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Identifying the Professional Services Industry's Differentiating Business Processes

Objective

After completing this lesson, you will be able to identify differentiating business processes and activities that are part of the value chain for the Professional Services industry.

The Professional Services Industry Value Chain

With the value chain of Professional Services from the previous lesson in mind, the next step is understanding the business processes associated with each part of that value chain. This lesson dives into those processes to help you identify and speak to the specific activities in this industry.

Total Workforce Management

Effective workforce management involves attracting and retaining talented individuals. Total Workforce Management encompasses the comprehensive management of both employees and contingent workers. It aligns with the order-to-cash process through resource management, which matches the demand for project resources with the available supply of personnel.

Taking a holistic approach to managing all types of workers under Total Workforce Management includes several key elements. Watch the video to learn about the key elements of Total Workforce Management.

Summary

Business Processes & Financial Operations: The Professional Services value chain stages—Sell and Plan, Setup and Staff, Deliver and Recognize, and Bill and Manage—focus on lead management, resource allocation, and billing. Cost management, profitability analysis, and risk compliance also ensure financial stability and support firm growth.
Total Workforce Management: Holistically manage employees and contingent workers by focusing on attracting, retaining, and allocating talent through data management, workforce planning, and multi-channel staffing to meet project demands.
Continuous Improvement & Billable Utilization: Experience management and analytics drive ongoing improvement and enhance future performance, while billable utilization measures workforce efficiency to maximize profitability and address skill gaps through strategic planning.

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