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2020 Professional Services Maturity™ Benchmark

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2020 Professional Services Maturity™ Benchmark WHITE PAPER 2020 Professional Services Maturity™ Benchmark Professional Services Service Performance Insight, LLC 2020 Professional Services Maturity™ Benchmark February 2020 Service Performance Insight www.SPIresearch.com Service Performance Insight Service Performance Insight (SPI) is a global research, consulting and training organization dedicated to helping professional service organizations (PSOs) make quantum improvements in productivity and profit. In 2007, SPI developed the PS Maturity Model™ as a strategic planning and management framework. It is now the industry-leading performance improvement tool used by over 35,000 service and project-oriented organizations to chart their course to service excellence. The core tenet of the PS Maturity Model™ is PSOs achieve success through the optimization of five Service Performance Pillars™: ➢ Leadership ➢ Client Relationships ➢ Human Capital Alignment ➢ Service Execution ➢ Finance and Operations The SPI Advantage – Research Service Performance Insight provides an informed and actionable third-party perspective for clients and industry audiences. Our market research and reporting forms the context in which both buyers and sellers of information technology-based solutions maximize the effectiveness of solution development, selection, deployment and use. The SPI Advantage – Consulting Service Performance Insight brings years of technology service leadership and experience to every consulting project. SPI Research helps clients ignite performance by objectively assessing strengths and weaknesses to develop a full-engagement improvement plan with measurable, time-bound objectives. SPI Research offers configurable programs proven to accelerate behavioral change and improve bottom line results for our clients. To provide us with your feedback on this research, please send your comments to: [email protected] or [email protected] For more information on Service Performance Insight, please visit: www.spiresearch.com A special thanks to Good Free Photos and the US Coast Guard Academy for use of the cover image: https://www.goodfreephotos.com/other-photos/coast-guard-academy-competes-2011-kennedy-cup.jpg.php The information contained in this publication has been obtained from sources Service Performance Insight believes to be reliable but is not guaranteed by SPI Research. All forecasts, analyses, recommendations, etc. whether delivered orally or in writing, are the opinions of SPI Research consultants, and while made in good faith and on the basis of information before us at the time, should be considered and relied on as such. Client agrees to indemnify and hold harmless SPI Research, its consultants, affiliates, employees and contractors for any claims or losses, monetary or otherwise, resulting from the use of strategies, programs, counsel, or information provided to client by SPI Research or its affiliates. The trademarks and registered trademarks of the corporations mentioned in this publication are the property of their respective holders. © 2020 Service Performance Insight, Naples, Florida, USA Table of Contents SPI 2020 Benchmark Study ................................................................................................................. x Chapter 1 – Report Summary .......................................................................................................... 1 Smooth Sailing in 2019! ...................................................................................................................... 1 The Rise of the Services Economy ....................................................................................................... 3 Revenue Growth Continues! ............................................................................................................... 3 Profits Decline! .................................................................................................................................... 4 Show Me the Money! .......................................................................................................................... 5 The War for Talent Intensifies! ........................................................................................................... 6 Smooth Sailing Predicted for Professional Services in 2020 ............................................................... 7 Chapter 2 – The Professional Services Maturity™ Model .......................................................... 10 Service Performance Pillars™ ............................................................................................................ 11 Professional Services Maturity™ Model Benchmark Levels ............................................................. 12 Building the Professional Services Maturity™ Model ....................................................................... 14 Why Maturity Matters ...................................................................................................................... 16 Pillar Importance and Organizational Maturity ................................................................................ 17 Chapter 3 – Survey Demographics ................................................................................................ 19 The Global Services Market .............................................................................................................. 19 The North American Professional Services Market .......................................................................... 20 PS Maturity™ Benchmark Vertical Market Demographics ............................................................... 23 Chapter 4 – Best-of-the-Best .......................................................................................................... 35 Introducing the 2020 Best-of-the-Best Service Organizations .......................................................... 35 Pillar Performance ............................................................................................................................. 50 Best-of-the-Best Conclusions ............................................................................................................ 57 Chapter 5 – Professional Services Business Applications ........................................................ 59 Primary Professional Services Business Applications ........................................................................ 60 Quote to Cash.................................................................................................................................... 61 PS Solution Adoption......................................................................................................................... 62 Solution Satisfaction .......................................................................................................................... 67 Chapter 6 – Leadership Pillar ........................................................................................................ 78 The Leadership Index ........................................................................................................................ 80 Leadership Issues .............................................................................................................................. 81 Steps Taken to Improve Profitability ................................................................................................. 87 © 2020 Service Performance Insight www.sageintacct.com i Chapter 7 – Client Relationships Pillar ......................................................................................... 90 PS Sales Maturity Model™ ................................................................................................................ 92 Survey Results ................................................................................................................................... 97 Chapter 8 – Human Capital Alignment Pillar ............................................................................112 Survey Results ................................................................................................................................. 113 Chapter 9 – Service Execution Pillar ...........................................................................................132 Strategic Resource Management for PSOs ..................................................................................... 133 Survey Results ................................................................................................................................. 137 Chapter 10 – Finance and Operations Pillar .............................................................................151 Survey Results ................................................................................................................................. 153 Income Statements ......................................................................................................................... 167 Chapter 11 – 2020 Professional Services Maturity™ Model Results ....................................173 Maturity Levels ................................................................................................................................ 173 The Financial Benefits of Moving Up Levels .................................................................................... 178 Model Conclusions .........................................................................................................................
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