Overview

Expansion and profitability have always been the points that drive any business, but both are hard to get! This is especially true in the Professional Services industry, because this sector is both highly populated and competitive on a global scale. The underlying characteristic of the industry is forcing companies to move up the value chain, incorporate best business methods, predict and analyze near-term requirements, optimize costs, scout perpetual revenue generation opportunities, and truly become a 'global company with a local focus'.

Being in the Professional Services sector for years has helped Ramco understand every aspect of the industry, thereby enabling it to develop its Services Resource Planning (SRP) solution to perfectly suit the needs of service industry —scaling every nuance of business' operations, processes and strategic needs. Ramco delivers integrated enterprise solutions that can boost an organization’s ability to hire, train and retain workforce, implement projects efficiently, manage finances comprehensively and provide superior customer service levels.

Ramco SRP provides an end-to-end solution for customers of service industry by tightly integrating key functions such as HR and Finance with Project Management. Its core functionality is project based billing where projects can be Fixed Bid/Milestone or Time & Material (T&M) in nature. SRP is also equipped with built-in adaptors to integrate with project management tools such as Microsoft Projects and Primavera. It further provides comprehensive project tracking with revenue recognition. SRP has a unique resource management feature which allows an organization to effectively optimize its resources across multiple assignments. Inorder to cater to enterprise level customers, it supports multi-company, multi-currency configuration with global consolidation.

Features and Benefits

Contact to Contract (C2C)

Starting with lead generation, field activity planning, funnel management, RFP and quote through to account management support, the solution provides comprehensive coverage for the field force of a Professional Services Organization. This covers activities such as defining customers, managing Contracts (MSA - Master Service Agreement), capturing Contract Terms & Conditions and managing Work Orders (SOW - Statement of Work).

Execution to Billing (E2B)

This pertains to the entire execution cycle of a contract starting from project initiation to invoicing the client. Typical activities include Project definition, Project execution, Timesheet Management, Milestone Management and Project Expense Management.

Quote to Cash (Q2C)

From the point of estimation for a proposal through the life cycle of an assignment; maintaining clear, real-time visibility and control on the financial performance of a project is of utmost importance. SRP provides the financial controller with the tools required to achieve just that. It covers Revenue recognition, Project budgeting, Project Revenue and Profitability.

Request to Release (R2R)

Resources are at the heart of operations for Professional Services organizations. Starting with workforce capacity planning that is glued in with the recruitment process, the solution covers the complete Human Capital Management process. This comes with a payroll engine that incorporates rules of 48 countries. This function deals with internal allocation of resources across projects including extension and release of resources from existing projects.


Industry Solutions

IT/ITeS/BPO

This industry is project-centric, making project management very essential for its success. SRP supports milestone-based, T&M based as well as Capped T&M based projects. In addition, it also helps in comprehensive project tracking by integrating with MS Project and Primavera. SRP seamlessly integrates elements of Project Management, Workforce Management and Finance into an easy-to-use application. Benefits to the company include:

  • On-time, on-budget completion of projects
  • Improved resource utilization
  • Complete and real-time visibility on project profitability at organization, division, site and resource levels

Consulting

SRP provides an integrated platform for process- centric consulting companies where timesheet entry, invoice generation and billing are all inter-linked to one another. This reduces data redundancy and manual data entry into excel spreadsheets. As a result, there is improvement in resource productivity. Benefits to the company include:

  • On-time, on-budget completion of projects
  • Improved resource utilization
  • Complete and real-time visibility on project profitability at organization, division, site and resource levels

Staffing

Being a resource-centric industry, workforce management plays a key role in staffing companies. Strong fundamentals are in place for processes such as

  • Associate onboarding for clients
  • Workflows for Attendance & Timesheet booking/approvals
  • Running large volume multi-site, multi-client payrolls

All this, integrated with invoicing of the clients is required and SRP emerges as the backbone for all staffing company processes. This includes the flexibility and variations required for recruitment & selection, onboarding and resource deployment and a transparent client billing process from Time/Attendance approval through payroll till invoicing. Benefits to the company include:

  • Quick response and turnaround time for client staffing demands
  • In-time payroll and invoice processing, even when clients have distributed operations and a very large employee base
  • Maintaining high service levels and transparency in dealing with clients as well as associates