Key Takeaways: Consulting Firm Middle Office Operations: Finding Shoes for the Cobbler's Children

What was learned during the discussion? Here is a brief recap of five key takeaways from the discussion:

• Fragmented systems and data in the middle office can impact agility, responsiveness, efficiency and profitability of professional services companies – the scale of the impact depends on whether the company is growing quickly or not and whether there is at least a unified process/operating model 'gluing' everything together.
• Specialized Professional Services Automation (PSA) solutions featuring full end-to-end support of engagements from a commercial perspective already exist with proposal modeling/budgeting, resourcing, time and expense management, commercial delivery management and invoicing all in one system on top of one database. It is much easier for small to medium PS companies to adopt such solutions as opposed to enterprise companies due to previous investment in specialized point solutions or customized back office ERP. PSA adoption in the enterprise requires the PSA solutions to supplement and integrate with such investment – as opposed to replacing it.
• A best practice for middle office optimization is a proactive as opposed to a reactive approach to the commercial management of engagements. Waiting until month end to analyze variances between budget and actuals, is less likely to be as effective as looking ahead to manage risks and avoid the variance in the first place. This involves a shift of responsibility from Finance to the Selling and Delivery functions to deliver the forecast as well as the deal and the project.
• If you're looking to level up your middle office, avoid the temptation of biting off too much. Focus on a small and easily-digestible section of the process – especially something that will be readily adopted and appreciated by the team. Prioritize with the rule of 80/20 – the top two items on your to-do list are worth more than the other eight.
• In order to raise the level of involvement and valued input, consideration should be given to creating career paths and higher management roles for people who work in the middle office. With support, they will grow, teach others, and have longevity to guide improvements.

Thanks for this valuable discussion go to our esteemed panelists:

• Bruce Ballengee, CEO, Pariveda Solutions
• Chris Mitchell – VP Global Accounts, Kimble Apps
• Sharon Piech, Global Director, Deloitte

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