– Mike Salem, Co-founder and CEO of Vorex, says:
Many technology companies complain about spending too much time on back-end support functions and administrative tasks. This keeps small-to-midsize technology company owners from focusing on what’s important – their core business processes.
When entrepreneurs are constrained by focusing on the back-end of their business, they feel they have zero options to recapture that wasted time. Add to this dilemma the everyday business pressures of shrinking budgets, tighter controls and overall attempts to grow (let alone, sustaining) their business and it makes sense why eight-out-of-10 small businesses fail within the first 18 months, according to Forbes.1
This conundrum, however, does lead to an opportunity for one particular industry – professional services automation (PSA) software. Ongoing pressure to compete and survive in the marketplace is driving small (as well as midsize) technology company owners to adopt comprehensive and integrated PSA solutions to help them better manage their pipeline, reduce costs, increase employee productivity and revenue. Today, PSA software can’t just simply manage resourcing and scheduling. It must be more sophisticated in what it can deliver, from revenue recognition, sophisticated billing (including intra-company billing) and supply chain functionality to customer relationship management (CRM).
A report by The Aberdeen Group2 found that best-in-class professional services firms are 77% more likely than other firms to implement integrated PSA software to attract new customers, achieve more favorable contract terms and increase retention rates. Because of this growing trend, the PSA software market is projected to be an estimated $7.63 billion industry by 2017 (according to Global Industry Analysts, Inc.). 3
Small to medium sized technology companies are crucial to the U.S. economy. The small-business sector alone represents roughly half the private-sector economy, while mid-size businesses represent approximately one-third. 4
As the PSA software market booms and technology companies become more prevalent you will also see an increase in providers and products, which is a win-win for businesses. Not all PSA providers are the same, so businesses will have the luxury of exploring different vendors to see which solutions best fit their company.
Do you think PSA software could make a major difference for small businesses trying to survive and thrive? I would love to hear from you.
1Forbes.com: Five Reasons 8 Out Of 10 Businesses Fail
2 Aberdeen Group: Professional Services Automation: The Secret to Successful Projects and a Profitable Services Group: http://aberdeen.com/Aberdeen-Library/8396/RA-professional-services-automation.aspx#sthash.dMNTIq0r.dpuf
3 Global Industry Analysts, Inc.: Professional Services Automation (PSA) Software – A Global Strategic Business Report: http://www.strategyr.com/Professional_Service_Automation_PSA_Software_Market_Report.asp
4 The Small Business Administration (SBA):
Headquartered in the Greater Dallas Area, Vorex is a leader in professional services automation (PSA) software that manages core business processes with a comprehensive solution. Vorex PSA is the only cloud-based single comprehensive software for the small- to mid-size business market offering project management, time and expense tracking, billing and invoicing solutions with an integrated CRM and HR solution. Vorex has regional offices in San Francisco, New York and London.
About Mike Salem
Mike Salem is the CEO of Vorex, which was founded in 2007, and is one of the company’s original founders. His career as a visionary business innovator spans more than 20 years. He has extensive experience in cloud computing, professional services automation (PSA), project management, small business IT solutions, and risk management. Mike has directed the company’s growth, while developing and implementing Vorex’s vision and business strategy.
Under Mike’s leadership, Vorex has grown to become a leading provider of cloud-based PSA solutions. The company provides cost-effective, user-friendly software solutions to help small- to mid-size businesses streamline operations, automate time-consuming tasks, and improve the bottom line while focusing on their core business.
Mike is recognized for his expertise in conceptualizing, planning and developing specialized solutions for professional service industries. He provides both strategic and tactical direction at Vorex. His leadership and determination has enabled Vorex to consistently develop and implement solutions that create value for business organizations.
Prior to founding Vorex, Mike was an assistant vice president for Bank of America, managing the development and maintenance of several critical areas such as financial transfer systems, credit bureau and credit card production. He was also responsible for managing a workforce, located across multiple states and countries. He also held positions at Sprint, as well as ExxonMobil Corporation.
Mike earned his Bachelor of Business Administration (BBA), with an emphasis in Management Information Systems (MIS), at the University of Oklahoma and attended George Washington University for Continuing Education in Technology Management.