Investing in new technology can be a big investment for consultants, but the long-term benefits can help change the way your firm or individual consultancy works by increasing your competitiveness, customer management and improving your efficiency. 

Keeping up with the hundreds of different technologies available to help you become more efficient can be difficult. ln addition, you will need resources for adapting to new technology. The adaptation process can require a significant up-front investment for education, training, software, licenses, equipment, implementation, maintenance and updates. But, having the right technology long-term can offer incredible growth opportunities that boost your bottom line. 

5 ways technology like the Profit Enhancer Analysis increases competitiveness and improves efficiency 

Enables collaboration between teams  

Technology can make it easier for everyone involved on a project to collaborate more quickly and effectively. Collecting information through online software and mobile apps and sharing it in real-time with others can allow them to ask questions and provide input before the project wraps up. Think about the benefits of collaborating with CRMs, bid management software, online plan rooms and virtual meeting platforms.  The Profit Enhancer Analysis is a cloud based predictive model software that offers these same features. 

Make more timely and informed decisions

With assessments, processes, modeling, and other artificial intelligence, consultants can review the data as soon as it is entered and use it immediately to predict different scenarios that help evaluate factors such as customer communication, planning, costs and time. Informed decisions can be made quicker while also helping to keep projects within set budgets and on time. 

Decreases downtime and errors

Technological advances can help increase real-time communication and connectivity with employees, clients, shareholders and others to help decrease downtime and errors. Automation and electronic recordings help reduce errors, improve accuracy and cut processing costs since paper is eliminated. A good example is a software for tracking employee hours. As a consultant, time is money. Being able to track billable hours in real time streamlines the process, decreasing the errors and inefficiencies involved in paper-based record keeping while improving the bottom line. 

Simplifies and automates the capturing process

Having technology that simplifies and automates the information-capturing process stores the data in the cloud, making it readily available for multiple reports while meeting document and compliance standards. The tedious process of extracting and reformatting data can also be eliminated depending on the software capabilities so only the information needed is accessed for easier approval.  The Profit Enhancer Analysis provides this ability to consultant firms.  Having the ability to capture and record client information and then making it readily available in real-time from any device completely supports the client management process.

Increases employee and client engagement

When employees no longer need to spend time manually gathering data, sending and separating what data goes to whom in what format, they can focus on their work. Additionally, when information is transmitted quicker and more seamlessly to clients for review or approval there is a decrease in wait times and other unnecessary delays. The increased engagement improves productivity across the entire spectrum of the company. 

As more new technologies emerge in the consulting industry, it is important to understand which technologies can make the best impact for your business. Start with an evaluation of your current systems against your requirements and processes. Through this evaluation and research company leaders will have understanding about what needs adjustment and which options would best help solve the company’s biggest challenges. 

If you discover that your company needs better automation, communication, engagement, systemization and streamlining explore how the Profit Enhancer Analysis can support your consulting business.