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Management of Change Series: The Many Faces of Marketing in Managing Change

Posted by Evan Creech-Pritchett on January 18, 2024

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Marketing is like the Swiss Army knife of a company. Whether it's analyzing market trends, crafting messages that resonate with customers, or collaborating with top-tier decision-makers, marketers are the glue that holds these diverse aspects of a business together. By actively embracing change, they not only stay ahead of the curve but also contribute significantly to the company's adaptability and long-term success. Let's explore a bit about what marketing entails and how it is beneficial for companies to embrace change.  

The Many Faces of Marketing in Managing Change

The External Researcher

Marketing serves as the economic detective, constantly staying ahead of industry and economic developments. The role involves continuous research and analysis, with a particular focus on external factors that impact the business. Marketing often uncovers the initial clues to market change, making it an integral part of the change detection process.

This role involves monitoring competitor movements, tracking consumer behavior shifts, and anticipating economic trends. By interpreting these clues, marketers not only provide early warnings about potential disruptions but also position the company strategically to proactively respond to emerging opportunities. In essence, they act as the business's radar, navigating through the dynamic landscape to ensure it stays on course despite the change in economic currents.

The Positioner/Communicator

Once change is detected, marketing's role evolves into that of a positioner and communicator. The task is to internally convey the change to the executive team and then respond through market communications to customers, essentially defining the company's market positioning. Internally, marketing collaborates with the executive team to determine necessary business changes, constructing communications that help employees understand the impact of the change positively and accurately. In positioning, marketers look into the perspectives of customers, competitors, and industry analysts, communicating through various channels such as social media, articles, papers, and presentations. These external communications demonstrate the company's awareness and capability to navigate a changing environment while providing value to customers. The Executive Team Participant

Marketing teams function as analysts, consistently monitoring the industry landscape to anticipate future business trajectories and align the company accordingly. Serving as the middleman of both customer relations and the company's positioning, marketing assumes a pivotal role in internal transformations. Effective communication stands as a cornerstone, entailing the reinforcement of core messages through systematically delivered and timely directives. Leveraging a proactive communication approach across various channels ensures that our workforce is well-informed at every step of the way, fostering an environment valuing input and feedback.

The Technology Evolver

While marketing spearheads internal changes, it must also adapt its own processes, especially in terms of technology. Forbes.com refers to this as "Adaptive Marketing," emphasizing that marketers must embrace change rapidly and radically due to evolving technologies. Implementing process changes and calculating organizational impacts become differentiators, emphasizing that technology alone does not solve problems; it merely highlights them.

One such technology is AI. Marketers use AI to make engaging social media captions and blogs, leveraging algorithms that analyze user behavior for optimized language and style. Additionally, AI tools curate video content by identifying and cutting out snippets of interest, intelligently captioning them for social media sharing.

This integration not only expedites content creation but also helps to build personalized connections with the audience. Embracing AI is crucial for marketers navigating evolving technology, offering efficiency and a competitive edge. The integration of AI into marketing processes allows for a responsive approach, aligning campaigns with ever-changing audience preferences. In the era of adaptive marketing, AI serves as a powerful ally, adding to human creativity and driving impactful, data-driven initiatives.

The Influencer of the Company Culture

Having a good company culture is important. It's like the secret sauce that helps our team do their best work. At Full Sail Partners, our organizational culture revolves around collaboration and adaptability to change, and we prioritize creating an engaging and fun work environment.

This commitment is evident in the events our marketing team organizes, both internally and externally. These events also serve several purposes. Beyond providing a source of enjoyment, they are designed to strengthen team bonds, encourage idea sharing, and even attract new talent. Whether it's a casual gathering or a virtual meet-up, these marketing events play a pivotal role in maintaining connectivity and enhancing collaborative efforts within our team.

Furthermore, we emphasize open communication as a fundamental aspect of our work culture. Ensuring that every team member has a voice is of paramount importance to us. We value the contributions of each individual, fostering an atmosphere where everyone feels acknowledged and appreciated. In our recent company get-together, we had everyone share where they were and what the weather was like. It was a cool way to get everyone involved, and since our team is all over the place it was interesting to hear the range of weather. Marketing also created the "Virtual Water Cooler" on our Microsoft Teams where folks can post birthdays, life events, and other non-work things. This positive atmosphere contributes to the resilience and adaptability of our work culture, particularly in the face of dynamic changes in the marketing and technology landscape.

Marketing Roles Organically Manage Change

Adapting to change is a constant in the business world, and marketing teams play an organic and pivotal part in ensuring smooth transitions. Marketers continuously engage in market research, create internal communication strategies, and position businesses effectively to keep them ahead. Functioning as early detectors, they monitor external factors, providing crucial insights for strategic adjustments.

Moreover, once a change is on the horizon, marketers collaborate with leadership to ensure a positive and accurate message to the team. And, as with our own team, marketing excels at fostering a positive company culture through organized events, both in-person and online, strengthening team bonds and fortifying our work culture. In essence, the many faces of marketing naturally set the stage for managing the ongoing challenges of a dynamic business environment.

 

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Running an Effective Meeting: 4 Key Strategies for Productive Collaboration

Posted by Sarah Gonnella on January 04, 2024

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In today's fast-paced professional services firms’ environments, meetings play a crucial role in fostering collaboration, aligning teams, and achieving organizational goals. However, ineffective meetings can be a drain on productivity and morale. To ensure that meetings are valuable and efficient, it is essential to follow certain best practices. In this blog post, we will explore four key aspects of running an effective meeting: setting clear objectives and goals, planning the meeting and agenda, employing a skilled facilitator, and having a diligent note-taker.

1. Objective and Goals of the Meeting:

The success of any meeting hinges on having a clear objective and well-defined goals. Before scheduling a meeting, it is crucial to determine how it aligns with the broader growth efforts and yearly goals of both the team and the organization. By doing so, the meeting becomes a strategic tool for progress. Participants can better understand the purpose of the gathering and how their contributions fit into the larger picture.

For example, the goal of a marketing, business development, or sales-oriented meeting is to ensure you are accomplishing the goals set out in your yearly business plan. Within the Architectural, Engineering, and Construction (AEC) industry, that includes ensuring you know what is going on with your project pursuits. Key objectives in bi-weekly meetings would include knowing recently won/lost pursuits, new pursuits and managing follow-up on upcoming proposals, along with understanding resource forecast projections. An example core objective in a quarterly meeting would be evaluating where you are against your goals.  

2. Meeting and Agenda:

To run a productive meeting, careful planning is essential. The meeting should involve the relevant team members and decision-makers who can contribute to the agenda items. The agenda itself should be thoughtfully structured, with a focus on deadlines and the outlined steps needed to meet them. By sharing the agenda in advance, participants have time to review and prepare, ensuring a more engaged and productive discussion. Balancing chit-chat time and getting down to business is important, as it fosters team cohesion while still maintaining a professional atmosphere. Coming out of the meeting, attendees should know their action items and tasks to accomplish.

3. A Good Facilitator:

A skilled facilitator plays a vital role in guiding the meeting towards its objectives while ensuring active participation and collaboration. The facilitator should encourage open discussion, allowing all voices to be heard. Additionally, the facilitator should review outstanding items from previous meetings to track progress, providing context for the current discussion.

Staying focused and time-conscious is crucial, as it helps keep the meeting on track and ensures that all agenda items are addressed. If new topics arise that are not on the agenda, the facilitator can suggest moving them to a "parking lot" list, to be covered either if there is enough time or in the next meeting. A good facilitator is like a good train conductor who sees the path ahead and knows when to slow down and when to speed up to accomplish the items that are most impactful to keep the department or company running smoothly.

4. Note-Taker:

An often-underestimated role in meetings is that of the note-taker. The note-taker should diligently document meeting minutes, capturing important discussions, decisions, and action items. By doing so, a reliable record of the meeting is created which ensures that information is not lost. Clear documentation of action items, next steps, and responsible parties is crucial for accountability and follow-up.

Furthermore, sharing the meeting minutes afterward is essential to keep all participants informed and ensure that everyone is on the same page. With the advent of AI, note-taking might become a thing of the past. I know our team has been exploring software that will assist with analyzing the content, offering summaries, outlining tasks with due dates, and even providing insights based on the discussion.

Follow Key Strategies to Ensure Productive Meetings

Running an effective meeting requires careful planning, active facilitation, and diligent note-taking. By setting clear objectives and aligning the meeting with broader goals, you create a purpose-driven environment. Thoughtful planning, involving the right people, and sharing the agenda in advance help participants prepare and contribute effectively. A skilled facilitator encourages collaboration, keeps the meeting on track, and addresses outstanding items. Lastly, a diligent note-taker documents important insights and ensures that action items are clearly defined. By following these strategies, you can transform meetings into productive spaces that drive progress and foster teamwork at your professional services firm.

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Top 5 Deltek Vantagepoint Mini-Demos of 2023

Posted by Evan Creech-Pritchett on December 28, 2023

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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. 

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Tips From Our Full Sail Partners’ Experts on Wrapping Up Year-End for Professional Services Firms

Posted by Evan Creech-Pritchett on December 21, 2023

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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! 

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Financial Management Trends from the 44th Deltek Clarity A&E Study

Posted by Evan Creech-Pritchett on November 30, 2023

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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.   

Join us as we dissect the key findings and trends, providing you with a better understanding of the financial landscape in the architecture and engineer

 

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.

 

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Deltek Vantagepoint How To: Accessing the Time & Expense and CRM Mobile Apps

Posted by Evan Creech-Pritchett on November 09, 2023

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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.

 

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What's New in Deltek Vantagepoint 6.5

Posted by Evan Creech-Pritchett on November 02, 2023

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Deltek Vantagepoint announces an exciting new update, offering a wealth of tools and features to continue to increase collaboration and productivity for project-based firms. Vantagepoint 6.5 includes a substantial release filled with enhancements across multiple modules that benefits different user groups. In this article, I’ll be covering the top 5 features that I think will have the biggest impact in the daily usage. Without further ado, let’s jump right in! 


1. Accounts Payable (AP) Invoice Approvals Enhancements

This update brings significant time-saving enhancements to AP Invoice Approvals, including improvements to Intelligent Character Recognition (ICR), the introduction of a new field, and more. 

  • Intelligent Character Recognition (ICR): One of the standout features of this update is the integration of ICR for AP Invoice Approvals. With ICR, Vantagepoint can read details from uploaded AP Invoice files and automatically populate several key fields in the AP Invoice Approval form. These fields include Vendor, Address, Invoice, Invoice Date, Invoice Amount, and even Currency if you work with multiple currencies.  
  • Streamlined AP Invoice File Uploads: When you upload an AP Invoice file, the system provides a preview pane on the right side of the AP Invoice Approvals form, displaying the uploaded document. While this update may seem small, it’s incredibly helpful when managing multiple files within the same AP Invoice.  
  • Invoice Amount Field: ICR automatically populates the Invoice Amount field on the AP Invoice Approvals form with the total amount from the uploaded file. This field is now always editable, ensuring that the value matches the total amount in the Project Information grid. If there's a discrepancy, the system will display a warning message upon submission. 
  • Adjustable Right Pane: In the Transaction Center, when viewing the AP Invoice Approvals form in Detail View, you can now display a PDF of the AP invoice in a preview pane on the right side. This convenient feature allows you to simultaneously review the invoice while making edits to the invoice and project information. 

2. Smoother Vantagepoint Connections with API Enhancements 

Deltek Vantagepoint 6.5 introduces an array of powerful API enhancements to streamline your workflow. With new AP Invoice Approval API Endpoints, Third-Party Integrations API Endpoints, and the PUT Post Timesheet Entry API Endpoint, integrating with Vantagepoint has never been smoother. 

  • AP Invoice Approval API Endpoints: For those integrating with Vantagepoint, new API endpoints for AP invoice approvals are now available. These endpoints adhere to existing validations, restrictions, and security requirements at the application level, ensuring seamless integration. 
  • Third-Party Integrations API Endpoints: Another API-related enhancement is the introduction of Third-Party Integrations API endpoints. Just like the AP Invoice Approval endpoints, these follow established validation, restriction, and security protocols. 
  • PUT Post Timesheet Entry API Endpoint: To simplify timesheet management, the new PUT Post Timesheet Entry API endpoint allows you to post timesheets for individual employees or multiple employees at once. This API endpoint respects existing validations, restrictions, and security measures. 

3. Long-Awaited Dashparts Types  

The latest additions to Vantagepoint Dashparts offer customized metric presentations, extended role-based security, and improved functionality, streamlining operations for efficient data access and evaluation. 

  • Key Performance Indicator (KPI) Dashpart Type: With this new dashpart type, you can highlight crucial metrics for better data evaluation. Other customization features include changing the background and text colors, turning on/off sorting, selecting the date ranges, adding calculations, adding filters, and more. Even more, you can use the conditional formatting that will dynamically change the tile color when comparing KPI values to static values. 
  • Firm Dashpart Base: This new dashpart base displays firm-related information from the Firms hub, including vendors, clients, competitors, or government agencies. This enables quick access to relevant firm data directly from your dashboard. 
  • Role-Based Security for More Dashpart Bases: Role-based security settings, previously available for Employee dashparts, are now extended to several other dashpart bases, including AR Detail, Project, Project Detail, and Firm. This enhances data security and access control within your organization. 
  • Timesheet Floor Check System Dashpart: This new dashpart empowers you to perform employee timesheet floor checks directly from your dashboard. This feature replicates all actions available in the Floor Check dialog box in the Timesheets module, such as sending reminders, opening or printing timesheets, and checking timesheets from different periods. 
  • Dashpart Calculations: You can now create dashpart calculations based on selected columns in the current dashpart. These calculations respect filters and date ranges applied to the columns, allowing for more precise data analysis. Dashpart calculations are different from calculated fields, which are formulated from all available fields of a dashpart base. 
  • New Columns for the Project Detail Dashpart Base: Additional columns have been added to the Project Detail dashpart base to enhance cash flow visibility for clients using Paid when Paid (PWP) payment terms. These columns provide insights into invoice status, discounts taken, payment dates, and more. 
  • Update to the AR Comment Column: Users can now add or edit AR comments directly from drill-to dashparts with the AR Detail dashpart base, simplifying AR management. 

4. Improved Labor Resource Assignments and Unit Planning 

Deltek Vantagepoint 6.5 brings notable enhancements to the Planning module, aimed at improving the management of labor resources and unit planning within your projects. 

  • Fill Labor Resource Assignments with Planned Hours: On the Labor tab of the Plan form, a new feature called "Fill Hours Per Day" empowers you to assign planned hours to workdays for labor resources based on specific criteria. You can choose to allocate hours based on a set number of hours per workday or a percentage of the employee's hours per day. This streamlines the process of planning labor resources and ensures more accurate assignments. 
  • Unit Planning Enhancements: Unit Planning has also received improvements, allowing you to view planned, actual, and baseline unit data more effectively. This includes the ability to display sub-rows for unit quantities, cost, billing amounts, and allocation in each calendar period of your project plan. Additionally, you can now specify unit planning data export settings based on the desired timescale, whether by day, week, or month. 
  • Plan Expenses and Consultants in Calendar Periods: For companies using the Resource Planning module and planning expenses and consultants, Vantagepoint 6.5 introduces the ability to plan expense and consultant amounts in calendar periods within the Plan module. This feature enhances the granularity of your planning capabilities. System administrators can configure these options in Settings, and individuals can modify them for specific plans if they have the appropriate access rights. 
  • Show the Critical Path on the Gantt Chart: When it comes to project scheduling, understanding the critical path is crucial for project managers. In Deltek Vantagepoint 6.5, you can now visualize the critical path of your project directly on the Gantt chart within the Schedule tab of the Plan form. The critical path represents the sequence of tasks or phases that cannot be delayed without affecting the project's completion date. By toggling on the "Show Critical Path" option above the schedule grid, tasks or phases on the critical path are highlighted in red, making it easier to identify and manage them.

5. New Workflow Functionality

The workflow functionality in Deltek Vantagepoint has been enhanced with two significant features: 

  • After Completion Workflow Type: Vantagepoint 6.5 introduces the "After Completion" workflow type for Application workflows. This workflow type allows you to define additional actions that should occur on a transaction after it has been successfully posted to the database. This feature enhances automation and customization capabilities within your workflows, enabling post-processing actions tailored to your organization's needs. 
  • Support for Alternate Approvers: In the Approval workflows, a new set of options has been introduced to support alternate approvers. These options include "Do Not Allow Employees to Approve More than Once," which prevents an assigned approver from approving a record more than once, and "Do Not Allow Employees to Approve Records They Have Created," which prevents approvers from approving records they themselves created. These options enhance workflow management, impartiality, and control in the approval process. 

Enhancements Abound with Deltek Vantagepoint 6.5

Deltek Vantagepoint 6.5 introduces a wide range of enhancements and features designed to streamline operations, enhance security, and improve functionality across various modules. These updates empower organizations to make more informed decisions, increase efficiency, and maintain data accuracy in their day-to-day operations. With these improvements, Vantagepoint continues to evolve as a powerful and versatile solution for project-based businesses. To see these improvements and more, make sure to watch our “What’s New in Vantagepoint 6.5 Webinar” by clicking the image below.

 

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From Good to Great: How Strong HR Practices Propel Professional Services Firms Forward

Posted by Tasia Grant, PHR on July 20, 2023

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It is often the case that many professional services firms underestimate the need for robust Human Resources (HR) functions until they find themselves in a critical situation. Some firms may recognize the need for assistance but struggle to determine the specific type of support required. Here are common statements we frequently hear from clients:  

  • “We have purchased our new HRIS system and are ready to implement but we don’t have structured HR processes and procedures in place, so we don’t know where to start.” 
  • “We are a small family-oriented company that has managed so far with payroll, our admins and our executives taking care of the main Human Resources needs.” 
  • “The managers are responsible for addressing the employee concerns and needs for their departments.” 
  • “We have experienced so much turnover, especially in our HR Department. We need to assess our job descriptions and determine what we really need as a company.” 

Do any of these situations resonate with your firm? If so, it is clear that your organization would greatly benefit from the expertise of an HRNA (Human Resources Navigational Analysis). 

The Consequences of Neglecting HR Guidance 

First and foremost, let us consider the profound impact of operating a firm without an HR department or the guidance of an HR professional. This includes, but is not limited to, the following: 

  • The potential for litigation issues such as discrimination or harassment lawsuits. 

  • Low employee morale results from insufficient workforce engagement efforts, ineffective recruiting practices, subpar performance management, and undefined company culture. 

  • Non-compliance with company policies and relevant governmental regulations. 

  • High turnover rates due to non-competitive benefits and compensation plans, inadequate or unstructured training and development programs, and a lack of employee recognition initiatives. 

Statistics That Highlight the Necessity of Dedicated HR Personnel 

According to a recent 2023 article in LegalJobs, several HR statistics support the essential requirement for dedicated staff and leadership in managing HR functions. Consider the following: 

  • 43% of HR professionals find it challenging to recruit employees due to intense competition. 

  • 60% of candidates abandon job applications if they are overly complex. 

  • Nearly 30% of new employees quit within the first three months. 

  • 74% of new employees believe they have not reached their full potential. 

  • 61% of newly hired employees do not undergo company culture training. 

  • Onboarding processes have helped 71% of employees better understand their roles and responsibilities. 

  • Diverse companies are 70% more likely to penetrate new markets. 

  • Highly motivated and committed teams are 21% more effective.

  • 41% of highly motivated teams exhibit lower absence rates. 

  • 67% of employees value a respectful relationship with their employer. 

  • 84% of HR departments believe that employee recognition increases engagement. 

  • 82% agree that recognition enhances morale and happiness. 

Build a Strong Foundation with the HRNA Approach  

Our HR Consultant can assist your professional services firm in addressing and potentially avoiding these challenges through the Human Resources Navigational Analysis (HRNA). This comprehensive evaluation provides your firm with a thorough review of current HR systems, documents, and processes, encompassing the entire employee lifecycle. 

The process commences with a discovery phase, involving gathering information through written and verbal means with key stakeholders. This enables our HR Consultant to assess your firm's goals, mission, leadership perspectives on HR, and the existing organizational practices and policies. Subsequently, a meeting with decision-makers is held to develop an action plan based on critical business issues and leadership priorities identified during the discovery phase. 

Next, our HR Consultant compiles a detailed assessment report that includes findings in the focus areas identified and provides recommendations to address the areas requiring further attention. Upon distributing the HRNA report to the client and reviewing it together, we determine the subsequent steps and how we can assist in implementing the recommended measures. 

The Benefits of Pursuing an HRNA 

Clients who have undertaken the HRNA process have experienced a transformative journey. They have found themselves more receptive to change and transition than they initially anticipated. Moreover, this process illuminates the significant impact of effective HR functions on a professional services firm's brand, reputation, longevity, success, and bottom line. 

If your professional services firm is eager to move forward with a Human Resources Navigational Analysis, click the image below to take the next step towards strengthening your HR functions and driving your firm's growth. 

 

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Understanding the Impact of the Organizational and Work Breakdown Structures in Deltek Vantagepoint

Posted by Scott Gailhouse on May 25, 2023

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During the implementation of Deltek Vantagepoint, professional services firms should understand the connection between the Organizational Breakdown Structure (OBS) and the Work Breakdown Structure (WBS). A typical first step to consider whether the firm needs to re-organize these structures. Whether it be the uniqueness of each, or the relationship between the two, the attention paid to these early stages of development is instrumental to the flow and reporting of information in your Deltek Vantagepoint database. In the following, we’ll explore some areas to consider when designing these structures in your database. 

Organizational Breakdown Structure (OBS)

When it comes to designing the Organizational Breakdown Structure (OBS) in Deltek Vantagepoint, it's important to consider the specific needs of your professional services firm. The OBS can range from simple to complex, depending on the size and requirements of your organization. Here are some examples of different OBS approaches. 

  • Location Approach: With this approach, the OBS is organized based on the physical locations of your offices or project sites. Each location represents a hierarchical level in the structure, allowing you to track and manage projects and resources across different geographic areas. 
  • Discipline/Department Approach: In the discipline or department approach, the OBS is structured around different functional areas or departments within your organization. This allows for efficient resource allocation, project assignment, and collaboration within specific areas of expertise. 
  • Market Sector or Business Development Driven: This approach focuses on organizing the OBS according to your firm's market sectors or business development strategies. Each market sector or business development unit can be assigned a hierarchical level, enabling you to analyze performance and profitability based on these segments. 

Deltek Vantagepoint provides flexibility in designing your OBS, offering up to five hierarchical levels to accommodate your specific requirements. It also allows for the allocation of overhead requirements within the structure of the database. If you plan to utilize the multi-company functionality in your database, it's important to reserve level one for different companies within your enterprise. 

Financial accountability is a crucial aspect of any professional services organization. When building your OBS, it's essential to consider the financial implications. For example, if you use a two-level OBS structure, such as office and department, each combination will generate an income statement. This means that someone within your organization should be responsible for reviewing and managing these statements. 

Deltek Vantagepoint also enables the extraction of various cross sections for combined financial reporting. For instance, if you have a mechanical department in three offices, you can create a mechanical income statement that provides accountability at different levels: 

  • Office Accountability: You can track the financial performance of each individual office separately, gaining insights into the profitability and expenses associated with specific locations. 
  • Office/Department Accountability: This level of accountability allows you to analyze the financial performance of different departments within each office. It helps in evaluating the contribution of each department to overall profitability. 
  • Overall Department Accountability: By consolidating the financial data of the mechanical department across all offices, you can assess the department's overall performance and make informed decisions regarding resource allocation and strategic planning. 

The OBS in Deltek Vantagepoint offers the flexibility to design a structure that aligns with your professional services firm's needs. By carefully considering the OBS approach, financial accountability, and the ability to generate cross-sectional reports, you can effectively manage projects, resources, and profitability within your organization. 

Projects and the Work Breakdown Structure (WBS)

The Work Breakdown Structure (WBS) is a critical component that determines how a project is organized and how revenue and costs flow within a professional services firm. Most firms find it effective to build their WBS based on project budgets, aligning with the fee and scope defined in the client contract using a bottom-up approach. 

Deltek Vantagepoint provides the flexibility to define up to three levels in the WBS, commonly referred to as Project, Phase, and Task. However, these labels can be customized to match your firm's preferences. Furthermore, the WBS allows for the assignment of accountability within a project. You can designate a project manager, as well as phase and task managers, based on their scope and budget responsibilities. 

It's important to note that project builds and WBS structures do not have to be identical across all projects. While each professional services firm may have its own unique requirements, it is generally recommended to have at least one WBS level 2 for every project, indicating another variation in the WBS. Additionally, projects can be built with no WBS level 3 or only certain portions of the WBS level 2 extending into the WBS level 3. 

The OBS and WBS structures function both individually and in tandem to support overall financial and operational accountability within your organization. At the lowest level, the WBS drives how revenue and costs are allocated within the OBS. Here are some additional factors to consider when working with the OBS and WBS structures: 

  • "Mirroring" the OBS in WBS for Overhead Projects: For projects involving overhead costs, it can be beneficial to mirror the OBS structure within the WBS. This helps ensure that the appropriate overhead costs are accurately assigned to specific projects, allowing for better cost tracking and financial reporting. 
  • Combinations of Cross-Charge, Intercompany Billing, and High Accountability in WBS: Consider how cross-charges, intercompany billing, and high levels of accountability will be incorporated into your WBS. Deltek Vantagepoint offers capabilities to support these requirements, allowing you to accurately allocate costs between different departments, offices, or business units within your professional services firm. 

By carefully considering these aspects of the OBS and WBS structures, you can establish a robust framework for financial and operational accountability within your professional services organization. Deltek Vantagepoint empowers you to customize and tailor the OBS and WBS to meet your firm's specific needs, ensuring accurate project tracking, cost allocation, and financial reporting. 

Is it Time to Update Your OBS and WBS Structures? 

In the ever-evolving landscape of professional services firms, it's crucial to regularly assess and update your Organizational Breakdown Structure (OBS) and Work Breakdown Structure (WBS) in Deltek Vantagepoint. As your business needs change and evolve, it becomes imperative to optimize your system to ensure it aligns with your current requirements. This is where our firm can help. 

One popular OBS/WBS methodology gaining traction is the implementation of a 3D matrix solution that incorporates both geography and market sectors. By combining these dimensions, you can create a powerful framework that enables efficient project management, resource allocation, and financial reporting. However, implementing such changes requires expertise and guidance from both functional and data consultants to ensure a smooth transition. 

At Full Sail Partners, we specialize in Deltek Vantagepoint consulting services, including OBS and WBS optimization. Our experienced consultants can work closely with your team to analyze your current structures, identify areas for improvement, and design a new and more productive system tailored to your unique needs. 

Timing and cutover planning are critical to the success of any system update. Our consultants will guide you through the entire process, ensuring that the implementation is seamless, minimizing disruption to your operations, and maximizing the benefits of the new OBS and WBS structures. 

Now is the perfect time to get creative and strive to get the most out of your Deltek Vantagepoint system. Don't let outdated structures hold your firm back. Explore the possibilities of a Navigational Analysis with our firm today. Let us help you unlock the full potential of Deltek Vantagepoint and drive efficiency, profitability, and growth within your organization. Learn more about how a Navigational Analysis can help your firm by clicking the image below. 

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10 Most Common Resource Management Problems

Posted by Rana Blair on May 18, 2023

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Hey there, professional services firms! We need to talk about something important. No, it's not about who has the best coffee in the office (although that's important too). We need to address the top ten resource management problems that could make or break your success. Don't worry, I'm here to give you the low-down.  

Problem #1: Missed Project Deliverables and Deadlines 

Picture this: a client is eagerly waiting for their project to be completed, but the deadline passes, and there's no sight of the deliverables. Chaos ensues as the client starts breathing down your neck, and you realize you don't have sound processes in place. Good luck getting out of that one! 

Getting the work done on time sounds simple, but it’s not. It’s a complex balancing act involving creativity, quality control, resource management, and much more. If you don’t have sound processes in place, all the best thinking in the world won’t mean a thing. 

Problem #2: Ineffective Documentation on Billable Hours 

So, you've been working tirelessly on a project, but when it's time to bill the client, you realize you don't have accurate documentation of the billable hours. Cue the client disputing your bill and leaving you with an empty wallet.  

What creative person wants to hear that their success might rely in part on basic accounting skills? For professional services firms, effectively managing billable hours is one of the biggest factors in profitability, and thus, lasting success. Need help with billing effectively? Watch our mini demo now! 

Problem #3: Lack of Project Resource Visibility 

Now, let's talk about visibility. Your firm’s management needs to quickly understand which projects are underway for which clients. This means having visibility of progress on milestones, technical issues, and how, when, and where resources have been allocated. It's time to get your head out of the clouds and start paying attention to the details. 

Problem #4: Assigning the Wrong People to Teams 

You've got a project that requires specialized knowledge, but instead of assigning the right people to the team, you just throw some random folks in there. The project turns into a hot mess, and the client is none too pleased. Looks like you just lost a customer, honey! 

Each project requires a team with the right insights, talents, and other qualities. Assigning the wrong people to a project can have a negative impact on profitability and success. So, let's stop playing musical chairs and put the right people in the right seats! 

Problem #5: Accounting and Project Management Disconnect 

Let's address the accounting and project management disconnect. Using multiple tracking systems for financial and project data can lead to errors and make it difficult to respond to issues. Consolidate your tracking systems, and make it rain with those profits. 

Problem #6: Inefficient Cash Forecasting 

You've got a project that requires a lot of resources, and you're not sure how much cash you'll need. You don't allocate resources to a timeline, and now you're in a cash flow crisis. Better start penny-pinching, sugar! 

Cash forecasting can be a complicated process, but it's essential for successful resource management. Allocate resources to a timeline for efficient cash forecasting. Your wallet will thank you later. 

Problem #7: One-off Spreadsheets and Workarounds 

Spreadsheets and workarounds are so 2005. Silos across a firm can lead to duplicated efforts, incomplete solutions, missed opportunities, and unprofitable projects.  

Picture this: you've got a project that requires a lot of data, and you decide to use a spreadsheet to keep track of everything. But then, someone else on the team creates their own spreadsheet to keep track of something else, and before you know it, there are spreadsheets and workarounds all over the place. 

Now, you've got a mess on your hands. Data is duplicated, incomplete solutions are everywhere, and you're constantly missing opportunities. You're wasting valuable time on duplicated efforts, and you're not making the profits you should be. 

So, what's the solution? It's simple, really. You need to get everyone on the same page. You need a centralized system that everyone can use to track data, projects, and resources. No more one-off spreadsheets or workarounds - it's time to get serious about your business. Read our article on The Best BI Tool for Deltek Vantagepoint Users and find out what application is right for you! 

Problem #8: Under-Informed Decision-Making 

It's all about the information, baby. Resource management problems involve information regarding projects, teams, or human and other resources. Management must have a large dataset at their fingertips before making big decisions. Failing to do so can result in under-informed decision-making, and ain't nobody got time for that. 

Problem #9: Failure to Meet Financial Reporting Standards 

We're getting close to the end, but we can't forget about compliance. Professional services firms often need to comply with various reporting regulations such as Earned Value Management (EVM). So, let's make sure we're crossing our T's and dotting our I's, and getting paid for our hard work. 

Problem #10: Missed Business Opportunities 

You've got a business development team that's not managed effectively, and you're missing out on potential opportunities. Your ROI and profitability suffer, and you're left wondering why you're not making any money. Time to start taking business development seriously, sweetie! 

Organizing and managing the work of business development teams is complex and high-stakes. Effective management can optimize ROI and profitability and ensure just-in-time hiring or business development. Let's do this! 

In conclusion, don't let these resource management problems drag you down. Get your head in the game and address these issues head-on. Whether you manage them in-house using ERP software and other solutions or outsource them all together, make sure to handle them properly. And remember, nothing screams success like a firm that's got its resource management problems in check! 

 

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