At the core of the services and resource industries is a dynamics environment where
Products/ process flows get enhanced and restructured
Talent management (identifying and retaining good resources) is a constant challenge
Meeting the estimated budget and timelines of projects or service deliveries is always a demanding task
Clients use RFP & tenders to specify what they want, and get the lowest price for it.
Hence these organizations cannot do without staying up to date with the market trends (new products and features on offer) and investing in communication and portable computer technology to be in constant touch with the clients from any location on the planet. While most of these organizations operate through hourly billing for revenue realization; there are also some services where the value is related to some tangible outcome such as tax savings, ad placements, or the size of an acquisition or merger. Hence, this setup invariable leads to a huge lacuna in estimating the revenue flow through different channels; while at the same time coping with operational costs and decreasing margins in a competitive environment.
Skills are given the best rewards in this industry; hence organizations have to devise best in class Human Capital policies to keep them loyal. EXM offering of Prudence helps you in achieving the same.
With shrinking timeframes
In absence of a robust market predictive tool, not knowing when new business will come makes staffing difficult
In a scenario where clients demand justification for every cost head; devising actual timelines while maintaining bottom line is critical success parameter
Manage the complet contract terms with response and resolutions to track the performance. Contract management & monitoring provides ensurity to establish KRA in better way.
Allocations & TAT
Key to perform in service industry is managing allocations and performance via TAT to ensure costing is intact
Prudence has helped several services and projects based organizations overcome these challenges by setting up an environment of constant monitoring and self-checking methods which do not allow estimated budgets and timelines to lie completely off the track; while at the same time incorporating multiple digital marketing tools on systems to capture their cost effectiveness. Thereby organizations realize better risk management, lower operating costs and effective utilization of resources in key service domains or projects.