It’s a process that every business can benefit from especially firms that are project-based, such as professional services firms. At a more granular level, this type of inquiry involves examining existing business processes to find pain points, bottlenecks and inefficiencies that could be improved. The study can help in
• Streamlining business processes, minimizing redundancy and saving money
• Gaining insight into operational metrics one can’t currently see such as work backlog, etc.
• Making better decisions on uses of internal resources, based on up-to-the- minute data
Any new engagement of ETEK with the client, typically starts with a business process evaluation. Generally, this involves understanding the client’s various front and back office processes potentially, all processes along the project life cycle, including:
• Business development tracking
• Estimating and business capture
• Project management and project profitability
• Employee utilization and realization
• Billing, A/R and firm financial reporting
There are other potential gains of a business process evaluation that are not directly tied to process efficiencies:
• it can provide visibility to timely and accurate data that helps leadership make better business decisions
• The principals get to see clearly the potential conflicts of servicing a new client, allowing them to forego business development expenses and effort on a client that could not be serviced
• It helps in gaining visibility into an organization’s work backlog; knowing exactly how much work is in the pipeline, and even more importantly, whether one has the staff on hand to do the work (and if not, specifically what type of staff are needed to fill the gaps).
As a result, a firm can make better decisions about whom to hire (and when), and which projects to pursue
Evaluating ways to improve efficiency and effectiveness is an essential part of guiding an enterprise. Whether it’s performed internally in a very focused way, on a broader level by an external firm, or somewhere in between, it has the potential of allowing you to reexamine and re engineer your standard operating procedures and in turn, drive greater efficiency and visibility. Both capabilities are critical to consistently delivering value to your clients — and increasing profitability and firm growth