Full Sail Partners Blog | Evan Creech-Pritchett

To help your firm address the evolving challenges in the architecture and engineering (A&E) industry, we’ve gathered key insights from the 45th Annual Deltek Clarity Architecture & Engineering Industry Study. This analysis of business development trends reveals the strategies successful project-based firms are using to navigate issues such as increased competition, project complexity, and talent acquisition hurdles. We'll also highlight the importance of adapting marketing strategies to the digital landscape, the benefits of strategic collaboration, and the growing role of technology in enhancing efficiency. By leveraging these insights, firms can position themselves for sustained growth and long-term success in a competitive market environment.

Optimistic Growth Forecasts

First, let’s start with the good news. The study reveals an encouraging trend, with firms projecting a net revenue growth of nearly 11% year-over-year. Despite the backdrop of shifting challenges, this growth signifies a positive outlook within the industry. However, achieving this growth comes with its own set of hurdles. One of the prominent challenges identified is the increasing competition within the A&E sector, fueled by globalization and the entry of new market players. With more firms vying for projects, differentiation becomes crucial for sustaining growth and profitability. Additionally, the study underscores the growing complexity of projects, driven by evolving client demands, regulatory requirements, and technological advancements. As projects become more intricate, firms must adapt their processes, workflows, and skill sets to deliver innovative solutions while meeting quality standards and deadlines. Moreover, talent acquisition and retention emerge as critical concerns for firms aiming to scale operations and expand market reach.

Adapting Marketing Strategies

A&E firms must adapt their strategies to fit an evolving digital landscape to keep up with consumer behavior. While traditional methods like print media and trade shows are still relevant, firms are increasingly focusing on digital marketing and content creation. They use thought leadership content to establish themselves as industry leaders and strategically leverage social media to engage clients and showcase their projects, enhancing their brand presence and generating leads.

This shift in marketing strategies underscores the importance of integrating traditional and digital approaches. Firms must be agile, continuously evaluating the effectiveness of their efforts and staying updated with the latest trends and tools. In doing so, they can ensure their marketing initiatives are not only relevant but also impactful in reaching their target audience.

Win Rates and Collaboration

Win rates for A&E firms remained stable year-over-year, with the overall capture rate experiencing a slight increase to 48.7%. These metrics underscore the importance of strategic networking and prospecting in securing new business opportunities. It’s important to note that the win rate measures the number of proposals submitted to the number of proposals awarded, capture rate measures the total dollar value of the proposals submitted compared to those awarded. Firms are increasingly focused on finding suitable teaming partners and leveraging their networks to source and close new projects. This emphasis on collaboration and relationship-building extends beyond traditional boundaries, as firms seek to form alliances with complementary service providers, subcontractors, and industry peers.

By expanding their network of collaborators, firms can access new markets, capitalize on emerging opportunities, and mitigate risks associated with project delivery. Furthermore, the study highlights the growing significance of client relationship management in driving business development success. With client expectations evolving rapidly and competition intensifying, firms must prioritize client satisfaction, retention, and loyalty to maintain a competitive edge in the market. This requires a proactive approach to understanding client needs, anticipating challenges, and delivering value-added services that exceed expectations.

Diversification Strategies

A notable trend identified in the study is the emphasis on diversifying project portfolios. While revenue from top clients grew, A&E firms are recognizing the importance of expanding their client base to reduce the risks associated with consolidated revenue across a few key clients. This diversification enhances resilience in the face of economic uncertainties, market fluctuations, and industry disruptions. It also enables firms to adapt to changing market dynamics, capitalize on emerging trends, and seize opportunities in more niche segments or emerging markets.

Harnessing Technology for Efficiency

As staffing challenges persist, A&E firms are turning to technology to enhance their efficiency. The Deltek Clarity study reveals that 46% of firms now utilize formal business development processes, with a slight uptick among small and large firms. This indicates a growing recognition of the importance of technology-driven solutions in navigating the competitive landscape.

With an 86% surge in awarded contracts driven primarily by large firms, there's a clear correlation between technology adoption and business success, particularly with AI. Despite this, there's a consensus among industry experts, including Megan Miller, CPSM, Director of Product Marketing at Deltek, that firms are only scratching the surface of AI's potential. While AI holds promise for streamlining marketing operations and enhancing BD outcomes, there's a pressing need for deeper exploration and integration of these technologies to unlock their full potential in the A&E industry.

Future Outlook and Recommendations

Looking ahead, project-based firms are advised to challenge themselves to be more selective in their pursuits, focusing on projects with the highest likelihood of success. The rise in proposal volume underscores the importance of refining go/no-go criteria and leveraging formal business development processes to prioritize opportunities effectively. Additionally, the study emphasizes the growing importance of content marketing and thought leadership in shaping firms' market positioning and visibility.

By addressing key challenges, leveraging technology, and adopting strategic initiatives, project-based firms can navigate growth opportunities and position themselves for long-term success in a competitive market environment. Need to hear more? Take a look at this year's Architecture & Engineering Industry Study now!

Deltek Vantagepoint 7.0 is finally here, and it brings a bunch of new features and enhancements aimed at improving automation, efficiency, and the general user experience. With a focus on providing better data visibility, integrating artificial intelligence, and enhancing the overall user interface, this update promises to change the way professional services firms manage their projects, finances, and resources. Let’s look at a brief overview of the things that’ll get you excited to jump into Deltek Vantagepoint 7.0!

Simplify PTO Updates for Plans

This update ensures more accurate project plans by automating absence requests and making staff availability more visible. This automation helps to improve resource management, allowing project managers to anticipate and plan for workload gaps effectively. The result is enhanced project delivery with fewer disruptions and more predictable outcomes.

Streamlined Financial Processes

One of the standout features of Vantagepoint 7.0 is the automation of financial processes. This includes streamlining the procure-to-pay process and automating time-consuming billing processes. By eliminating manual, error-prone tasks, finance teams can focus on more value-adding activities, improving efficiency and accuracy in financial management.

Enhanced User Experience and Adoption

Next up on the list of improvements is the intuitive user interface with enhanced navigation menus, keyboard shortcuts, and fly-out menus. These improvements are designed to boost user adoption by making the platform easier to navigate and use. With features like explicit save in list view and bulk update capabilities, users can perform tasks more efficiently, leading to improved data quality and user satisfaction.

Empowered Business Intelligence and Flexibility

Deltek Vantagepoint now supports stand-alone Analysis Cubes, allowing users to create and utilize multi-dimensional cubes for business intelligence and advanced reporting. This feature provides the power of cubes without the need for visualization tools like Tableau, enabling connections from various BI tools, like Excel. This flexibility empowers users to leverage their data more effectively for strategic decision-making.

Modernized User Interface

The updated user interface maximizes your screen real estate and simplifies navigation. With a redesigned navigation menu, fly-out menus, and an updated color scheme, users can access information quickly and efficiently. The ability to track new records and improve navigation among them will further enhance the user experience.

Advanced Usability Enhancements

Usability improvements include explicit save in list view, bulk update capabilities, and advanced WBS (Work Breakdown Structure) search. These features allow users to update multiple fields for multiple records simultaneously and simplify data imports. Additionally, defined hubs and mobile capabilities for Time & Expense (T&E), absence requests, and CRM touchpoints make the platform more versatile and user-friendly.

Project Smart Summaries™

Leveraging generative AI, new Project Smart Summaries™ transform project information into actionable intelligence. Users can generate concise summaries that highlight project financial health, recent activities, and plan status. This feature reduces the time spent on data review and enhances the ability to make informed decisions quickly.

Timesheet Assist

This feature streamlines timesheet entry by suggesting projects based on user activity and resource assignments. By analyzing past timesheets, project plan assignments, and timesheet reminders, Timesheet Assist helps users complete their timesheets more accurately and efficiently.

Enhanced Accounts Payable Insights

Vantagepoint 7.0 delivers greater visibility into accounts payable (AP) details on dashboards. Finance leaders can quickly identify cash flow requirements, exception reporting, and company purchases. The ability to view details for pay-when-paid (PWP) and outstanding AP balances by the vendor on a single dashboard provides a clear insight into key AP metrics.

Streamlined Billing Terms Creation

New to Deltek Vantagepoint 7.0 is the ability to automate the creation of fee-based phase billing terms, making it easier to establish terms from the project work breakdown structure and compensation values. This automation improves the accuracy and efficiency of billing processes, reducing administrative overhead.

Opt-In Features for Controlled Rollout

Administrators have the option to enable a subset of new features for additional testing before full production deployment. This controlled rollout ensures a smooth transition and allows organizations to adapt to new functionalities at their own pace.

Introducing Dela, Deltek's Digital Assistant

The newest and probably the most anticipated part of the 7.0 release is Deltek Dela – Deltek’s AI-powered Intelligent Business Companion. Dela is allowing those natural language interactions and prompts for users to take those and interrogate that data more intelligently, they can get answers without running reports. They don't have to dig through multiple dashboards, they don't have to open specific records.

You can have a conversation with Dela like you would with other AI software like ChatGPT. But it’s only your data, only your projects, only your clients so this data becomes much more relevant to your users, much easier to access, and gives your users that ability to interrogate and dig a little bit deeper when they just may not know where to go to get that information.

Today the focus of this is projects including project, financial details, employees, firms, contacts, and activities.

What else is new in Deltek Vantagepoint 7.0?

Deltek Vantagepoint 7.0 is set to revolutionize project management and business operations with its comprehensive enhancements and new features. By focusing on automation, efficiency, and improved user experience, this update promises to deliver significant benefits to users. From more accurate project planning and financial processes to advanced business intelligence capabilities and a modernized user interface, Vantagepoint 7.0 is a game-changer for professional services firms looking to enhance their project management and operational efficiency!

Want to see more on this update? We’ve got a webinar all about it! Click below to see What’s New in Deltek Vantagepoint 7.0!

Conferences are more than just gatherings of like-minded professionals; they are opportunities for growth, networking, and strategic advancement. However, navigating them can be a bit daunting without a clear strategy in place. Let’s talk about some key concepts that will help your professional services firm on the way to mastering the art of impactful conference strategies.

Reframe Your Thinking About Conference Selection

Choosing the right conferences to attend is extremely important for maximizing your professional services firm’s time and resources. It is important to focus on more than just the prestige or popularity of an event; consider factors such as the relevance of topics covered, the caliber of speakers and attendees, and the potential for creating meaningful connections.

Moreover, you should consider the location and timing of the conference. Make sure that it fits well with your schedule and provides convenient access to travel arrangements. By reframing your thinking to prioritize quality over quantity, you can ensure that each conference you attend offers genuine value and opportunities for growth.

Discover How to Be Methodical and Objective in Your Approach

Approaching conference selection with a methodical and objective mindset can help streamline your professional services firm’s decision-making process. Start by clearly defining your goals and objectives for attending conferences. For example, are you expanding your professional network, gaining industry insights, or showcasing your expertise?

Next, conduct thorough research on upcoming conferences, evaluating factors such as agenda, speaker lineup, past attendee reviews, and cost-effectiveness. You should consider creating a checklist or rating system to objectively assess each conference's suitability based on your criteria. This allows for a more organized and informed selection process. By taking a systematic approach, you can identify the conferences that align best with your objectives and priorities.

Learn How to Be Mindful of Any Emotional Biases Influencing Your Decisions

It's essential to be mindful of any emotional biases that may influence your professional services firm’s conference selection process. Whether it's the fear of missing out on a popular event or because you’ve always attended, emotions can cloud judgment. Practice self-awareness and introspection to identify any biases at play like confirmation bias or sunk cost fallacy.

Furthermore, you should seek feedback from trusted colleagues or mentors. This helps to gain different perspectives and mitigate the impact of personal biases on your decision-making process. By approaching conference selection with a clear and rational mindset, you can make more informed choices that align with your firm’s professional goals.

Tips to Optimize Your Conference Strategy

Once your professional services firm has selected the conferences to attend, it's time to optimize your overall strategy to maximize your experience and outcomes. Start by creating a detailed itinerary, including sessions, networking opportunities, and any additional events or meetings. Leverage social media platforms such as LinkedIn to connect with fellow attendees and speakers before the conference. This will help facilitate meaningful interactions and collaborations.

Also, consider attending workshops or interactive sessions that offer hands-on learning experiences and opportunities to develop your skills. These activities will enhance the value you derive from the conference. During the conference, prioritize quality over quantity when networking, focusing on building genuine connections rather than collecting business cards.

Don’t Forget Your Follow Up Strategy

Finally, don't forget the importance of post-conference follow-up. One effective strategy is to have dedicated individuals responsible for follow-up tasks, so that no potential leads slip through the cracks. Whether it's sending personalized emails, brochures, or scheduling follow-up meetings, prompt and tailored communication can leave a lasting impression on your contacts.

You should also consider leveraging tools or systems to streamline the follow-up process. Scanning business cards or badges at conferences allows for the inputting of contact information directly into your database, and it is a very efficient way to track connections. By prioritizing follow-up efforts and utilizing available resources, you can maximize the return on investment from attending conferences.

Make Your Professional Services Firm’s Conferences Meaningful

Mastering impactful conference strategies requires a combination of strategic thinking, mindfulness, and proactive planning. Reframe your professional services firm’s approach to conference selection, adopt a methodical mindset, and be mindful of emotional biases; you can then optimize your overall strategy and make the most of your conference experiences.

Remember to prioritize quality over quantity and focus on building genuine connections. Furthermore, always follow up with your connections post-event. With these strategies in place, you'll be well-equipped to navigate the conference landscape with confidence and purpose.

Need a deeper dive into making your conferences count? We’ve got a LinkedIn Live with a conference guru that brings all these points and more together. Click below to watch today!

Without efficient document management, project-based firms would fall to pieces. The advent of advanced technologies, particularly in scanning and document processing, helped firms streamline this crucial aspect of their operations. Traditional scanning methods often fall short, only capturing document images without extracting crucial metadata such as client names, dates, or invoice amounts, unless manually inputted by associates.

What is OCR?

Optical Character Recognition (OCR) technology, also referred to as optical character reader, plays a pivotal role in modern document management systems. It involves the conversion of images containing typed, handwritten, or printed text into machine-encoded text. Various sources can be converted such as scanned documents, photographs of documents, scene photos capturing text on signs or billboards, or even subtitled text overlaid on images from television broadcasts.

OCR technology was developed by Emanuel Goldberg, making its debut in 1914. Initially, it was developed to aid the visually impaired in reading characters. Over time, OCR capabilities have evolved significantly, becoming useful in various everyday applications such as airport processes, mail handling, and banking.

Early iterations of OCR systems required training with images of individual characters and were limited to working with one font at a time. However, advancements in technology, and most notably in AI, have led to the development of sophisticated systems capable of achieving high accuracy across a wide range of fonts. Modern OCR systems can support various image file formats as inputs, enhancing their versatility and applicability.

Some OCR systems can even reproduce formatted output closely resembling the original document layout, including images, columns, and other non-textual components. This capability ensures that the digitized documents retain their visual integrity and readability, further enhancing the utility of OCR in document management and data processing tasks.

OCR engines have evolved into specialized software applications tailored to specific subjects such as receipts, invoices, checks, and legal billing documents. These applications offer a multitude of functionalities, including:

• Entering data for business documents like checks, invoices, and receipts
• Extracting business card information and integrating it into contact lists
• Creating digital versions of printed documents
• Enhancing document searchability by converting scanned documents into searchable PDFs

These applications show off the versatility and significance of OCR technology in modern-day document management. The adoption of OCR solutions is poised to become increasingly integral to firms’ operational workflows, driving efficiency, accuracy, and overall productivity.

What is ICR?

Intelligent Character Recognition (ICR) software goes a step further than OCR, recognizing various fonts and handwriting styles. This distinction is crucial for grasping the nuances of modern document processing. ICR swiftly extracts information from scanned paper documents, digitally storing it for analytical reporting and seamless integration into business processes. Its self-learning systems continuously update recognition databases, achieving accuracy rates exceeding 97% for structured forms.

An important application is Automated Forms Processing, pioneered in 1993, streamlining data extraction from real-world forms. While OCR focuses on machine-printed text, ICR excels in deciphering hand-printed characters, though it faces some challenges with cursive handwriting. As businesses embrace digital transformation, ICR's adoption promises enhanced efficiency and accuracy in document management, revolutionizing data processing workflows.

Benefits of ICR

While OCR remains a cost-effective solution for basic document management needs, ICR offers advanced features tailored to the requirements of project-based firms. Not only does the ability to decipher handwritten notes and diverse fonts expand its utility beyond OCR, but the automatic retrieval of relevant data mitigates the risk of human input errors, a common challenge with manual data entry processes.

ICR in Accounting

In the realm of accounting, ICR proves particularly invaluable, streamlining the processing of various financial documents such as accounts payable, invoices, purchase orders, and payroll forms. For larger firms handling a high volume of documents monthly, ICR significantly reduces the time and effort expended on manual data entry tasks, thereby enhancing operational efficiency.

Mobile Expense Retrieval with Deltek Vantagepoint

Leading ERP systems provider Deltek has embraced ICR technology within its flagship solution, Deltek Vantagepoint. Leveraging ICR capabilities, Vantagepoint's mobile expense feature enables users to capture receipts via photographs, with the software automatically extracting relevant text and populating fields. This eliminates the need for manual data entry, empowering accounting teams to track project budgets seamlessly throughout the project lifecycle.

Looking Ahead

As technology continues to evolve, Deltek remains at the forefront of innovation, exploring additional applications of ICR to further streamline business operations. Stay updated as Deltek continues to test and integrate ICR capabilities into various facets of its ERP system, promising even greater efficiency gains for project-based firms.

Fostering Diversity, Equity, Inclusion, and Belonging (DEI&B) is not just a moral imperative but a strategic necessity for project-based firms. DEI&B creates environments that go beyond just diversity and inclusion, aiming to build equitable spaces where individuals feel welcomed, valued, and empowered. Surprisingly, not every company has a DEI&B initiative in place. Let’s review the core aspects of DEI&B, and what implementation strategies firms can use to promote these values.

Diversity

Diversity, the first pillar of DEI&B, acknowledges the variety of human characteristics and identities within a group or organization. It goes beyond just race and gender, encompassing various aspects that we don’t always think about such as age, ability and disability, socio-economic status, religion, nationality, and many more. In the context of project-based firms, where collaboration and innovation are key, recognizing and embracing diversity is especially important. Recognizing this is the foundation for fostering an environment where each team member's strengths and talents can thrive, ultimately contributing to the overall success of the projects and the organization.

Equity

Equity is about ensuring fairness, impartiality, and justice in the treatment of individuals, particularly in environments with historical disadvantages. Project-based firms need to actively address systemic biases, structural inequalities, and discriminatory practices. Achieving equity in a company involves creating policies and procedures that reward based on personal merit, ensuring everyone has an equal chance to succeed no matter what groups they may belong to.

Inclusion

Inclusion is the creation of environments where all individuals feel welcomed, respected, and valued. In project-based firms, inclusive practices involve actively embracing diversity and fostering a sense of belonging. This means creating spaces where people of diverse backgrounds, identities, and perspectives can thrive, express themselves authentically, and engage in meaningful collaboration without fear of discrimination.

Belonging

Belonging is the newest addition to DEI&B. It goes beyond diversity and inclusion, addressing individuals' emotional and psychological need to feel connected and respected within their professional environments. The feeling of belonging involves creating spaces where people can bring their whole selves to work, form genuine connections, and contribute to a collective identity and purpose.

Importance of DEI&B to Project-Based Firms

Beyond being morally imperative, DEI&B is crucial for project-based firms for several reasons: Fosters Positive Employee Engagement: DEI&B creates a positive and inclusive work culture, leading to higher employee engagement and satisfaction. Drives Innovation: Diverse teams bring a variety of perspectives and ideas, driving innovation and problem-solving in project-based settings. Broadens Talent Pool: Embracing diversity expands the talent pool, bringing in individuals with different skills, experiences, and viewpoints. Maintains Competitive Advantage: Companies with diverse teams often outperform their peers, maintaining a competitive advantage in the market.

Methods to Foster DEI&B in the Workplace

We’ve seen why DEI&B is important, but how do we go about putting these systems in place? Here are several ways that project-based firms can implement various initiatives to foster DEI&B:

• Diverse Hiring Practices: Actively seek diverse candidates and create inclusive hiring processes. Remember to look deeper into the categories we don’t always recognize, like nationality, socio-economic status, and age.
• Training and Education: Provide ongoing training on diversity, equity, and inclusion to enhance awareness and understanding.
• Employee Resource Groups (ERGs): Establish ERGs to provide support, networking, and mentorship for underrepresented groups.
• Flexible Work Policies: Implement flexible work policies to accommodate diverse needs and promote work-life balance. This can include options for hybrid and fully remote work.
• Leadership Development: Invest in leadership development programs that prioritize diversity and inclusion.
• Diversity Metrics & Accountability: Establish measurable goals and hold the organization accountable for progress.
• Employee Engagement Activities/Events: Organize activities and events that encourage diversity and promote inclusion. These can be as simple as company mixers, sporting events, or other group activities.
• Promotion of Diversity in Content and Marketing: Ensure that marketing materials and content reflect the diversity within the organization.

Making Diversity Programs Effective

Initiating diversity programs can be challenging, but it is essential for the success of DEI&B. Companies need to do three things in order to make an effective diversity program.

1. First, you must recognize the full spectrum of diversity. As we’ve talked about already, not all aspects of diversity are easy to see. Understand that diversity encompasses various categories beyond gender and race, including gender identity, age, ability, religion, political beliefs, and socioeconomic status.
2. Second, embed DEI&B in the company culture. Company culture is many things: the embodiment of a company’s values, its mission, and even its environment. DEI&B should be ingrained in the philosophy of the company.
3. Finally, appoint DEI&B Leaders. Designate a group responsible for DEI&B programs and initiatives to ensure focused attention and progress. This group does not necessarily have to be management, instead, a dedicated team or individual can ensure focused attention and steady progress in promoting diversity and inclusion within the organization.

Conclusion

Embracing and valuing the concepts of DEI&B in project-based firms not only aligns with social responsibility, but also drives positive organizational outcomes. By actively fostering diversity, equity, inclusion, and belonging, project-based firms can create environments where individuals thrive personally and professionally, ultimately contributing to the success and innovation of the organization. To learn even more about DEI&B and how Full Sail Partners is helping firms with this initiative, check out the replay of our LinkedIn Live by clicking the image below.

As Full Sail Partners launches another exciting new year, we thought it would be a great time to reflect back on the Top 5 Deltek Vantagepoint Mini-Demos of 2023! Chosen for their popularity, they showcase cutting-edge features that have resonated with users across diverse roles in professional services firms. Each leverages the expertise of our various presenters to create a profound impact on your use of Deltek Vantagepoint. Whether project managers, finance experts, or sales and marketing leaders, these mini-demos were designed to elevate your proficiency with Deltek Vantagepoint. So, without further ado, here are the top 5 mini-demos of 2023! 

#5: Finance & Project Accounting Oversight in Deltek Vantagepoint Dashboards 

Kicking us off at number 5 we have "Powering Project Success with Deltek Vantagepoint – Finance & Project Accounting Oversight in Deltek Vantagepoint Dashboards." In this demo, Theresa DePew, Senior Finance Consultant, showcases the transformative potential of Vantagepoint dashboards. She provides insights into navigating critical financial metrics such as revenue, expenses, and profitability. Theresa's expertise ensures that you not only gain a comprehensive understanding of these dashboards but also acquire the skills to make informed decisions and take proactive measures in managing your finances and projects adeptly. 

Some of Theresa’s favorite dashparts, including Profit & Loss (P&L), Accounts Receivable (AR), Cash Receipts, Billing Review, and Draft Invoice Approval, are featured prominently in this mini demo. These dashparts serve as integral tools, offering quick snapshots of income statements, simplifying collection tracking, and streamlining billing processes. Use this Deltek Vantagepoint mini demo to learn how to enhance your skills and leverage the ultimate tool for success in project management. 

#4: Different Ways to View & Manage Resources in Deltek Vantagepoint 

Learn the capabilities of Deltek Vantagepoint's Resource View with our fourth most popular mini-demo, "Powering Project Success with Deltek Vantagepoint – Different Ways to View & Manage Resources in Deltek Vantagepoint." Here, Principal Consultant, Terri Agnew, demonstrates how to make Resource View an essential asset in your resource management toolkit. 

She guides you through the three distinct capacity views offered by this powerful tool. Explore Planned Hours for a simplified understanding of your team's scheduled workload, utilize Scheduled % to identify resource allocation through a heat map, and delve into Utilization % to effectively track resource utilization against targets. This mini demo offers the insights needed to optimize your team's scheduling and utilization with Deltek Vantagepoint. 

#3: Utilize Schedule Dependencies for Resource Planning 

Coming in at our third most popular mini-demo is "Powering Project Success with Deltek Vantagepoint – Utilize Schedule Dependencies for Resource Planning." This time, Terri shows you how pivotal schedule dependencies can be for resource planning. This mini demo takes you through the creation of four distinct types of dependencies and illustrates three different methods for applying dependency relationships between phases, tasks, and labor codes. 

Terri also explains how schedule dependencies empower you to build meaningful relationships within your project, providing a holistic view of the overall schedule. This mini demo not only demonstrates the practical application of these features but also emphasizes their significance in easily updating schedules as dates change allowing you to elevate your project management capabilities. 

#2: Maximizing Efficiency and Accuracy in Invoice Creation with Vantagepoint's Mark-Up on Draft Invoices Feature 

For our second most popular spot, we have the mini-demo "Powering Project Success with Deltek Vantagepoint – Maximizing Efficiency and Accuracy in Invoice Creation with Vantagepoint's Mark-Up on Draft Invoices Feature." Here, Theresa DePew, Senior Finance Consultant, demonstrates the prowess of Deltek Vantagepoint's mark-up on draft invoices feature, showcasing how it can streamline your invoice review process, minimize errors, and enhance overall efficiency. The mark-up feature enables quick additions or removals of items, fee adjustments, and the inclusion of notes or comments for additional context.  

In this mini-demo, Theresa guides you through the creation of a draft invoice, demonstrating how to mark-up items, adjust fees, and incorporate vital notes, ensuring your clients receive comprehensive and accurate information. Also spotlighted are time-saving techniques such as reusing common billing items and tracking invoice status and history. See how Deltek Vantagepoint's mark-up on draft invoices feature can elevate your billing process and contribute to more effective client relationship management.  

#1: Project Management Oversight in Deltek Vantagepoint Dashboards 

Last, but certainly not least, we have "Powering Project Success with Deltek Vantagepoint – Project Management Oversight in Deltek Vantagepoint Dashboards” at our number 1 spot! In this mini demo, our expert, Rana Blair, Principal Consultant, demonstrates how these dashboards can revolutionize your workflows and provide invaluable insights. Whether you're a project manager, finance or project accounting professional, or a sales and marketing guru, this mini demo is tailored to focus on specific areas of business, driving your success to new heights. 

The number one rated mini demo offers visibility into crucial metrics such as budget, schedule, and resource allocation, allowing you to identify potential issues and take proactive steps to keep your projects on track. Rana also points out her favorite dashboards and dashparts, including My Team’s Project Performance Dashboard, My Project Performance Dashboard, and My Project Percent Complete Entry from Dashboards. Get crucial insights into budgets, schedules, and resources to elevate your project management game. 

Powering Your Project Success in 2024 

Now that you’ve been able to review the Top 5 Deltek Vantagepoint Mini-Demos of 2023, it is an ideal time to choose what topics best fit your professional services firm. Whether you're needing to sort out your finances, manage resources, create invoices, or keep tabs on projects, these top five mini-demos can help ensure you get better at fully utilizing your Deltek Vantagepoint system in the new year. They are available to watch on demand, and as always, Full Sail Partners would love to assist you in further exploring these Deltek Vantagepoint features.  

To find these mini demos as well as the others that are part of our Powering Project Success with Deltek Vantagepoint click the image below. 

The end of the year is just around the corner, and with so much left to do, we'd like to offer you insights from our team to ensure the transition into the new year is as seamless as possible. Each person brings a unique viewpoint, and together, we've compiled a practical guide for professional services firms. It's more than just a checklist—it's a roadmap to help you tackle the challenges and opportunities that come with wrapping up one fiscal year and starting another. So, let's jump into these tips from our experts and get ready for a smooth transition into the new year. 

Streamlining Your Project Pipeline in Deltek Vantagepoint CRM

As we approach the end of the year, we first must emphasize the importance of reviewing and refining the project pipeline in Deltek Vantagepoint CRM. This strategic move goes beyond database maintenance; it ensures a more accurate forecast of potential revenue for the upcoming year.  

Our Marketing Manager, Lindsay Diven, suggests focusing on these tasks: 

Assess Project Stages and Estimated Fees

Evaluate the current pursuit stages of each project and categorize them based on proposal status, shortlisting, or other decision stages. This step helps understand resource engagement and identify potential revenue stagnation points. Additionally, review estimated fees for relevance based on market trends and project scopes. 

Update Probabilities and Close Dates

Review and adjust probabilities and close dates to reflect the current likelihood of project success. Pay special attention to potential projects with outdated close dates. This ensures a realistic view of the pipeline's health and potential revenue. 

Take Decisive Action on Stale Pursuits

Avoid the common pitfall of holding onto pursuits unlikely to materialize. Take decisive action on pursuits with outdated close dates. Revive projects with potential, or close out those with no activity, allowing for a more focused pipeline. 

To prepare for 2024, cleaning up the project pipeline is an essential step for professional services firms in preparing for the new year. Ensure the CRM reflects the most current and accurate data, enabling a strategic approach and better resource allocation for 2024. 

Navigating Year-End Software Updates for Seamless Financial Operations

Regarding software, staying ahead of the curve will ensure the smooth continuation of your financial processes and position your professional services firm to adapt swiftly to any changes in tax regulations or reporting requirements. 

The Crucial Role of Software Version Management

Heath Harris, our IT Services Support Manager, underscores the critical role of software version management as we approach the year-end. Specifically, he emphasizes the significance of ensuring that your professional services firm is operating on the latest two versions of Vantagepoint. This strategic move is not merely a technical necessity; rather, it holds the key to unlocking seamless year-end tax and 1099 updates within the Deltek Vantagepoint system. 

The importance of this directive becomes even more apparent when considering the complexity of year-end financial processes. Staying current with software versions not only guarantees access to the latest features and enhancements but also safeguards your financial systems against potential vulnerabilities. In a landscape where regulatory changes can occur swiftly, being on the cutting edge ensures your financial team is well-equipped to handle any updates or modifications required for compliance.

Navigating Deltek Vision's Year-End Update

Heath also provides a heads-up about Vision's anticipated year-end update slated for mid-December. This message is particularly pertinent for those professional services firms relying on Vision for payroll processing and managing 1099s. Timely awareness of Vision's update schedule allows your team to plan and execute necessary updates and upgrades with precision.  

Financial Preparedness for the New Fiscal Year

In navigating the complexities of financial management, one of our Senior Consultants, Lisa Ahearn, imparts two beneficial tips that can significantly impact your professional services firm’s fiscal preparedness for the upcoming year. 

Initializing 1099 Reporting

Lisa's first critical tip centers on the initiation of 1099 reporting. After completing the Accounts Payable (AP) payment runs for the current fiscal year, and upon opening the new fiscal year, Lisa advises firms to proactively initialize their 1099 reporting. This strategic move is not merely an administrative task but a pivotal step in ensuring that your organization is well-positioned for accurate and timely reporting as you transition into the new fiscal year. By initiating this process before any payments are made in 2024, you pave the way for a seamless and compliant handling of 1099 reporting obligations.

Initializing the New Benefit Accrual Year

Lisa's second tip underscores the importance of initiating the new benefit accrual year. After finalizing all benefit accruals and adjustments for the current fiscal year, and upon the commencement of the new fiscal year, Lisa recommends taking proactive steps to initialize the benefit year. This strategic move is a proactive measure that ensures your firm is ready to handle benefit accruals in the upcoming year efficiently. By initializing the benefit year before any accruals are done in 2024, you set the stage for accurate tracking and management of employee benefits, contributing to a smooth and compliant benefits administration process. 

Elevating Year-End Efficiency with Vantagepoint 6.5 Features

Designed to enhance year-end processes and elevate overall operational efficiency, Joel Slater, our Client Solutions Manager, offers two game-changing features in Deltek Vantagepoint 6.5. These are invaluable tools that professional services firms should take advantage of during year-end transitions. 

Unlocking Efficiency in Invoice Approvals

Joel highlights the power of Intelligent Character Recognition (ICR) in Vantagepoint 6.5, emphasizing its ability to perform Automated AP Magic. This cutting-edge feature streamlines the traditionally time-consuming task of invoice approvals. By leveraging ICR, professional services firms can automate the extraction of relevant data from invoices, saving substantial time and ensuring accuracy in the approval process. Joel's insight positions this feature as a cornerstone for organizations seeking to streamline financial workflows, a crucial aspect in ensuring a smooth year-end transition. 

Visualizing Crucial Metrics with Precision

Joel also invites users to step into a KPI wonderland with the introduction of the Key Performance Indicator (KPI) Dashpart in Vantagepoint 6.5. This feature transforms data evaluation into a dynamic visual experience. Users can now highlight crucial metrics with conditional formatting, offering a comprehensive and visually engaging representation of key performance indicators. This not only enhances the clarity and insight derived from data but also empowers decision-makers with a more intuitive understanding of their professional services firm’s performance. As businesses navigate year-end reviews and planning, this becomes another invaluable tool for strategic decision-making and performance analysis. 

Cultivating Positive Leadership for Year-End and Beyond

Finally, in the realm of leadership and team dynamics, Sarah Gonnella, our VP of Marketing and Sales, shares some interesting insights on the importance of fostering a positive workplace culture, especially pertinent during the holiday season and into the year-end. Her guidance extends beyond conventional business strategies, emphasizing the pivotal role of positive leadership in shaping a thriving and motivated team.  

Advocating for compassion, active listening, constructive feedback, empowerment, and encouragement of self-care, she aims to create a supportive environment that acknowledges the human aspect of work. Sarah's holistic leadership philosophy serves as a compass, guiding teams not only through the holiday season but also into the new year, fostering resilience, innovation, and collective success. 

Position Yourself for a Prosperous New Year

As we wrap up 2023 and get ready for whatever 2024 throws our way, our team at Full Sail Partners wants to share some helpful insights. We aim to make it easier for our clients and other professional services folks to handle year-end stuff smoothly and start the new fiscal year on a good note. Whether it's simplifying how you work, keeping up with software updates, or promoting positive leadership, we hope these tips come in handy as you finish up your year and kick off a new one. Looking for extra tips to ensure a successful year-end? Explore our webinar, "Sleigh Your Year-End with Full Sail Partners," and get even more valuable insights from our team! 

Welcome to the final installment of our comprehensive series recap of the 44th Annual Deltek Clarity Architecture and Engineering (A&E) Study. Today, we embark on an in-depth exploration of the financial management trends found in the newest Deltek Clarity A&E Industry Report which focused on 2022 fiscal data. This report offers a rich tapestry of insights, shedding light on the critical financial dynamics that are currently influencing the industry.   

A Year of Remarkable Financial Success

In 2022, A&E firms achieved remarkable financial success, building on the bullish goals they set for themselves in 2021. One of the standout trends in the industry was the ability of firms to leverage direct labor costs and subconsultants effectively to drive increased revenues in 2022, leading to substantial improvements in operating profit (EBIT). Notably, revenue growth outpaced growth in headcount and wages, and firms achieved gains across various financial metrics.

This indicates the ability of A&E firms to make strategic investments during favorable economic conditions. On average, firms’ financial performance outshone expectations. To sustain this momentum, firms must continue to focus on key financial management trends and top financial initiatives.

Addressing Top Financial Challenges

As we look into the financial landscape of 2023, it's important to note that the most prominent challenges faced by A&E firms remain consistent with those of previous years.

• Finding and Retaining Qualified Staff: This is the most prominent financial challenge identified by firms in 2022 and it remains the top concern, with 65% of A&E firms identifying it as one of their top three challenges.
• Increasing Profitability: 45% of respondents indicated that increasing profitability was one of their top challenges. To handle this, A&E firms continue to refine their strategies and use technology and process improvements to reduce project delivery costs, particularly for time-intensive and manual tasks.
• Managing Growth: Tied with increasing profitability, growth management is a concern for 45% of companies in the A&E sector. Firms must address the challenge of managing growth effectively by balancing robust pipelines of new projects with existing resources to ensure profitable project delivery despite rising costs.

Financial Improvement Initiatives

Once again, this year’s financial improvement initiatives are very similar to the previous year. Below are some of the critical initiatives that A&E firms have highlighted as requiring attention throughout the current year and into the next:

• Business Process Improvements: The most significant initiative of the year, as indicated by over half of the firms surveyed (55%), is prioritizing business process improvements in their financial strategies.
• Training Project Managers on Financials: Ensuring that project managers have a strong understanding of financial management principles is essential for optimizing project delivery. This initiative was the leader in last year's results, but it has dropped to a close second this year with 52% of A&E firms citing a need for improvement.
• Increase Talent Spending: Investing in hiring and retaining top talent is critical to achieving sustainable growth. By attracting and retaining the industry's brightest minds, A&E firms not only ensure their competitive edge but also foster a culture of innovation and excellence that permeates every project they undertake.
• Better Managing Growth: A&E firms recognize the need to drive efficiency and effectiveness in pipeline management, talent development, project execution, and cash flow management. Streamlining these critical aspects of their operations allows them to not only meet client demands but also adapt swiftly to industry changes, ensuring long-term viability in an ever-evolving market.
• Business Process Improvements: By identifying and implementing process improvements, sucA&E firms can reduce time-consuming manual tasks, minimize errors, and enhance productivity, ultimately freeing up resources to focus on strategic initiatives that drive growth and innovation.

The Path Forward for Financial Management

This section of the 44th Deltek Clarity A&E Industry study delved deep into the financial management trends within the A&E industry, offering a comprehensive view of the financial dynamics shaping this sector. This year we witnessed remarkable financial success, with firms strategically leveraging their resources to achieve impressive revenue growth, outpacing the expansion of their workforce and wage costs. As they continue to navigate the ever-changing economic landscape, these A&E firms must remain vigilant in their approach to financial management.

To gain a more comprehensive understanding of this year's financial trends and their implications for the architecture and engineering sector, we encourage you to explore the complete 44th Annual Deltek Clarity A&E Report. It provides an in-depth analysis and a wealth of insights, serving as an invaluable resource for professionals and organizations in this ever-evolving industry.

In today's rapidly evolving business landscape, the demand for seamless remote access to critical data is paramount for professional services firms. You may already have encountered the Deltek Touch Time and CRM mobile applications and have a strong desire to empower your employees while they’re on the go, allowing them to leverage the capabilities of these apps to access your Deltek Vantagepoint data remotely. Whether you envision your staff accessing data from the comfort of their homes and abroad, or you foresee the immense value it can bring to project managers working in the field, we understand that venturing into Deltek Touch Time and CRM mobile applications to access from the web can seem like a daunting prospect. So, in this blog, let us address your concerns and delve into the benefits and safety measures involved for your professional services firm and try to allay your fears.  

Safety and Security

First and foremost, we realize that security is of the utmost importance to your professional services firm. However, when properly deployed with Secure HTTP and a robust password policy, accessing your Deltek Vantagepoint data from anywhere becomes as secure as accessing your online banking information. Your professional services firm’s data integrity remains intact, and you can trust that your business information is protected.

Cost-Effectiveness

Furthermore, for professional services firms, we know that the financial aspect of offering another feature is always a big concern. Yet, with Deltek Touch Time, the cost implications are minimal. The primary expense lies in the initial setup, generally taking no more than an hour or two. The foundation for this access is already embedded in your existing Deltek Vantagepoint installation. So, you can rest assured that the transition to remote access is cost-effective and well worth the investment.

Ease of Configuration

Moreover, configuring Deltek Touch Time for web access is a straightforward process, especially for a single server installation. It can be executed with minimal downtime or even scheduled for after-hours operation with careful planning. In cases where multi-tier installations are involved, there may be a bit of added complexity, but these nuances are well-understood and can be expertly addressed. The Full Sail Partners’ team has a wealth of experience assisting numerous professional services firms in navigating this transition, and we encourage you to reach out to us for any necessary support.

How Can You Access These Features?

Finally, you may be wondering, how do you open Deltek Vantagepoint to the internet to allow your professional services firm’s employees access to new features like Deltek Touch? It’s easy, just follow these steps:

• Modify your Firewall: Adjust your firewall rules to permit port 443, which facilitates secure HTTP traffic, to be forwarded to your Vantagepoint server. We advise that you test the setup at this point by visiting your Vantagepoint login page, ensuring that everything is still functioning correctly.
• Checking Domain Accessibility: Verify that the Fully Qualified Domain Name (FQDN) is accessible both internally and externally. Minor adjustments to your Domain Name System (DNS) settings may be necessary to achieve this.

By following these steps, you will seamlessly enable access to Deltek Vantagepoint from both onsite and offsite locations. Once this is confirmed, you can promptly inform all users to utilize the Touch links for their Deltek Vantagepoint requirements. How convenient is that?

Access to Data from Anywhere is Within Your Grasp

The transformation to accessing Deltek Vantagepoint data from anywhere, at any time, is well within your professional services firm’s grasp. You can enjoy the peace of mind that comes with knowing your data is securely protected while remaining readily accessible to all your employees whenever it is needed. We encourage you to share your thoughts regarding having seamless remote access to your essential data with us, and if you require any assistance or guidance, do not hesitate to contact our knowledgeable team at Full Sail Partners.