Replicon is rolling out a new solution for professional services companies that aims to approach time as a “strategic asset” and to enable these businesses to operate without working capital.
The company announced news on Monday (Oct. 23) that it is adding its Business Operations Software solution to its existing Time Intelligence Platform designed for the professional services space.
The Time Intelligence Platform provides time management solutions to companies in this vertical to optimize operational efficiency and boost profits. It uses IoT (the Internet of Things) and other technologies to capture time signal data and analyzes it using artificial intelligence (AI) to automate business workflows.
Replicon’s added Business Operations Software tool is now integrated into that time management solution and offers an array of automated tools targeted at the financial efficiency of these businesses. The tools include Service Delivery Management, Financial Management, Current Utilization, Future Utilization and Project Accounting.
“In a static world, staid, traditional business practices worked well,” said Replicon Co-Founder and Co-CEO Raj Narayanaswamy in a statement. “In a dynamic world, where service businesses face market pressures such as changing technologies that require expensive re-skilling, pressures on margins and increase competition, time is that much more valuable.”
The executive added that the Time Intelligence Platform and Business Operations Software solutions allow businesses “to effectively manage time as an asset and [provide] the framework needed to operate with zero working capital with an … [excellent] framework and predictable cash flow management.”
Replicon’s target of cash flow and time management for the professional services industry comes at a time when faith in the space is dwindling.
According to research from Zeqr released earlier this year, small businesses (SMBs) are losing confidence in the professional services space. While the report found U.K. SMBs spend billions on professional services like accounting, IT and payroll, it said small businesses are wasting a collective $16.3 billion on these third-party services, with two-fifths saying they are riddled with fixed fees and add-on charges.