How a single app enabled a large professional services client of Chelsea Apps Factory to generate combined cost savings and revenue gains worth more than £11m a year
The big attractions of mobile are that if it’s used well it can have a major financial impact and companies can see that happening within a matter of weeks. Chelsea Apps Factory’s work with a leading international professional services firm is a case in point: a mobile project that shows just how fast businesses can transform long-established processes and achieve really meaningful gains in productivity and revenues.
Chelsea Apps Factory’s partnership with the firm has resulted in a series of new mobile tools over the past couple of years, but the first milestone was the app we created to make carrying out audits a more efficient, transparent and profitable process.
Our client’s problem was that it didn’t have the tools it needed to manage the audit process efficiently. Its existing set up, which was based on spreadsheets, left it flying blind on cost overruns because it could not track its auditors’ actual billings on a project against the initial fee proposal agreed with the client. Naturally, this resulted in awkward conversations with audit clients when the firm’s engagement managers realised that costs had started to overshoot.
The app that we created for them means they can now track actual audit costs against budgets and fee proposals in real time as every addition is made, giving them proper oversight of the process, enabling cost overruns to be picked up quickly and helping to avoid tricky conversations with clients. Not only this: the app has also delivered a major productivity gain in staff time that was previously devoted to compiling and updating spreadsheets.
We got the first version of the app built and launched quickly and have refined it since then to add further functions that have increased its benefits for the business. To date, the client confirms that the app is targeted to generate cost savings in the UK of £2.5m a year and to increase annual revenues by £9m, as well as improving the clients’ experience. It is now being considered for an international roll-out that would open the way to significantly larger cost savings and revenue gains.