A Professional Services Automation (PSA) Tool is a software solution generally used to gather information and analysis required for Professional Services (PS) organizations. However, PSA solutions are not limited to Professional Services organizations, as they are comprised of components that serve the needs of many types of project-based organizations. At the core, a PSA solution should include the following:
- Resource Management
- Vendor Purchases
- Invoicing / Billing Management
- Revenue Management
- Reporting and Analytics
- Professional Services organizations require all of these components as they rely on one key asset: its people to deliver services that earn revenue for the organization.