Its 2024 and this era talks about Digital Transformation, next gen solutions and what not! And with consulting firms – clients are always demanding more, managing silos of data is getting complex and let’s not forget competition. After all, as a company, you want to stay ahead of your competitors in the industry. As a result, having the right technology to manage your enterprise operations no longer appears to be a mere need, but rather an absolute necessity.

Think like this – relying on a legacy or an outdated tech system to complete a task is a thing of the past. You now require technology that can keep up with your company’s demands while also anticipating future requirements. This allows you to respond quickly to any challenges your clients present, collaborate seamlessly with teams all over the world, and gain real-time insights from your data. Having a cloud-based ERP system is the first step toward all of that. 

The Issues with Legacy Technology  

The problem is that many consulting firms are still using legacy ERP systems that are no longer functional. The heaps of data that modern businesses generate are too much for these systems to handle, which slows down everything and makes it more difficult to make quick and to the point decisions. Furthermore, because they lack flexibility, they are unable to adapt to changes with compliance or latest industry standards, leaving you vulnerable to a variety of risks. 

Technology designed to help you work can become a source of frustration and inefficiency. Let’s be honest – while legacy software, spreadsheets, and disjointed tools may have served you well in the past, they will not help your consulting business grow in the present or the future.  Here’s why: 

Reliance on multiple software solutions 

Some ERP solutions may not have the operational capability to handle uncertain aspects of your business. That is why you will have to integrate a third-party software solution to complement the ERP system for efficient business management.  

You have multiple software systems for multiple operations. One tool manages projects, other handles finances, and then spreadsheets tie everything together.  Each system performs well but do not talk to each other. This lack of integration between different disjointed tools leads to a mess of manual data entry and double-checking. 

On the other hand, relying on multiple platforms highlights the limitations of the ERP system, and eventually, most ERP solutions will face this issue. It is important to update or change the ERP system before implementing multiple software support solutions. 

With Multiple system, comes the Data inefficiency 

• Your consulting business is thriving! Success comes with complexity. And Each report, client update, and budget revision necessitate copying and pasting between systems. It is tedious and error prone. 
• Missed Insights: Fragmented data obscures the bigger picture. Patterns across projects and key performance indicators critical to your company’s growth become difficult to identify. 
• A version of the “Growth Trap:” You want more talent and larger clients, but your current system appears unstable. Knowing that everything could collapse due to complexity limits ambition. 

Company Growth: Scalability and Reporting Struggles 

The demands of your growing clientele and extremely complicated projects have exceeded the capabilities of your current, outdated enterprise resource planning (ERP) system, which successfully supported your company during its growth stage. Simple tasks, such as managing project data or generating comprehensive reports, end up taking a long time and requiring a lot of effort.  

Using a legacy ERP system can lead to serious consequences. Without the ability to make educated decisions, your company will not be able to reach its full growth potential. It’s like running through a maze with a blindfold on; you’ll eventually reach a dead end. 

Lack of Payroll & Expense Management & Timesheet Visibility 

The consequences of relying on outdated ERP systems for payroll, expense management, and timesheet visibility are significant. Not only does it reduce productivity and accuracy, but it also reduces trust—both among employees and clients.  

An outdated ERP system may have difficulty effectively managing vendor invoices, resulting in payment delays and inaccuracies. Employees are frequently left in a state of uncertainty when it comes to expense reimbursements, wondering when or if they will receive their hard-earned money. 

Requirements for Modern Consulting Firms 

It’s about time consulting firms liberate themselves from outdated and legacy ERP technology. Here’s what your company should expect from its technology upgrade:   

• All in one software: A centralized platform that brings together project financials, resource planning, and client data. 
• Efficient Workflows: Automation that reduces administrative tasks, allowing consultants to focus on more valuable work. 
• Instantaneous Insights: The capability to monitor projects, profitability, and trends in real-time, enabling proactive decision-making. 
• Tools that prioritize the needs of clients: Portals with strong security measures and user-friendly collaboration features that build trust and showcase your expertise. 

Dynamics 365 Business Central for Professional Services, Can Help You Reach Your Maximum Potential 

Ensure your systems keep up with your growth and client satisfaction. Investing in the right technology can give your consulting firm a competitive edge and set it up for long-term success.  

Consultancy firms require ERP solutions that effectively integrate and automate payroll, expense management, and timesheet visibility. Business Central and MetaPro provide user-friendly interfaces, up-to-the-minute insights, and smooth integration to support consultancy firms in succeeding in the digital age. 

Feeling frustrated with how your systems are limiting your progress? Discover the incredible impact of MetaPro – an all in one platform can have on your consulting business.  

About MetaPro 

MetaPro is an extension for Microsoft Business Central and can support any project structure, allowing you to track all project-related information for better project control and planning. It also allows you to estimate a project, track its status, allocate resources, calculate project costs, and invoice. The MetaPro solution for Professional Services provides the tools required to effectively manage projects and resources throughout their entire lifecycle.