Full Sail Partners Blog (12)

When it comes to assessing the financial well-being of our projects, we know that relying solely on project invoices is like gazing at the tip of an iceberg while missing the grandeur beneath the surface. At Full Sail Partners, we understand that true success lies in exploring a variety of analytics and statistics. Let's dive into the world of project metrics and discover the key to unlocking financial prosperity. 

The Essentials to Determining a Project’s Financial Health 

To begin with, there are a few essential components we must consider when determining a project's financial health. Every project should be documented with: 

• Current and Accurate Fee: A clear understanding of the project's fee is vital. It serves as a baseline for evaluating profitability and making financial decisions throughout the project's lifecycle. 
• Work Breakdown Structure (WBS): A well-defined WBS that aligns with the project's fee and scope helps us accurately allocate costs and resources. It provides a framework for tracking expenses and ensures that financial evaluations are aligned with the project's objectives. 
• Proper Revenue Recognition Method: Selecting the appropriate revenue recognition method is crucial for accurate financial reporting. It ensures that revenue is recognized in a manner that reflects the project's progress and performance accurately. 

Understanding the Components of a Project's Financial Health 

To truly focus on the financial success of a project, we rely on job-to-date (JTD) as our measurement of time. Now, let's explore some key statistics that can be found or created using Deltek Vantagepoint’s Project Earnings Report: 

Profit or Variance  

This metric allows us to compare revenue/earnings with costs incurred. For projects billed on time and materials (T&M), a zero variance indicates profitability, as the project profit is built into the billing rates. However, a negative variance suggests the need to write off charged time. For fixed fee/lump sum projects, the goal is to minimize costs while still delivering on scope and quality. 

Projected Profit or Variance  

Calculating this metric involves updating and managing the estimate to complete (ETC). By combining the ETC with the JTD cost, we derive the estimate at completion (EAC). Comparing the EAC to the Fee allows us to gauge the project's health upon completion and identify potential scope creep. By analyzing actual and projected profit together, we can establish four scenarios and develop a matrix approach for reviewing a project's financial health: 

• Scenario 1: JTD shows a profit, but there is a projected reduction in that profit moving forward. This indicates the need for careful cost management to maintain profitability. 
• Scenario 2: JTD shows a profit, and continued or increased profit is forecasted. This demonstrates a healthy financial trajectory. 
• Scenario 3: JTD shows a loss, but some or all of that loss can be mitigated moving forward. This calls for identifying and addressing the factors contributing to the loss and implementing corrective actions. 
• Scenario 4: JTD shows a loss that will continue or grow. In this case, it is crucial to evaluate the project's viability and explore strategies for minimizing further losses. 

Direct Labor Multiplier 

This metric is crucial for managing a specific project and aligning with the firm's overall goals. It measures how much revenue is generated per labor dollar charged. The estimated multiplier is determined at the project's inception, and it's important to have a basis of comparison when evaluating this statistic. 

Work in Process (WIP)  

WIP is calculated as the difference between project revenue and the amount invoiced. Monitoring WIP helps mitigate any potential risks to project earnings. If revenue is accrued, it's vital to consider the time associated with billing and collection. Deferring revenue can minimize or mitigate risks effectively. 

Backlog  

This metric indicates the remaining revenue to be earned, representing the future available revenue stream. When combined with all projects, it forms a significant line on our Key Performance Indicator (KPI) graph. Additionally, it reflects the required full-time equivalent man-hours to complete and deliver contracted work. It's worth noting that backlog can be derived from the ETC, showcasing the interconnectedness of these metrics. 

It's crucial to note that all these metrics work in tandem, complementing and informing each other. For instance, backlog can be derived from the estimate to complete (ETC), demonstrating the interconnected nature of these indicators. By considering them collectively, we gain a comprehensive understanding of a project's financial health and can make informed decisions accordingly. 

Measuring a Project’s Financial Health is Multifaceted and Continuous  

At Full Sail Partners, we believe that measuring the financial health of a project requires a multifaceted approach. By relying on a variety of analytics and statistics, we gain a holistic understanding of the project's financial landscape. Project invoices, while important, are just one piece of the puzzle. 

To make our projects truly profitable, it is essential to continually measure and monitor their financial health. By utilizing a range of metrics and closely tracking project milestones, you can proactively identify potential shortcomings and take corrective actions before they escalate. This approach empowers project managers and the entire team to drive success, deliver value to clients, and optimize financial outcomes. 

Deltek Vantagepoint: Empowering Project-Based Consulting Businesses for Financial Success 

In conclusion, measuring a project's financial health goes beyond relying solely on project invoices. By leveraging various analytics and statistics, including key performance indicators, milestones, and specific metrics like profit or variance, projected profit or variance, direct labor multiplier, WIP, and backlog, you gain a comprehensive view of a project's financial status. This comprehensive approach allows you to make informed decisions, mitigate risks, and steer projects toward profitability.  

So, embrace these valuable insights, keep a close eye on your project's financial well-being, and unlock the path to sustainable success in your project-based consulting business. To see how Deltek Vantagepoint supports good project financial management, watch the webinar below!  

Hey there fellow project-based businesses! Are you tired of losing out on new opportunities to your competitors? Do you struggle to produce powerful and convincing proposals that win new business? If so, you're not alone! With the competition for new business constantly increasing, it's more important than ever to have an efficient and effective business proposal development process. 

That's where we come in. As a provider of Deltek Vantagepoint software and consulting services, we know what it takes to streamline the proposal development process and increase your win rate. In this blog, we'll share with you some hot tips to help you improve your business proposal development process. 

From creating checklists and assigning tasks to subject matter experts, to knowing when to bid or no bid, and avoiding information overload, we've got you covered. We'll also dive into the importance of using graphics, creating an executive summary that wins, and keeping in touch with your references. 

By implementing these tips, you'll be able to increase your proposal process efficiency and gain a competitive edge. So, let's get started and win some business! 

Tip #1 – Create a Checklist 

Let's say you're working on a proposal for a huge project that your company has been eyeing for months. You've spent weeks pouring your heart and soul into it, working long hours and sacrificing your weekends to make it perfect. You finally hit the submit button and breathe a sigh of relief, feeling confident that you've done everything right. 

But then, a few days later, you receive an email from the client stating that your proposal was rejected because a crucial document was missing that you forgot to include. Your heart sinks as you realize that all your hard work has gone down the drain because of a simple mistake. 

This is where creating a checklist comes in. By starting the proposal process with a checklist, you'll be able to ensure that you don't forget anything important. You can study the request for proposal (RFP) and create a comprehensive list of all the requirements, forms, and documents that need to be included in your submission. 

Not only will a checklist help you avoid the worst-case scenario of submitting an incomplete proposal, but it will also help you stay organized and on track throughout the proposal development process. You'll be able to check off each item on the list as you go, giving you peace of mind that you're on the right track and that you're not missing anything important. 

So, take the time to create a checklist at the beginning of your proposal development process. It may seem like a small step, but it could save you from a major headache and disappointment down the line. 

Tip #2 - Identify Areas of Focus for Subject Matter Experts (SMEs) 

Now, imagine that you're working on a proposal for a major construction project, and your company is going up against several other firms to win the contract. The proposal is due in just a few days, and you're feeling the pressure to get everything done on time. 

You've got a team of subject matter experts (SMEs) working with you, but they're all busy with other projects and responsibilities. You've assigned them sections of the proposal to work on, but you haven't given them specific guidance or direction. As a result, they're all working in different directions, and their contributions don't mesh well with the rest of the proposal. 

When you finally put all the pieces together, you realize that the proposal doesn't flow well and that some of the information is contradictory or incomplete. You try to fix it on your own, but it's too late. The deadline has passed, and your proposal is rejected because it's not well-organized or well-written. 

This is where identifying areas of focus for SMEs comes in. By working with your SMEs to identify key sections of the RFP that are relevant to their expertise, you can help them focus their time and energy on the most important parts of the proposal. You can also provide them with clear guidance and direction on what you're looking for, and how their contributions should fit in with the rest of the proposal. 

By doing this, you'll be able to ensure that everyone is working together towards a common goal and that the proposal is well-organized, well-written, and cohesive. You'll also be able to make the most of your SMEs' limited time and expertise, which will help you create a stronger proposal and increase your chances of winning the contract. 

So, don't underestimate the importance of identifying areas of focus for SMEs. It may take a bit of extra time and effort, but it will pay off in the end by helping you create a more effective and efficient proposal development process. 

Tip #3 – Have a Kickoff Meeting 

The kickoff meeting is a crucial step in the proposal development process. It's the first time that everyone working on the proposal comes together to discuss their roles, set expectations, and establish a plan of action. Here are some key things to keep in mind when planning your kickoff meeting: 

• Bring everyone together: The kickoff meeting should include all the contributors who will be working on the proposal. This includes subject matter experts, writers, editors, graphic designers, and anyone else who will be involved in the process. 
• Set expectations: Use the kickoff meeting to set clear expectations for everyone involved in the proposal development process. Discuss timelines, writing assignments, and writing guidelines, and make sure that everyone knows what's expected of them. This will help ensure that the proposal is completed on time and meets all the necessary requirements. 
• Discuss the win strategy: Use the kickoff meeting to discuss the win strategy and major themes of the proposal. This is your chance to brainstorm ideas, identify your strengths and weaknesses, and come up with a plan to differentiate your firm from the competition. By doing this, you'll be able to create a proposal that speaks directly to the client's needs and showcases your unique value proposition. 

• Assign tasks: During the kickoff meeting, assign specific tasks to each contributor. Make sure that everyone knows what they need to do and when it needs to be done. By doing this, you'll be able to keep everyone on track and ensure that the proposal is completed on time and to the best of your team's ability. 
• Establish communication channels: Finally, use the kickoff meeting to establish communication channels for the proposal development process. Make sure that everyone knows how to communicate with each other and how often they should be checking in. This will help ensure that everyone is on the same page and that the proposal development process runs smoothly. 

In summary, the kickoff meeting is a crucial step in the proposal development process. By bringing everyone together, setting expectations, discussing the win strategy, assigning tasks, and establishing communication channels, you'll be able to create a proposal that stands out from the competition and meets all the necessary requirements. 

Tip #4 – Know When to Bid or No Bid 

Knowing when to bid or no bid is a critical decision in the proposal development process. To make this decision, evaluate the risks involved in the project, consider your competition, and assess your firm's capabilities. You should also look at the financials to ensure that the project is financially viable and that you'll be able to make a profit. 

If the risks outweigh the benefits, the competition is too fierce, or you don't have the necessary capabilities or financial resources, it may be best to no bid on the project. Trust your instincts and don't let the pressure to win new business cloud your judgment and lead you into making a bad decision. By making an informed decision about whether to bid or no bid, you'll be able to focus your resources on the most promising opportunities and increase your chances of success in the long run. 

Tip #5 – Avoid Information Overload 

Does this sound familiar? You've spent weeks gathering data, conducting research, and writing the proposal. You're confident that you've provided all the necessary information and then some. 

However, when the client receives your proposal, they're overwhelmed by the amount of information and technical details. They can't find the key points and important details buried in the mountains of data and irrelevant text. 

As a result, they rejected your proposal and chose another firm that presented a more focused and concise proposal. Your proposal failed to convey the key points and information that the client needed to make an informed decision. In the end, all of your hard work and effort went to waste. 

To avoid this scenario, it's important to remember that more information doesn't always make a better proposal. Instead, you should focus on providing the necessary information that supports your proposal and clearly conveys your message to the client. 

To do this, you can: 

• Focus on the key points: Identify the key points and information that the client needs to know and make sure that those are highlighted in your proposal. 
• Be concise: Use clear, straightforward language and avoid jargon or technical terms that the client may not be familiar with. Keep your proposal concise and to the point. 
• Use visuals: Consider using visuals, such as charts, graphs, and diagrams, to help convey complex information in a clear and concise way. 

• Avoid including irrelevant information: Don't include irrelevant information or details that don't support your proposal. This can distract the readers and make it harder for them to understand the key points of your proposal. 
• Use an appendix: If you have additional or unrequested information that you want to include, consider using an appendix. This allows you to provide the information without overwhelming the readers with unnecessary details. 

By following these pointers, you can avoid information overload and create a proposal that is clear, concise, and effective in conveying your message to the client. 

Tip #6 – Avoid Stale Boilerplate Content 

To avoid stale boilerplate content, conduct periodic reviews of your proposals and identify any outdated or inaccurate information. This is important because boilerplate content that is outdated or inaccurate can damage your credibility with the client and lead to a lost opportunity. To keep your proposals fresh and current, update any outdated or inaccurate content and customize it for each specific proposal to show the client that you understand its unique needs. 

When conducting reviews, consider the following questions: 

• Does the content accurately reflect our current approach, services, and focus? 
• Are there any outdated statistics, case studies, or references? 
• Is the language clear, concise, and free of jargon? 

Once you've identified any outdated or inaccurate content, update it to reflect your current approach and services. This may involve researching new statistics or case studies, rewording content to reflect changes in your approach, or removing irrelevant information. 

Customizing your boilerplate content for each specific proposal is also important. This shows the client that you understand its unique needs and requirements and are committed to meeting those needs. Use the client's own language and terminology, and make sure to address specific concerns and challenges. 

Avoiding stale boilerplate content is crucial to creating effective proposals. By conducting periodic reviews, updating outdated or inaccurate content, and customizing your content for each specific proposal, you'll be able to create proposals that are fresh, relevant, and effective in communicating your message to the client. 

Tip #7 – Use Graphics 

Using graphics in your business proposals can be a powerful way to convey complex information and help your proposal stand out from the competition. When using graphics, make sure that they are relevant to the content of your proposal and support your key points. This will help you to emphasize important information and convey complex data concisely. 

To use graphics effectively, keep them simple and easy-to-understand. Use high-quality graphics that are visually appealing and easy to read and avoid cluttering your proposal with too many graphics or using graphics that are too complicated or difficult to understand. By using graphics to convey complex information, you can help the client to understand the data more easily and make a stronger case for your proposal. 

Tip #8 – Write an Executive Summary that Wins 

Writing an executive summary that wins is crucial to making a strong impression on the client and winning the project. To do this, focus on the key points of your proposal and highlight the most important information that the client needs to know. Keep your executive summary clear, concise, and to the point, and use language that shows that you understand the client's needs and requirements. 

Use your executive summary to differentiate your firm from the competition and highlight your unique value proposition. Use a strong opening sentence or paragraph to grab the client's attention and make them want to read more. By creating an executive summary that is focused, clear, and compelling, you can make a strong impression on the client and increase your chances of winning the project. 

Tip #9 – Keep in Touch with References 

Keeping in touch with references can help to build and maintain relationships that can be valuable for future business opportunities. After using a reference in a proposal or project, take the time to thank them for their endorsement and let them know that you appreciate their support. This can help to strengthen your relationship with the reference and increase the likelihood that they will recommend you in the future. 

In addition to thanking your references, it's also important to keep them informed about future reference requests. Let them know about any upcoming opportunities where you may need to provide references and ask if they would be willing to serve as a reference again. By keeping your references in the loop and showing your appreciation, you can build strong relationships that can be valuable for future business opportunities. 

Tip #10 – Set Firm Deadlines 

You're working on a proposal for a major project with a tight submission deadline. You've set internal deadlines for each stage of the proposal development process, but some team members are not taking these deadlines seriously and are falling behind in their tasks. As a result, the proposal is not progressing as quickly as it should be, and there is a risk that you will miss the submission deadline. 

To avoid this scenario, it's important to set firm deadlines and hold team members accountable for meeting them. Make sure that all team members understand the importance of meeting their deadlines and the consequences of not doing so. By setting firm deadlines and holding team members accountable, you can ensure that the proposal is completed on time and to the highest standard possible, increasing your chances of winning the project. 

Setting firm deadlines is crucial to keeping your proposal development process on track and ensuring that you meet the submission deadline. Treat internal deadlines as firm deadlines, hold team members accountable for meeting them, and make sure that all team members understand the importance of meeting their deadlines. By doing so, you can ensure that the proposal is completed on time and to the highest standard possible. 

Increase Proposal Process Efficiency 

In conclusion, it's important for project-based firms to have an efficient and effective business proposal development process to increase their chances of winning new business. By incorporating these tips into your proposal development process, you can gain a competitive edge, increase your firm's win rate, and ultimately, grow your business. If you want to increase your business proposal efficiency even more, see how to leverage Deltek data to power OpenAsset and how a DAM can help firms increase productivity and scale for growth by clicking the image below. 

At Full Sail Partners, we are thrilled to present our second blog post on the highly anticipated update of Deltek Vantagepoint to version 6.0. With each iteration, Deltek Vantagepoint has solidified its position as the trusted solution for organizations across various industries. Now, with the launch of version 6.0, we are poised to revolutionize the way professionals like you plan, execute, and track projects.  

With a comprehensive suite of features and enhancements, Deltek Vantagepoint 6.0 empowers professional services firms like yours with unparalleled insights, streamlined workflows, and a more intuitive interface. We are confident that this latest iteration will pave the way for project success in the modern era. In this blog post, we will continue to provide you with an overview of what's new in Deltek Vantagepoint 6.0, giving you a glimpse of the exciting possibilities that await you. 

Contents

• Mobile
• Mobile CRM
• Mobile Time & Expense
• My Preferences
• Planning
• Project Review
• Projects Hub
• Purchasing
• Reporting
• Search
• Timesheet, Expense Report, and Approval Center

Mobile

In the latest update to Vantagepoint 6.0, several mobile enhancements have been introduced to improve security, language compatibility, and server support for the mobile application.

• Disabling the Vantagepoint Mobile URL Deep Link Feature: To ensure enhanced security and mitigate potential risks, the deep link feature of the Vantagepoint Mobile application URL has been disabled. As a result, when you access a Vantagepoint Mobile application URL, you will now be automatically redirected to the Deltek screen. From there, you can conveniently download the latest mobile application and copy the application URL as needed.
• Hiding Help Links in Vantagepoint Mobile Applications for Non-English Languages: In adherence to the software documentation laws of countries outside the United States, help links within the Vantagepoint Mobile applications will be hidden if a language other than English (American or International) is selected. This change ensures compliance with translation requirements for software documentation. Consequently, help links on screens such as Server URL (Connection Help), Menu, and Settings will only be available when English (American or International) is the selected language.
• Touch Server Upgrade to PHP 8.1.14: To maintain optimal performance and compatibility, the Touch Server component of the Vantagepoint mobile application has been upgraded to support PHP 8.1.14. This update ensures that the mobile application operates smoothly with the latest PHP version, enhancing stability and overall server performance. 

Mobile CRM 

Deltek Vantagepoint 6.0 introduces several enhancements to Mobile CRM, providing users with expanded capabilities and improved functionality on the go. 

• Support for Date/Time Fields: Date/Time fields created in the Screen Designer of Deltek Vantagepoint are now accessible in Vantagepoint Mobile CRM. These fields can be found on the Misc/User-Defined (UDF) tab of all hubs. Users can conveniently add dates using the calendar icon, specify times using the clock icon, or directly input date and time values using the keypad. Please note that if one field is populated, both fields require input. 
• Support for Phone User-Defined Fields (UDFs): Phone UDFs created in the Screen Designer of Deltek Vantagepoint are now available in Vantagepoint Mobile CRM. On the Misc/User-Defined (UDF) tab of all hubs, users can add or edit phone numbers in the designated Phone UDF field. Tapping a phone number allows for quick initiation of a call. 
• Display of Pre-Award Number Field: Mobile CRM now includes the Pre-Award Number field, which displays the project number assigned at the time of project creation. If pre-award numbering is enabled and a pre-award number is assigned to the project, the Pre-Award Number field appears below the Number field on the Details screen of Projects. This field is read-only and does not appear on the Add Project screen. The Pre-Award Number field adheres to the field properties set in the Screen Designer of Deltek Vantagepoint. 

• Support for User-Defined Fields in Activities: User-defined fields (UDFs) created for the Activities hub in the Screen Designer of Deltek Vantagepoint are now accessible in Mobile CRM. On the Misc/UDF tab of the Add Activity screen and Edit Activity screen, users can view and interact with the UDFs associated with activities. 
• Improved Add Projects Functionality: The Contacts and Firms hubs in Mobile CRM now offer an enhanced Add Projects function. Users can expect more consistent behavior and a streamlined process that ensures proper business logic is applied. 
• Start and End Time Fields for all Activity Types: Mobile CRM now includes Start Time and End Time fields for all activity types. These fields are available regardless of whether a reminder is set for the selected activity type, providing users with greater flexibility and accuracy when managing activities. 
• Support for Image Icon Configuration: To comply with the General Data Protection Regulation (GDPR) laws of EU countries, the Edit link on the image icon of Contacts, Firms, and Projects is hidden if the image icon was configured to be locked in the Screen Designer of Deltek Vantagepoint. This ensures that when the image icon is locked, users cannot add new photos or replace existing ones in the records, safeguarding data privacy and protection.  

Mobile Time & Expense

In our ongoing efforts to enhance your experience with Mobile Time and Expense, we are excited to introduce two new features that will simplify your time and expense management.

• Viewing Benefit Hours: In Mobile Time and Expense, you can now conveniently view the summary of your benefit hours or absence accruals. By tapping and selecting the "View Benefit Hours" option, the Benefit Hours screen will be displayed. This screen presents a comprehensive overview of your PTO/personal, Sick, Holiday, and other types of benefit hours accumulated or used throughout the year. The "View Benefit Hours" option can be found on all Timesheet screen menus, allowing easy access to this valuable information.
• Improved Date Navigation: Efficiently managing to start and end times by day is now easier in Timesheet Hours. The Start/End Times screen offers an improved date navigation feature through a user-friendly date carousel. With the date carousel, you can swiftly navigate to a different day or tap on a specific day, reducing the number of taps required to enter time across multiple days. This enhancement streamlines the time entry process and allows for quicker input of time.  

My Preferences

In the My Preferences section, you have the ability to personalize your Vantagepoint experience to suit your needs. Take a look at these two new features that will help enhance your experience.  

• Preferred Application View: This is a new option on the General tab of My Preferences that is used to specify the preferred view that displays in all of Vantagepoint’s applications that support both Detail View and List View. 
  

• Role-based User Education in the Application: Vantagepoint now displays targeted in-app information about feature enhancements, common tasks, and communications based on your selected role in the new My Education Interests field on the My Preferences dialog box. 

Planning 

With the newly incorporated support for units on the Units tab and the ability to enter contract amounts on the Contract tab, Deltek Vantagepoint 6.0 empowers you to create meticulous and comprehensive project plans. 

• Support for Units in Project Planning: To facilitate comprehensive project planning, Vantagepoint now includes support for units on the Units tab within Project Planning (Hubs » Projects » Plan). With this enhancement, you can plan and manage units, enabling you to develop more detailed project plans. 
• Enter Contract Amounts for Unit Planning: In Project Planning, the Contract tab now allows you to specify the portion of a compensation amount allocated for units in regular or promotional charge-type projects. This enhancement provides a more detailed breakdown of amounts while planning your project, giving you better visibility and control over financial aspects related to unit planning. 

Project Review 

With the integration of planned units into the Key Performance Indicators (KPI) grid and the addition of the Total Billed field in the Revenue section, you can now conduct a more comprehensive analysis of your projects. These enhancements enable you to track and analyze planned unit quantities alongside other essential project metrics, while providing a clear and concise overview of the total amount billed for each project. 

• Planned Units in Project Review: In the Project Review form, any planned amounts for units within the project are now integrated into the Key Performance Indicators (KPI) grid located at the bottom. This inclusion allows for a more thorough assessment of project performance, enabling users to track and analyze planned unit quantities alongside other critical project metrics.
• Total Billed Field in Project Review: Within the Revenue section of the grid, a new Total Billed field has been introduced. This field provides a clear and concise overview of the total amount billed for the project. By displaying this information in the Project Review form, users can quickly assess the project's financial status and track invoiced amounts in a more streamlined manner. 

Projects Hub 

Deltek Vantagepoint 6.0 introduces a powerful new feature called Pre-Award Project Numbering, designed to streamline project management and enhance workflow flexibility. This feature allows users to set up Vantagepoint to support different numbering systems for pre-award (in-pursuit) projects and awarded (won) projects, enabling project numbers to be changed upon award. 

To enable the Pre-Award Project Numbering feature, navigate to the Numbering form in Settings » Workflow » Numbering and select the "Update project number when approved for use in processing" checkbox. This configuration option provides greater control over project numbering and helps align project management practices with specific organizational requirements.  

Purchasing 

Deltek Vantagepoint 6.0 brings significant enhancements to the Purchasing module by making various purchasing applications available in the browser application for improved accessibility and usability. Here are the updates. 

• Purchase Requisitions: Previously located in the desktop application, Purchase Requisitions is now accessible in the browser application.
• Purchase Orders: Similar to Purchase Requisitions, Purchase Orders have been moved from the desktop application to the browser application.
• Items: Formerly known as the Items Master application, it is now available in the browser application under Purchasing. This change provides a centralized location for managing items within the purchasing workflow.
• Item Review: A new addition to the browser application, the Item Review application allows users to review item-related details and associated purchase requisitions and purchase orders.
• Receiving: Also newly introduced to the browser application, the Receiving application streamlines the receipt management process.
• Option to Enable Purchasing Applications in the Browser Removed: With most purchasing applications now accessible in the browser application, the option to enable Purchase Orders in the Web Application has been removed from the Modules form in Settings » General » Modules.
• All Purchasing Reports Now Available in the Browser Application: The entire set of purchasing reports can now be accessed and utilized in the browser application under My Stuff » Reporting. This comprehensive collection includes reports such as Request for Price Quote Status, Purchase Requisition Form, Purchase Order Detail, and more.
• Improved Loading Speed for List View: Performance optimizations have been implemented to enhance the loading speed of List View within the Purchase Orders and Purchase Requisitions applications. Users can now enjoy a more efficient and seamless experience when working with large datasets.
• User Interface Enhancements for Receiving and Item Review Applications: In Vantagepoint 6.0, the Receiving and Item Review applications have undergone user interface improvements to provide a more consistent and intuitive user experience. Here are the notable changes:
• Receiving Application: Accessible in the browser application under Purchasing » Receiving, the redesigned form aligns with the visual elements and layout found in the browser application. It incorporates common search functions, displays item names from the Items application, offers actions for reporting, and provides enhanced capabilities for managing receipts and line items.
• Item Review Application: Available in the browser application under Purchasing » Item Review, the updated form features a revamped user interface consistent with the browser application design. It offers search functions, displays item names, enables the review of purchase requisitions and purchase orders associated with an item, and provides direct access to relevant records.
• The complete Item Review application can still be accessed within the desktop application under Purchasing » Item Review, ensuring compatibility with existing workflows and providing flexibility for users.

Reporting 

Take a look at these new game-changing features in the reporting section that make reporting a breeze. 

• SyncCustomReports Switch: With the release of Deltek Vantagepoint 6.0, a new feature called the SyncCustomReports switch has been introduced. This switch enables the synchronization of custom reports between the Vantagepoint (transaction) database and the Vantagepoint server database. By using the SyncCustomReports switch, you can ensure that any custom reports you have created or modified are accurately reflected in both databases. This functionality is equivalent to the Synchronize button found on the Custom Reports tab in the desktop application's Utilities » Report Administration section. 
• Workflow Report for Webhook Action: The Webhook Action within the Settings » Workflow » Application Workflows now supports a workflow subreport. You can generate a comprehensive report for this webhook action by clicking on either the "Print All Workflows" or "Print Workflow" options. This report provides detailed information about the workflow process, helping you analyze and track the actions taken within your application workflows. 

Search 

Deltek Vantagepoint 6.0 brings exciting updates to the search functionality, delivering an enhanced user experience for building, editing, and navigating searches. Let's explore the key improvements that will empower you to find information more efficiently.  

Improved Layout of Search Dialog Box: The Search dialog box has undergone a restyling to offer a clearer presentation of information and facilitate the building and editing of both standard and advanced searches. Key layout and styling changes include:

• A new grid header at the top of the Search dialog box, clearly displays the Select Search drop-down list, a set of Actions, and the Advanced Settings toggle. 
• The removal of the Show Preview toggle. 
• When the Check SQL button is clicked, Vantagepoint provides a SQL Where Clause status message. Validated queries are indicated by a shaded message in the Vantagepoint toolbar, while invalid queries are highlighted in red at the top of the Search dialog box. 

Enhanced Search Navigation and Record Selection Pane: Efficient navigation and record selection are vital for a seamless search experience. Deltek Vantagepoint 6.0 offers the following improvements: 

• Records Selection pane: The Records Selection pane now enables users to quickly add multiple records or all records to an ad hoc Selection search. Instead of relying on the Multiselect toggle, users can now select checkboxes for multiple records and click “Done” to promptly create an ad hoc Selection search. 
• Select All button: A new Select All button has been introduced to include all records in an ad hoc Selection search. By clicking this button, Vantagepoint automatically navigates to the Search Navigation Control for the ad hoc Selection search. 

• Direct record navigation: Users can conveniently navigate to a specific record by clicking any area to the right of the record's checkbox. This direct navigation feature speeds up the process of accessing a record's form. The Saved Search Control displays the saved search used for record navigation, along with its record number, in the paging control. 

Timesheet, Expense Report, and Approval Center 

Deltek Vantagepoint 6.0 introduces an update that enhances the visibility of employee assignments in the Timesheet, Expense Report, and Approval Center areas. If you have the Resource Planning and Time & Expense modules, you can now easily access employee assignment information directly from the following sections: 

• My Stuff » Timesheet
• My Stuff » Expense Report 
• My Stuff » Approval Center 

By opening the employee card within these areas, you can conveniently view and review an employee's assignments that have remaining estimate-to-complete (ETC) hours. This feature eliminates the need to switch applications and navigate to the Resource View form, providing a seamless experience within the current application context. 

The Assignments tab within the Employee Card dialog box allows you to explore the employee's current and future assignments across different projects. You can define the forecast range and customize the type of values displayed in the calendar period columns. These values may include planned hours, scheduled percentages, and utilization percentages. With this information readily available, you can quickly assess an employee's workload and upcoming commitments without leaving the application. 

Looking for More? 

Want to hear more about Deltek Vantagepoint 6.0? Be sure to check out our first blog to get the full picture of all things Vantagepoint. Still not enough? Check out our webinar on the new features of Deltek Vantagepoint and stay tuned for more content in the future! 

In the ever-evolving landscape of project management software, Deltek Vantagepoint has established itself as a trusted solution for organizations across industries. Now, with the much-anticipated release of version 6.0, Deltek is set to revolutionize the way professional services firms plan, execute, and track their projects. Building upon its solid foundation, Deltek Vantagepoint 6.0 focuses on three key themes: improved visibility, enhanced user experience, and better project planning.

With a comprehensive suite of features and enhancements, this latest iteration promises to empower professional services firms with unparalleled insights, streamlined workflows, and a more intuitive interface, ultimately paving the way for project success in the modern era. Here’s an overview of what’s new in Deltek Vantagepoint 6.0.

Contents

• Expanded APIs
• Enhanced User Control
• Improved Dashboards
• Draft Invoice Approvals Made Easier
• Employee Visibility Increased in Hubs
• New In-Product Guides
• Updated Interactive Billing
  • Streamlined Period Start/End Date Changes for Submitted Draft Invoices
  • Warning Message for Voiding Invoices with Applied Payments
  • Additional Columns in Invoice History
  • Invoice Template Editor in the Browser Application

Expanded APIs

Deltek has expanded the range of Application Programming Interfaces (APIs) available to users. These new API endpoints not only facilitate the exchange of information but also adhere to the existing validations and restrictions, ensuring data integrity and compliance with security requirements at the application level.

Enhanced User Control

Deltek Vantagepoint 6.0 introduces a game-changing feature that enhances user control and flexibility within Connect for Outlook and Connect for Gmail - the ability to customize contact, firm, and project records in the contextual pane. This new functionality allows users to tailor the information displayed in the pane according to their specific needs and preferences.

With this customization capability, users can handpick which fields, including user-defined fields, are included for each record type in the contextual pane. Whether it's contact information, firm details, or project specifics, individuals can choose the relevant data elements that they want to have readily available at their fingertips. This level of customization empowers users to optimize their workflows and focus on the specific information that matters most to them.

Improved Dashboards

Deltek Vantagepoint 6.0 introduces several new and improved features related to dashboards, providing enhanced customization and functionality. Here are some key highlights of the dashboard-related updates:

• New Columns and Role-Based Security for Employee Dashpart Base: In addition to user-defined fields, several new columns are now available for the employee dashpart base, including City, Country, Firm Name, Hire Date, and more.
• New Role-Based Security Settings: These settings can now be applied to dashpart bases and their columns, allowing administrators to control access to specific dashparts and columns based on user roles.
• Find Dashparts Efficiently: The new Quick Find field in the Dashpart Library enables users to search and find available dashparts more efficiently, based on dashpart titles.
• Memo Dashparts for Notes and Announcements: The new memo dashpart allows users to post notes, reminders, warnings, announcements, URL links, or images directly on a dashboard. Rich text formatting is supported for enhanced customization.
• Updated AR Comment Column for AR Detail Dashpart Base: AR comments are now displayed at the Invoice grouping level, eliminating the need to expand transaction lines. Users can add AR comments directly from the Invoice group level.
• Drill-To Indicator for Dashparts: Dashparts associated with another dashpart as a drill-to action now display a drill-to indicator icon in the Dashpart Library, enhancing the user experience and navigation.
• New Columns for Project Dashpart Base: The project dashpart base now includes additional columns such as Weighted Percent Complete, Total Compensation, Committed Purchase Order Expense Billing, and Committed Purchase Order Expense Cost.
• Enhanced Filter Selection by Organization: When creating or modifying dashparts with the Account or Account Detail dashpart bases, users can now apply filters by an organization more efficiently. The update allows the selection of parent-level organizations, making it possible to choose all sub-organizations simultaneously.
• New Predefined Dashparts: Several new predefined dashparts are available for use in dashboards, including Top 10 Clients - Receivables, Top 10 AR by Billing Client with Drill To, Weighted and Estimated Fee by Stage with Drill To, and Pursuits by Probability with Drill To.
• Updated Predefined Dashboards: Certain predefined dashboards have been updated to display the Employee Utilization This Year dashpart instead of the Utilization dashpart, providing more relevant and up-to-date information.
• Custom Multipliers for Calculated Fields: Users now have the ability to configure the multiplier field for percentage data types when working with calculated fields in the Dashpart Designer.

Draft Invoice Approvals Made Easier

With the appropriate role security access rights, users can access the Supporting Document dialog box and print all supporting documents to a single file with ease. To activate the feature, navigate to Settings » Security » Roles, click the accounting tab, and in the Billing Security: Interactive Billing and Invoice Approvals section select the Allow Changes to Support Documents checkbox.

Employee Visibility Increased in Hubs

When accessing a record in Vantagepoint, you can now have increased employee visibility:

• Orange Outline: If other employees are currently editing their record, their picture icon is highlighted with an orange circle, indicating their active editing status. The picture of the person actively editing the record is always displayed first.
• Blue Outline: For employees who are viewing the record, their picture icons are outlined in blue.
• Info Bubble: Clicking on an employee's picture icon opens an info bubble that provides additional details about the employee.
• Email: By clicking on an employee's email address directly from the form, you can conveniently send an email message to that employee. Vantagepoint seamlessly opens your email application for a smooth communication experience.
• Microsoft Teams Chat: If you have enabled the Microsoft Teams Chats from Deltek Vantagepoint option in Settings » General » Communications, you can initiate one-on-one chats with team members directly from Vantagepoint. Simply click on the Microsoft Teams Chat option to start a chat conversation.

New In-Product Guides

Deltek Vantagepoint 6.0 includes a myriad of new guides to help everyone from the newest user to the most seasoned Vantagepoint veteran. The in-product guides are as follows:

• What’s New in 6.0
• Search Dialog Restyling
• Search Navigation Improvements
• Resource Management Reporting
• Invoice History Columns
• IQ Integration
• Undock Project Structure

Updated Interactive Billing

Deltek Vantagepoint 6.0 introduces several valuable updates to the interactive billing module, enhancing the user experience and providing additional functionality for managing invoices effectively.

Streamlined Period Start/End Date Changes for Submitted Draft Invoices:

Previously, changing the period start or end dates of a submitted or approved draft invoice in the Invoice Presentation Dates section of the Billing Session Options dialog box required resubmitting the invoice for approval, even though these date changes did not impact the included transactions. In the latest update, you now have the flexibility to choose whether to resubmit the invoice after modifying the period start or end dates.

By updating the dates in the Billing Session Options dialog box without altering the transaction bill-through dates, you can save the changes without resubmitting the draft invoice. The new "Save" button allows you to update the period dates without the need for reapproval. However, if you modify both the period start/end dates and the transaction bill-through dates simultaneously, resubmission for approval is still necessary.

Warning Message for Voiding Invoices with Applied Payments:

When voiding an invoice from the Invoice History tab in the Interactive Billing form, a new error message now appears if there are any applied payments associated with that invoice. This prompt gives you an opportunity to review the applied payments before proceeding with the voiding action, ensuring accuracy and preventing unintended consequences.

Additional Columns in Invoice History:

The Invoice History tab of the Interactive Billing form now offers additional columns to provide a more comprehensive view of each invoice. The newly added columns include Amount Due, Amount Paid, Applied Retainer, Credit Memos, Invoice Total, and Retainage. These columns provide quick access to important invoice information such as amounts and payment status, enabling better invoice management and analysis.

Invoice Template Editor in the Browser Application:

With the latest update, the Invoice Template Editor is now available directly within the browser application. The Invoice Template Editor form empowers users to create and update invoice templates, which determine the format and content of invoices. This enhancement simplifies the customization process, allowing for easy modification and customization of invoice templates to meet specific business needs.

Looking for More?

If you’re looking to get your hands on even more Deltek Vantagepoint 6.0 updates, then we have got a lineup for you! We are excited to announce that our next webinar “What’s New in Deltek Vantagepoint 6.0” will be held live on Wednesday, June 7th, at 1 pm ET. This webinar will delve even deeper into Deltek Vantagepoint 6.0, providing you with comprehensive information to maximize your project management capabilities.

Additionally, stay tuned for our follow-up blog next week. Here we will review even more exciting features that will further enhance your project management experience with Deltek Vantagepoint 6.0. At Full Sail Partners, we are committed to keeping you informed and empowering you with the latest advancements in project management software.

Accounts Payable (AP) is one of the main tasks performed daily in a professional services firm’s accounting department. The process can be labor-intensive and very manual, especially when a firm has not embraced new technologies.  It’s hard to determine why so many professional services firms have not made the jump to a paperless accounts payable process. Maybe it’s the daunting fear of errors, or simply the fear of changing the process? Let’s review the benefits of automating the AP functions for your professional services firm and try to put any fears to rest!   

1. Going Paperless and Reducing Errors 

Generally, as with many professional services firms, accounts payable has been a paper-heavy process that has required printing, copying, filing, and retrieving paper. Additionally, the task itself has been a labor-intensive manual process that can already fall prey to human error. With errors already being something that may happen without automation, this proves that using automation is nothing to be feared by your professional services firm. By automating the AP process, invoices are stored digitally, reducing paper costs and reducing the time needed to process AP. So, automating AP at your professional services firm all the while saves money and actually increases accuracy. 

2. Improving Employee Productivity 

As mentioned before, Accounts Payable is a repetitive and time-consuming manual task. The process typically involves first receiving the paper invoice, then sending it for manual signature approval, and then data entry of all data into the accounting software. However, when automation is embraced by your professional services firm, invoices can be uploaded directly into the database, then electronically approved, and invoices posted. Thus, using automation and reducing AP task time, allows employees to focus efforts on more profitable pursuits instead of spending time on repetitive tasks. 

3. Gaining Control of the Procurement Process

Enforcing purchasing policies can be a struggle if there is no way to approve them before the purchase is made. Using an automated AP solution allows professional services firms to set up an approval process based on the firm’s policy for procurement. With automation, accounting team members can ensure the policy was followed and speed up the time it takes to have a purchase order approved. Gaining control of the procurement process allows for full transparency, with no more receiving vendor invoices without knowing the details being given about the purchase.  

4. Working Smarter with Vendors

A final plus of using AP automation at your professional services firm is that vendors can submit invoices to a designated email or webpage. This in and of itself greatly reduces the risk of lost invoices and allows for easy upload into the accounting system. Furthermore, receiving digital invoices for processing ensures on-time payments, which of course makes the vendor happy and reduces the number of communications back and forth. Fewer communications back and forth with vendors additionally saves your professional services firm further time and effort which is working smarter, not harder. 

Automate Your Professional Services Firm’s AP Process 

Hopefully, after now realizing the benefits of automating your professional services firm’s Accounts Payable process, you can fully understand that automation is not something to be feared. It’s clear to see that automating AP will reduce errors and save money, and what professional services firm doesn’t want that? So, knowing that automation can save money and reduce errors, is your professional services firm ready to embrace technology and start automating your Accounts Payable Process?  

By 2028, according to the U.S. Bureau of Labor Statistics, 42 million people will fall under the category of people working that are 55 or older. So, this equates to almost one-fourth of the workforce in the U.S. While an aging workforce is becoming more prevalent in firms including those in the architecture and engineering (A&E) industry, this doesn't mean seasoned employees have to immediately say goodbye to the industry they love!  

With phased retirement, A&E firms or any professional services firm can help these senior employees transition into retirement while still retaining their valuable skills and experience. Not only are there many benefits for both employees and employers when implementing a phased retirement program, but leadership can also customize the plan that meets the needs of individual A&E firms. Going forward, let’s discuss this concept of phased retirement in some more detail and see how it will be advantageous for your A&E firm.   

What is a Phased Retirement?  

As defined by Stephen Miller’s article for SHRM Online, “Phased retirement is an employer-based program that allows employees close to retirement age to reduce their working hours and transition into retirement. These programs may include a partial drawdown of funds from defined contribution or defined benefit retirement plans and continuing employer-sponsored health coverage.” 

The idea of phased retirement is not new. In fact, a worldwide survey of 1,736 HR Executives, by Mercer LLC, indicated that around 38% of these executives said they offer phased retirement which is more than double the 17.2% before the pandemic. Clearly, these executives see the slew of benefits for considering a phased retirement plan that will be advantageous for both employees and employers. 

Phased Retirement Benefits for Employees 

The following are just some of the benefits of a phased retirement for employees: 

• Lowered Responsibility: Experienced or knowledgeable professionals tired of dealing with their current level of responsibility are looking for less-stressful roles or roles that are project-based, and those where their schedules can be more flexible. 

• Guidance from Employer: As they see the unknowns of retirement fast approaching, these senior employees can look to their employers for a source of assistance on how to proceed forward in their ultimate career plans. 
• Addresses Longevity in Life: People are living longer, so there are both financial and personal reasons employees close to retirement age may want to and/or need to phase into retirement, which includes continuing to save as much as possible before their career comes to an end. The days of guaranteed pension plans have been replaced by 401k plans and other sources of retirement savings. 

• Offers Partial Retirement Earlier: Given the opportunity to reduce hours while still getting a salary and benefits allows employees to save money and invest carefully now so they can enjoy a retirement while still young enough to appreciate it.  
• Can Test Drive Retirement: A phased approach to retirement lets senior employees ease into a new chapter in life. They get a chance to try things out before totally committing or “test drive” how retirement will work for them. For example, with a reduced workload, they will have the chance to explore other interests outside of work. 

• Helps Adjust to New Life: Employees close to retirement age must consider making life changes that may be a bit stressful. Phased retirement provides a chance to see what these changes look like going forward without being overwhelming. Like, if married, starting with reduced hours is a handy way to help a couple ease into a new living arrangement. Or for those that are used to working all the time, they can see what it is like to have more time without work. 
• Get an Encore Career: With changing responsibilities or the type of work that senior employees can take on whether upskilling or reskilling, phased retirement can offer these employees an “encore” career. This mindset allows for the eventual transition to retirement to be a positive one and has employees “go out with a bang.” 

Phased Retirement Benefits for Employers  

Employers also benefit by offering their employees phased retirement options. Below are just a few of those benefits: 

• Knowledge and Skill Transfer: Seasoned employees generally have strong skill sets and knowledge that comes from experience, or the work ethic that can be transitioned to another position through reskilling or upskilling. Firm leadership needs to keep these valuable employees by granting pre-retirees the opportunity to continue earning income while feeling significant to the firm. During the phased retirement, skills and knowledge can be transferred to the next generation and the employees feel valued by their employer who works with them to provide a comfortable transition. 

• Opportunity for Younger Generation: Again, skill sets and knowledge come from experience and are not learned immediately out of school. With phased retirement, transitioning senior workers gives younger workers opportunities to move up, making skills coaching by experienced workers vital. These younger workers will have the chance to get exposure to what the experts know before they transition out. 
• Mentorships: Pre-retirees can offer their skills and knowledge and help with succession planning, mentoring, and training of the younger workforce. With phased retirement, there is time for this significant evolution to occur with no sense of major urgency. In fact, morale can also be improved when senior workers are given the chance to mentor their younger coworkers and see the value they still bring to the future of the firm. 

• Ease of Transition: With phased retirement plans in motion, this facilitates a more seamless transition for these workers. With guidelines in place, and a mutual understanding of what is to come, there is no abrupt ending to their careers.  
• Offers Employee Flexibility: Phased retirement gives pre-retirees the flexibility to retire on their own terms, which shows them that they are valuable and that the firm cares about them. When structured, firm leaders can help senior employees make a comfortable transition to retirement while not losing the trust of long-term employees.  

Examples of Requirements for Eligibility for Phased Retirement Program 

A&E firms looking to introduce a phased retirement program may want to start with determining eligibility requirements. Below are a few examples of such requirements: 

• Minimum 5 years of Service 
• Minimum Age 55 
• Minimum Hours Reduction 10% 
• Maximum Hours Reduction 50% 
• Minimum 6 months, Maximum 3 years 

• Minimum 20 hours/week 
• Agree to retire at the end of the specified timeframe 
• Arrangement must be mutually agreed upon 

Additional Items to Consider When Creating a Phased Retirement Plan 

Other considerations when exploring if a phased retirement plan option is right for your A&E are: 

• Participation in the program must meet the needs of the department and the firm as a whole. 
• It is not a guarantee of employment. 
• Employees must be in good standing. 
• Employees must adhere to company attendance policies. 

• Employees have the option to accelerate their retirement date.  
• As an employer you do not necessarily have to agree to a request if you have a good business reason for your refusal, but you must deal with the request in a reasonable manner and accommodate employees' needs wherever possible. 
• Attention needs to be paid to the details of the transition. 
• It should be presented as any benefit, so eligibility is like any other firm benefit. 
• Program needs to be communicated throughout the firm and speak to “all demographics.” 

Get Started with your Phased Retirement Plan 

With a phased retirement plan in place, A&E firms or any professional services firm can navigate the transition of valuable, seasoned employees with ease, maintain careers and skill sets, all the while helping the next generation be prepared for the future to ensure continuing success. Each plan will be specific to an A&E firm’s needs, focusing on what makes sense for that firm and determining which roles it would apply to. If this is something you would like to explore further, feel free to reach out to our HR Consulting Experts. Click the image below to get started. 

This is the sort of adversarial match that goes on too often every day for professional services firms. Buyers are overwhelmed by the sheer number of features when they watch a software demo. What is often forgotten, though, is that elephant in the room – the function of the software and how the product solves your business problems.   

Differences Between Features and Functions

But first, what’s the difference between features and functions? Features are all the cool things software can do. While functions are all the cool things software can do…FOR YOU! 

A solid ERP should support your professional services firm’s business processes. You should not need to change your business processes; the technology should be there to strengthen your processes. 

Usual Process for Seeking New Technology

Let’s check out what often occurs as a professional services firm seeks out solutions to its business issues:  

1. Deciding the Need 

Here is usually how it goes.  A firm feels business pains – growing pains, direction, or market pains, etc. The leaders decide that new software will solve their problems and set about contacting vendors to see what their software will do. What is sometimes not communicated, though, is exactly what the problems are. Sometimes the leaders keep their needs/want to themselves preferring instead to see what the sales rep has to say, or sometimes they simply don’t know exactly what the problem is or how to solve it.   

2. Feature Overwhelm 

The eager sales rep arrives and starts working with the firm trying to understand the business issues, however, there remain the previously mentioned miscommunications regarding the business issues that need to be solved. So, the sales rep, having confidence in the quality of the product to solve a myriad of issues, launches a demo campaign perfectly designed and choreographed to show every remarkable thing the software does. It works - the firm is awestruck by all the impressive features, but will they solve the business problems? 

3. Selecting the Solution 

After looking at several vendors’ presentations and perhaps even some RFP responses, the firm gathers, compares notes, and ultimately chooses the most appealing and financially comfortable solution.  

I’m sure, as a savvy member of our business community, you spotted the increasing snowball of issues that all come down to one basic, yet seemingly elusive, concept – the lack of clear definition, well-defined communication, and effective partnering with the vendor on the business issue(s) itself.   

Solving the Business Issue...the Function 

Now, let’s replay that same first scenario with a significant tweak to the beginning. The professional services firm is realizing some sort of business pain: current market/direction pains or future growth and development pains, disparate and inefficient processes, and lack of relational data for business metrics. Key firm members still convene to try to clearly identify what the issues are.   

However – and here’s where it gets exciting – they reach out to a preferred vendor who, together  with the key firm members: 

• Clarify the business issues. 
• Develop a plan to solve them. 

And only then do they … 

• Acquire the right software solution. 

Notice how the features weren’t even mentioned yet? Sure, it’s important to have cool things that your software business solution does which make everyday work life easier or more interesting. And yes, it’s great to have hotkeys, a special GUI (graphical user interface) on pages, neat buttons, and clicks. But, in too many instances, those features are there mostly to sell but not to solve. They are frosting, gravy, or special sauce – yummy to see and eat, but without solid nutrients, are not satisfying the functional need.  

And what’s more, those “bling” features almost always end up costing far more than going with what may seem like an initially expensive business solution. The cliché, “you get what you pay for,” is very true in the software industry. Going with a less expensive solution can sometimes cost more in the long run, because if you haven’t solved your business issue, you end up with voluminous customization costs or just more disparate systems.   

Partnering with Firm and Vendor Garners Results 

At some point in the future after choosing based solely on price, bells, and whistles, you will likely need to cut your losses and just go with a vendor who will work with you to solve your business problems. It’s the partnering of a professional services firm and vendor which garners the real result. 

In the Forbes.com article, “To Increase Revenue Stop Selling” former contributor, Mike Myatt, states that organizations want to be treated like partners and not a software sales targets. Working with its vendor is the only way a successful solution will be realized resulting in a long-standing, productive business relationship. In the article, he says, “Engage me, communicate with me, add value to my business, solve my problems, create opportunity for me, educate me, inform me, but don’t try and sell me – it won’t work.” 

The article makes you think about it - do you establish trust by profiling and targeting prospects, or by attempting to understand the needs of a potential client? This is much more than a semantical argument – it’s a philosophical shift in thinking, and a practical shift in acting. Stop selling and start serving.  

To put this in terms for your professional services firm, stop buying and start receiving this service. I’ll go even further and suggest an early warning sign…if your vendor doesn’t keep the door open that its software may not be a fit until an in-depth discovery is done, and all stakeholders are aligned, be wary. A solid partnership will be cognizant of the fact that an install that isn’t actually solving problems is a lose-lose situation.  

Finding the Wonderful Consultants Who Care  

So where are these wonderful consultants who care and want to partner with your professional services firm to solve your business issues? They’re out there all right. Yes, they’re tougher to identify among all those throwing the title around on their business cards or in their lingo.  

Here are 5 tips to help you find the right business solution partner. You’re looking for consultants who: 

1. Talk more about you and less about themselves and their product features.
2. Question and then listen.
3. Work with you and don’t sell to you.
4. Take the time to build trust and mutual respect.
5. Provide solutions that function for your firm instead of features that “could” work.

Partner Up to Navigate Features vs. Functionality 

Interested in learning more about finding a business solutions partner to help your firm operate better? While you’re at it, get rid of those boxing gloves. You won’t need them now that you can win the match – because you know how to make the right choice between features vs. functionality in selecting your next business software solution.