time delivery of services or supplies.

Use of fully-integrated, cloud-based systems (like Acumatica) allows you to automate business process and consolidate the tracking of key indicators in real-time across multiple platforms. The result will be a higher level of service and communications with your customers, while also maximizing your bottom line.

With Acumatica’s Services Industry Solution, you will have access to tools that help you build and maintain excellent customer relationships, utilize the flexibility and functionality of modern technology, and, most importantly, reduce the total cost of ownership by consolidating all critical business processes in a single integrated solution.

Learn more about Acumatica products:

Ray Rebello

Former Director of Product Marketing at Acumatica

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