Full Sail Partners Blog

Top 5 Benefits of Deltek for Professional Services by Role

Posted by Ryan Felkel on Wed, Apr 25, 2018 @ 02:32 PM

Deltek for Professional Services By now, you’ve probably heard about Deltek for Professional Services (DPS), but how does the next generation Deltek product help your firm? To answer this question, it’s easiest to break down the firm into its key roles and show the benefits of DPS to each of them. So, role by role, let’s look at the top 5 benefits of DPS.

Marketing Manager      

Marketing is all about firm promotion to assist the business development team with connecting a firm to a potential new client. Firms must deliver and manage marketing campaigns and streamline the proposal process to win more projects. So, how does DPS benefit marketing managers?

Using DPS, marketing managers can:

  • Monitor campaigns to find potential clients and follow up on leads
  • Track marketing ROI and win rates
  • Deliver better and more information packed proposals
  • Eliminate wasted time and double entry with all the information you need in a single view
  • Collaborate on proposals through conversations, tasks, shared documents, and calendar events

Business Development Manager

Business development requires keeping a close eye on all your opportunities. Business development managers must track all their activities and touchpoints to ensure they are meeting their goals. Let’s see how DPS benefits business development managers.

Using DPS, business development managers can:

  • Cultivate, nurture, and manage relationships with clients employing tools available
  • Easily see your sales pipeline to ensure goals are met
  • Provide competitive and reliable project estimates to ensure profitable projects
  • Easily collaborate across the firm to make the most of limited business development time and resources
  • Drive the go/no-go process to determine the best opportunities to pursue

Project Manager

Delivering a profitable project on time that exceeds the client’s expectations can be difficult. Project managers must have the tools at their fingertips to make this happen. How does DPS help project managers?

Using DPS, project managers can:

  • Easily build project schedules and budgets for a profitable project
  • Utilize the right people on the right projects to deliver on schedule and under budget
  • See all necessary project aspects on one screen
  • Utilize alerts and dashboards to identify potential risks and make the required adjustments
  • Collaborate with project teams through conversations, tasks, shared files, and events to ensure projects are delivered on time and on budget

Human Resources Manager

Finding and retaining the best talent in the professional services industry can be difficult for human resources managers. Human resources managers need to quickly find, onboard, and retain top talent. What can DPS do for human resources managers?

Using DPS, human resources managers can:

  • Manage skills and certifications so they have the information they need to assign the right resources to projects
  • Forecast and fill resourcing gaps
  • Utilize customized self-service onboarding so talent can become billable faster
  • Evaluate resources at the project level to ensure project performance is at its best
  • View your firm’s new hire information, retention rates, and turnover ratios

Controller

For a controller at a professional services firm, it can be extremely difficult to get accurate and timely financial information on projects and clients. Controllers need to track important metrics and address red flags before they affect the profitability of projects. Check out how DPS benefits controllers.

Using DPS, controllers can:

  • Generate invoices that are correct the first time
  • Get paid faster with interactive and automated billing tools in combination with robust accounts receivable management
  • Always know when things need your attention with thorough reporting
  • Track your goals by monitoring key metrics including margins, utilization rates, and cash flow
  • Quickly capture accurate information with simple timesheets and expenses

Executive

As the firm leader, the executive needs critical firm information at his fingertips. Executives manage the entire project from pursuit to payment and everything in between. How then do executives benefit from DPS?

Using DPS, executives can:

  • See the most profitable types of projects
  • Gain more profitability and efficiency by adjusting teams, projects, and resources
  • Make better and faster business decisions with all the information about the firm in a single view
  • Give employees a solution that is easy to use so they have more time for things that matter most
  • Find clients that are draining resources and hurting the bottom line

Deltek for Professional Services is the Answer to “What if”

What if it all just worked? With DPS, your firm can simplify the entire project lifecycle, from winning the project to getting paid by the client at the end. If your firm is ready to increase its profits and win more business, now is the time to see what DPS can do for you.

Deltek for Professional Services | DPS  

Topics: Technology Solutions, Professional Services, PSA

Introducing Deltek for Professional Services

Posted by Ryan Felkel on Wed, Sep 13, 2017 @ 02:00 PM

Deltek for Professional Services  Welcome to Deltek for Professional Services (DPS), the next generation solution for professional services automation (PSA). If PSA is a new term for you, think of it as a specialized system like an enterprise resource planning (ERP) solution except specifically designed for the professional services industry. Also, check out this short article to learn more about PSA.  So, what can DPS do for your firm? Let’s see how this new cutting-edge solution will add value.

What is Deltek for Professional Services?

At its core, Deltek for Professional Services is a solution to assist your professional services firm with overcoming industry challenges and give you the tools needed to gain a competitive advantage. Whether it’s winning more work, recruiting new talent, providing top-notch project delivery or accurate forecasting of final performance, DPS will help your firm stay focused on the future. As a complete and all-inclusive package, DPS will positively affect all the core areas of your business by streamlining your processes.

Intelligent Business Development

Knowing if you have enough pipeline to meet your firm’s future goals is critical to measuring the success of your business development efforts. With Deltek for Professional Services, you can eliminate business development shortcomings by providing your team with a collaborative platform to enable every team member to stay engaged and up to date. Even more, DPS is an integrated solution that allows your business development team to create proposals based on the historic performance of your firm. As a result, your firm can create actual target revenues per account and realistic revenue forecasting.

Simplified Project Management   

Using Deltek for Professional Services, building a project plan has never been easier. With an improved user interface based on iAccess for Deltek Vision, DPS allows project managers to develop plans based on the performance of similar projects. Managers can simply build key performance indicators (KPIs) and milestones into these plans which can track the success of a project. Furthermore, these KPIs and milestones can be used to develop a project management dashboard that lets project managers see all critical project information on a single screen.

Improved Financial Insights

Tracking project profitability can be challenging. However, Deltek for Professional Services makes this process simple by eliminating the guessing game with dashboards and alerts to let you know how a project is faring. DPS allows you to monitor the key metrics that can determine the success of a project like margins, utilization, and cash flow. With this tracking system, you can keep your finances on target.

Transitioning to Deltek for Professional Services

Ready to make the move? Deltek has a plan to transition your firm to DPS if your firm is currently on Deltek Vision. Contact us to find out more about preparing for the migration. If you’re not currently using a Deltek product, Full Sail Partners can help your firm determine if DPS is right for you!

 Deltek for Professional Services | DPS

Topics: Professional Services, PSA

Why Your Firm Needs Professional Services Automation

Posted by Ryan Felkel on Wed, Aug 09, 2017 @ 11:00 AM

Professional Services Automation First off, you’re thinking what does this perplexing term, professional services automation (PSA), actually mean? Well, before we jump into the need for it, let’s first look at what determines a professional services firm. At its core, a professional services firm sells knowledge and time as opposed to an actual tangible product.

As a result, tracking revenue to product sold isn’t as simple as selling a “widget” for a predetermined amount to ensure a profit. Instead, time must be tracked to a project to ensure the professional services firm is able to make a profit from the services they provide. Therefore, the purpose of a PSA is to help streamline the delivery of those professional services.

Enterprise Resource Planning Versus Professional Services Automation

All bourbons are whiskey, but not all whiskeys are bourbon. That’s right, and not all enterprise resource planning (ERP) tools are PSA tools. This is because many ERP systems aren’t designed to meet the specific requirements of professional services firms. Instead, many firms try to piece together their own systems using a variety of generic tools such as an off the shelf accounting product and a homegrown project management solution, or in other cases, using a generic ERP and trying to customize it to meet their needs.

PSA systems, on the other hand, are designed to meet the unique requirements of the professional services industry. These systems come complete with all of the tools a firm needs to manage its business. More importantly, all of these systems communicate with each other. Thus, firm leaders have a 360-degree view into their business.

Benefits of Professional Services Automation

Firstly, PSA systems support new business development by integrating the client relationship management tool with the entire system that maintains your business. This integration makes it easier to take a lead to opportunity and finally create a project.

Secondly, resource planning and strategy development are based on past project performance data. The data ensures that your bid for a project is representative of how your firm delivers its services. Consequently, your firm can rest assured that, at the end of the project, the projected profit will be close to the actual profit.

Lastly, PSAs bring all of your business components together in one system. This reduces operational complexity and shortens the amount of time spent on many of your critical business processes. Not only is the time savings a benefit, but smooth operations for back office personnel are ensured which supports improving the client experience and satisfaction.

Moving Your Firm to a Professional Services Automation Software

Implementing a PSA solution can increase your firm’s productivity and ability to deliver projects on-time which guarantees accurate project planning. However, don’t go at it alone. Make sure you pick a solution that meets the majority of your firm’s needs and choose a trusted partner to assist with the implementation. Trying to force the wrong system to work for your firm will only lead to wasted money and poor usage practices from employees. 

Deltek for Professional Services  

Topics: Project Management, Professional Services, PSA