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Posts about Professional Services Firms:

04-04-24 ERP Search - Banner

Selecting and implementing an Enterprise Resource Planning (ERP) system is a complex and critical process for any size professional services firm. Those investing in an ERP need to understand it can take significant time and is a decision that will impact your firm for many years if not decades. Here are five common mistakes made during an ERP search and our advice on avoiding them.

#1 Insufficient Needs Assessment

Mistake: Failing to thoroughly understand and document the professional services firm's specific business requirements and needs. It’s important to keep the “end in mind.” What are your long-term goals? How will you know if this project is successful or not? “Easier” isn’t a real goal. Easy is subjective. Business requirements should be Specific, Measurable, Achievable, Relevant, and Time-Bound (SMART GOALS AND OBJECTIVE SETTING).

Consequence: Choosing an ERP system that doesn't align with the organization's unique processes both current and future needs, leading to inefficiencies and potential failed implementations. It is very important to be on the same page across the entire firm. The firm needs to come together as one, and not have fragmented processes for an ERP implementation to be successful.

Our Advice: Make sure that every department (from business development to project tracking to forecasting to billing) has their needs documented. Understand where there are inefficiencies and where you need improvement. What measurable results are you looking for from those improvements?

#2 Lack of Executive Involvement

Mistake: Not having strong executive sponsorship and involvement throughout the entire ERP process. This includes the evaluation process, selection, kick-off, key milestones, and ongoing commitment to improvement. Change Management really starts with the leaders of the company. As we all know, change is not always easy. Having leadership be an advocate and having strong communication downstream will ensure you reach the “end in mind.”

Consequence: Lack of commitment from top management may result in inadequate resources, funding, and overall support for the ERP project, increasing the risk of failure. Executive involvement can ensure that all departments are aligned and that everyone can see the bigger picture.

Our Advice: Ensure C-Suite is involved throughout the evaluation process, so they can be an advocate during the implementation, and they share the strategic vision and benefits this will bring to your professional services firm.

#3 Inadequate Vendor Evaluation

Mistake: Rushing the vendor selection process or not thoroughly evaluating potential ERP vendors. Many vendors can seem similar on the surface. Taking the time to dive into specific differentiators and finding the vendor that is best suited for your needs is important.

Consequence: Choosing a vendor without considering factors such as financial stability, support capabilities, industry expertise, and long-term viability, can lead to problems during implementation and ongoing use.

Our Advice: Make sure to consider your ERP vendor as a long-term partner. Make sure the ERP can grow with your professional services firm and that you have established strong relationships with the organization and consultants that will implement your software. Some questions to ask yourself:

✓ Do the vendor and the consultants understand your business?
✓ How long has this ERP provider been in business? Is ERP their primary focus?
✓ Are there user groups and other references of similar companies?

#4 Overlooking Change Management

Mistake: Underestimating the importance of change management and employee training. This can mean different things to different departments. Some employees or departments may be affected more than others, and it is important to understand the micro level of the impact that any change may have.

Consequence: Resistance from employees, lack of user adoption, and increased likelihood of project delays or failure due to insufficient preparation for the organizational changes associated with ERP implementation. If users do not see the benefits of change, they might look at it as additional or unnecessary work.

Our Advice: Making sure to have executive involvement throughout the evaluation and implementation will help with change management a ton. Consistent reminders of the benefits this will bring both to your professional services firm and to each specific role are critical for the full adoption of a new ERP.

#5 Not Understanding the Time and Resource Commitment

Mistake: Focusing solely on upfront costs and not considering the long-term expenses associated with ERP implementation and maintenance. ERP is not a “one-and-done” investment. Consistent monitoring and evaluation of your internal processes is critical to stay on track with your long-term goals.

Consequence: Unexpected costs, and challenges in maintaining the ERP system over time, impacting the overall return on investment. Depending on how the software is deployed (SaaS vs. On-Premise), there are different ongoing costs to consider.

Our Advice: Have in mind who will be the champions of the implementation. Having a strong Project Coordinator will ensure things go smoothly. Training doesn’t end when you go live. You need to anticipate some ongoing training, periodic refreshing, and of course, new hire training. Think about questions like will there be an internal “power user” to conduct these, or will you be looking to hire consulting for this?

Carefully Tread When Doing the ERP Search

The choice you make for an ERP for your professional services firm is a decision that will greatly affect your firm down the road and must be done thoughtfully. To avoid these common mistakes when searching, organizations should invest time in comprehensive planning, involve key stakeholders, conduct thorough vendor evaluations, prioritize change management, and carefully assess the total cost of ownership throughout the ERP search and implementation process. Need help figuring out which ERP you should use? Let us give you a hand!

05-18-23 10 Most Common Mistakes Resource Management_Banner rev

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!

05-04-23 4 Ways to Improve Employee Utilization_Banner

In the most recent  AE Clarity Report  issued by Deltek, the average employee utilization rate was reported as 58.5%. Firms are often confronted with how they can improve employee utilization to create a positive impact on the firm’s bottom line, all while keeping employee morale in mind. To improve employee utilization in both the short term and long term, focus on these four key areas:

1. Set Realistic Utilization Target s

One of the key factors that affect employee utilization is the target utilization rate. While it's essential to aim for high utilization rates, it's equally important to set realistic targets that employees can achieve without feeling overburdened.

These realistic targets allow for staff to focus on other, non-production (yet still important) initiatives for the firm, such as business development, staff development, and team building. Firms that allow employees time to focus on these areas will greatly increase employee productivity in the long run through increased employee and team efficiencies, as well as reduced staff turnover.

Unrealistic targets can lead to burnout, poor performance, and low morale. On the other hand, achievable targets can motivate employees to perform their best, leading to increased productivity and job satisfaction. For more information on setting realistic targets for employees, read our blog here!

2. Align Resources Effectively

Proper resource allocation is crucial for improving employee utilization. Before starting a project, it's essential to align resources based on their expertise, level, and availability. This ensures that tasks are performed efficiently and effectively, and labor costs are kept within budget. Proper resource allocation also helps to keep employee realization aligned with employee utilization, resulting in accurate billing and better profitability.

3. Manage Client Expectations

Effective client management is a key factor in improving employee utilization. By managing client expectations and delivering quality work on time, firms can build trust and long-term relationships with their clients. It's also important to identify tasks that are not part of the original scope of work and notify clients promptly. By doing so, firms can avoid scope creep and allocate resources efficiently, improving employee utilization and profitability. Need some help with managing client expectations? Find out exactly what they’re thinking with our presentation on Understanding the Client's Mind Using Feedback!

4. Leverage Technology

Technology can be a game-changer when it comes to improving employee utilization. By using tools like Deltek Vantagepoint, firms can track employee utilization in real-time and make data-driven decisions.

This real-time visibility gives your firm insight and the opportunity to influence the final results to ensure resources are properly aligned, client expectations are managed, and employee utilization is maintained.

Technology can also automate mundane tasks, freeing up employees' time to focus on value-adding activities.

Other Ways to Improve Employee Utilization

In addition to the four ways mentioned above, here are a few bonus tips that your project-based firm can use to improve its employee utilization.

Foster a Positive Work Culture: A positive work culture is essential for improving employee utilization and retention. By creating a supportive and collaborative work environment, firms can boost employee morale, motivation, and engagement. This leads to higher productivity, better quality work, and lower staff turnover. Some effective strategies for fostering a positive work culture include employee recognition programs, open communication, and flexible work arrangements.

Offer Professional Development Opportunities: Providing professional development opportunities to employees is another effective way to improve employee utilization. By investing in their employees' skills and knowledge, firms can improve their performance and productivity, leading to higher utilization rates. Some effective ways to offer professional development include mentoring programs, training sessions, and educational courses.
Monitor and Measure Results: Finally, it's essential to monitor and measure employee utilization regularly to identify areas for improvement. By tracking key metrics like billable hours, utilization rates, and staff turnover, firms can identify trends and patterns, and make data-driven decisions. This helps to optimize resource allocation, manage client expectations, and boost employee utilization and profitability.

In conclusion, improving employee utilization requires a combination of effective strategies, tools, and a positive work culture. By setting realistic targets, aligning resources effectively, managing client expectations, fostering a positive work culture, offering professional development, leveraging technology, and monitoring and measuring results, firms can improve their employee utilization and enhance their profitability and growth.

With the right approach, firms can achieve high levels of employee utilization, leading to better outcomes for both the firm and its employees. View our free webinar on optimizing project management processes to learn how you can improve employee utilization and take your professional services firm to the next level.

03-02-23_BI-Intelligence-Tools_Banner

One of the topics that keeps arising from the Deltek user base is utilizing business intelligence (BI) tools. Firms are seeking out BI tools for different reasons, but all are looking to provide further analysis and visibility to employees within the firm. Some of the key products firms are investigating include Power BI to Tableau to Informer. So, what is the best BI tool for Deltek Vantagepoint users? Let’s dive in and discuss why firms are searching out BI tools and discuss what we have found to be the best solution.

Clients Want More

The Deltek Vantagepoint product is robust and provides many out-of-the-box visuals and dashboards, but there are some further capabilities that require users to turn to a BI tool. Some of the most common features include:

Report upon any table or field not just pre-selected datasets
Create visuals combining different hubs or tables (For example, Project and GL Reports)
Enhance drilldown capabilities from a visual
Combine outside data from payroll, marketing solutions, etc.
Track against goals, KPIs, and industry benchmarks

Why Entrinsik Informer Stands Out Amongst Other Business Intelligence Solutions

Out-of-the-Box Standards – No more starting from scratch and spending months and even years building out something that could be available to you day one. Our team has built what we call the gold standard, a starting point for project-based firms. On the first meeting, our team will show you how your data looks in our out-of-the-box datasets, visuals and dashboards. We will then work with your team to tweak datasets to your definitions and work with you to validate the data. Our gold standard includes visuals from the executive down to the employee and every role in between.
Reduce Burden on IT – Deploying a BI tool can be cumbersome for technology teams. Our streamlined approach to deploy a BI solution saves time and resources. Most tools require in-depth database programming skillsets, such as SQL. One of the key benefits of Entrinsik Informer is its intuitive and user-friendly capabilities, including dataset and visual design. Informer also scales to meet the needs of organizations as they grow and evolve, so companies do not have to sweat about the future.
Integrated Security with Deltek Vantagepoint  – Informer utilizes the same security protocols utilized with your Deltek product streamlining the login process. A key advantage is user security data can be assigned in Deltek. As an example, when users are disabled within your Deltek product, they are also disabled within Informer.
Drilldown Capabilities is Built-in  – Informer offers built-in drilldowns to transactional data on visuals. The drilldowns are automatically configured on visuals. In other BI tools, it is just another thing you have to design, but not in Informer.
Cloud Compatible  – Deltek users in the cloud need not worry. Another benefit of Entrinsik Informer is that it is Deltek cloud compatible by using FLEX direct database access.
Combine Outside Data  – Users can combine multiple outside data sources. For example, firms can bring in payroll data or other third-party solution data for further analysis.
Send Reports and Alerts Based on Conditions  – Informer allows users to tap into their data and email certain filtered views to internal or external recipients. Emails and alerts can be scheduled on any conditional criteria. For example, as Project Managers utilize 80% of their budget, an email can be sent with a link to their dashboard and a breakdown of time on their project.
Schedule Data Updates On-Demand – Users can schedule data to be refreshed on-demand or at specific time intervals. Datasets can also be scheduled at separate intervals. Some BI tools lack this flexibility, and all data is refreshed at one time. For example, opportunities may be updated every two hours, projects updated nightly, and income statements updated monthly after postings.
Mobile Accessibility – Dashboards can be viewed on-the-go on any mobile device. One of the key differentiators between Entrinsik Informer and other BI tools is its drilldown capability. Informer content is automatically configured for mobile viewing without any additional development.
Easily Create Firm Documents – Informer is designed to be user-friendly and easy to use, even for those without technical expertise. With Informer templates, firms can automate manual form and template creation with ease. Examples include firm invoices, fee proposals, custom reports, and more. Templates are highly customizable and won’t break when Deltek Vision or Vantagepoint is updated, allowing the template to be used well into the future.

See Informer in Action

Entrinsik Informer provides a combination of ease of use, customization, integration, speed, affordability, and scalability that sets it apart from other business intelligence tools on the market. If you are ready to see more, we recommend checking out this previously presented demonstration webinar to see highlights of the capabilities of the product. Power BI, Tableau, and Informer each offer unique features, but our clients believe Deltek users will find Informer to be the best business intelligence tool option. Click the image below to watch our webinar providing a more in-depth analysis of the capabilities of each of these products and learn what the future holds for BI tools.

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