3 Ways to Improve Business Forecasting with Kantata
Tom Schoen, CEO, BTM Global
Running a successful professional services business requires accurate forecasting in three main areas: Revenue forecasting, resource forecasting and capacity planning.
Here at BTM Global, we’ve been able to improve our forecasting and utilization rates thanks to Kantata OX (formerly Mavenlink), a really robust and flexible resource management solution. In fact, we liked it so much that we became an implementation partner!
In this webinar with Kantata’s Laura Lafferty, I discuss how professional services firms can get a better business view and improve forecasts with Kantata.
For the most helpful information, be sure to watch the full webinar. In the meantime, here’s a high-level summary…
Revenue Forecasting with Kantata
Like other service companies, BTM traditionally tracked revenue forecasting on spreadsheets, and generally one or two quarters ahead. We tried a few professional services automation (PSA) software providers, but didn’t get what we needed in terms of ease of use or report details.
When we found Kantata OX, we found what we needed to operate more efficiently.
- Forecast revenue by project, with the ability to see bottom-line impacts
- Forecast and compare hours billed or recognized revenue
- Ability to allocate resources easier in only a few minutes
Kantata lets us look far into the future and filter information by what’s most helpful to me, so I look at it in many different ways. At BTM, we are an Oracle Retail implementation partner, NetSuite implementation partner and Kantata partner, so I can see forecasts for each practice area, plus signed and unsigned work. I can even see what I forecast for my pipeline. I look at this information every week with my CFO.
Better Resource Forecasting
Do you secure the work first, or hire the people first? That’s the million dollar question for services companies.
It’s important to forecast resources, and put the right people in the right place. I always want to make good use of the people we have, and measure actuals to forecast. That shows me how we performed compared to what I thought we would do – and Kantata has helped me become better at forecasting. That’s been a huge benefit of this solution.
It’s very easy for project managers to input their allocations – you can assign 20 people for a big project in less than 20 minutes. Before Kantata, it would take our PMs hours to do the same work! The easy data entry makes the tool valuable, because your people can enter good data that helps you make more accurate forecasts.
Kantata also lets you look at resources by team members or by projects. Check out the webinar for more details about these reports.
Accurate Capacity Planning
Do I have the right skills on my team? If not, should I hire someone for the upcoming project or use a temporary contractor?
With Kantata, you can forecast capacity for matching the ebb and flow of your work. You can capacity plan to the role level and see what you need down the road. This way, you can better plan how to leverage your current folks and make sure they have the right skills. Kantata makes it really easy to slice and dice the information.
Sharing Reports with Clients
Kantata also makes it easy to export data for reports in a corporate professional services reporting system. We have a client that gets augmented reports that are automatically sent from Kantata OX. It’s a great feature for reporting to clients using automation.