How the right workflow management grows an agency’s competitive advantage
Read time: 5 minutes
In every agency, time is a double-edged sword. On one hand, time represents revenues earned. On the other, time signifies costs incurred. The wider the gap between revenues and costs, the greater an agency’s profitability. Agencies who manage time efficiently are in the driver’s seat to maximize revenue and minimize cost. One powerful tool to improve how you manage time inside an agency is workflow management embedded in an agency management software solution.
What is workflow management?
Workflow management is built with software that streamlines routine or repetitive business processes to improve efficiency. Workflow management is designed to simplify, and speed up, completion of work by automatically guiding tasks through a series of sequential steps. As each task is completed, the workflow management software directs the next task to the next owner in the workflow series for completion. This fast, automated routing of tasks to each relevant owner continues until all tasks in the workflow are complete.
If tasks are not completed within the agreed timeframe, the workflow management system will automatically follow up the owner and remind them to take action. For managers and agency owners, the workflow management system will also deliver a complete picture of the workflow against performance metrics. This gives agency leadership actionable insights to improve how work moves across the agency.
Benefits of workflow management for improving competitive advantage
Workflow management is a key component of growing an agency’s competitive advantage. Why? Because workflow management embedded in agency management software quickly and easily clarifies who needs to do what, and when, so you can free up that most important agency resource of all: time. And when you’re utilizing time efficiently there is scope to optimize profitability and free up hours to spend proactively strategizing how to stay ahead of the competition.
Agencies experience many benefits from workflow management, which can help grow their competitive advantage. At a high level, workflow management is the part of agency management software that helps increase productivity, reduce errors and remove bottlenecks that slow work processes. In our experience with agencies, there are four clear benefits of workflow management that improve competitive advantage.
Internal meetings are one of the biggest time sinks every agency experiences. Imagine communicating everything your account team needs to know about a new client without having multiple briefings to make sure everyone is on the same page. That is exactly what Function Point’s workflow management provides: efficient communication by delivering key information automatically to all relevant stakeholders. For example, when you take a new client job, Function Point allows you to customize a single brief quickly and easily. The brief is automatically saved to the client’s folder and, with a click of a button, a pdf version of the brief is sent to the client and account team for review. Once the client approves the brief, the document can be added to a proposal. Or, the workflow management system can be configured to pre-populate a workflow with inputs from the brief to allow rates to be applied, estimates to be developed and tasks to be allocated.
Workflow management is fundamental to helping agencies save time by automating how tasks move from one owner to the next. Function Point’s workflow management allows you to keep track of work as it arrives, assigns tasks to the relevant owners and tracks deliverables to key milestones. Built-in alerts mean owners have a real-time view into the tasks they need to action. Dependencies can be added quickly and easily. And while changes to a brief are inevitable, Function Point makes staying up-to-date a breeze with dynamic updates that cascade across the entire set of tasks relevant to that client’s requirements. Our pre-built scheduling templates and Gantt charts mean no task is overlooked and no deadline is missed.
Workflow management to track time against key milestones and deliverables is invaluable to help agencies increase competitive advantage. Time tracking shows exactly where your valuable minutes are going and whether each minute is earning revenue or adding to cost. This insight gives you the opportunity to refine workflow practices. Maybe some tasks are taking too long, unnecessarily involving too many people or delivering too many unbillable hours to a client. Whatever the insight, workflow management linked to time tracking gives you the information you need to take action. Function Point’s workflow management software features world class time management and tracking capabilities. Our solutions provide built-in time management tools integrated with billing systems delivering agencies a real-time view into revenue earned, and cost incurred, client-by-client. And our mobile time tracking app means there are no excuses for losing track of time.
One of the most common pains we see across our agency clients is around financial management. As agencies grow, many don’t think to integrate their task management and time tracking systems with their financial management systems. The result is that month-end brings long hours and headaches from tedious double-entry of client data to the invoice management system. Integrating workflow management with financial management tools enables fast, simple invoice preparation and expense management. Out-of-the-box, Function Point’s best-in-class QuickBooks® integration for agencies provides a complete, straightforward accounting solution with fast, easy invoice preparation, expense management and payment tracking. No more double entry to create invoices and no more late nights at month-end.
Experience workflow management
The automation built into workflow management systems delivers countless efficiencies for agencies to help manage the revenue and cost implications of time. Experience how the workflow management in Function Point’s agency management software could benefit your agency by requesting a demo.