Promys Vows to Reduce Complexity of Doing Business
Growing solution providers wield a double-edged sword: Success is a good thing, but it comes with a lot of complexity. As a company grows, the internal and external processes that keep it running, from sales forecasting to project management and more, can become as tricky to navigate as an Escher maze.
Promys wants to help drive some of the complexity out of running a growing business. Its PSA software can help solution providers and MSPs alike by utilizing new methods of looking at how their company is moving forward (or not). Using technologies to allow real time visibility into project cost against budget performance, Promys arms its customers with tools that address the issues of an expanding business and can make the difference between a company growing at a steady rate and one that moves forward in fits and starts.
“When a company is five to 10 employees it’s different than when you’re 30 or 40 [employees], and our customers want to manage the risks [associated with the growth],” said John Breakey, Promys CEO.
Breakey shared his overall vision in this MSPmentor FastChat Video:
Promys targets three areas in particular the company sees as points of failure in a growing company:
- Forecasting: Breakey notes that when a business grows cash flow becomes more critical. But most financial systems deal with historical information, which can be difficult to make strategic decisions from. “We find the smarter companies are looking forward and trying to get data so they can forecast better, and this only works if the data is current and detailed,” he said. Answers to questions such as, “If I have a quote and I do a revision to that quote, what is the implication to our profitability margin and our resource forecasting?” can be key, because every adjustment to a quote impacts other resources down the line. “The answers become more important as things get more complex in the business and as you start to deal with larger projects where there is much more risk involved,” he said. “Promys features real-time forecasting that allows our customers to react faster with more confidence in the information and also they have better KPIs with which to make those decisions.”
- Forensic Accounting: “We’ve all got stories about the perfect sale that became a financial disaster when it was delivered, and finding out you’ve lost money 60 or 90 days after the project closes is obviously too late to do anything about it,” Breakey said. Forensic accounting can help companies determine after the fact where the project went wrong, but it’s an expensive way to do continuous improvement, he noted. Promys offers real-time visibility into the job both from the quoted and the project actuals as they develop — that includes the labor as well as other additional expenses and materials cost as the project is in development. “You see products that have different modules but because they’re not seamlessly integrated you can’t draw out the comparisons easily,” he said. “And if you can’t do it easily, then it ends up not happening. And subsequently you see projects go askew.” Promys provides the link between the quoted price and scope of the project to the details of how the project was delivered. “And as such, you can do a better job at trying to fix the project when it’s sick and also to hold your project managers more accountable for the result, because they have the information so they can make better decisions and hopefully deliver every project as forecasted or even better,” he said.
- Profitability Analysis: The most successful businesses pay attention to margin as opposed to getting distracted by revenue, Breakey said. “Margin is the engine of growth, and when you ask the questions like, ‘Who are our top 10 customers?’ or, ‘Who are our best performing sales reps?’ the question has more relevance when you look at margin compared to profitability.” In fact, when you look at those two criteria, the list might be quite different, he noted. “The problem is too many customers look at the revenue number, which is easily reported in most systems, and because we easily report the margin component, you can answer those questions more easily and effectively, and enhance focus on the right results.”
In a sense, Promys is helping solution providers and MSPs peel back the layers of complexity that can cover their business and obscure their view of the road ahead. “Promys was designed for the complexity of the business. And that’s what we try to address,” Breakey said.