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5 Reasons Deltek ProjectCon Is A Must Attend Event

Deltek ProjectCon 2023 will be taking place from October 16th – 18th at the Gaylord Palms Resort & Convention Center in Orlando, FL. As a Platinum Sponsor of this event, PCI is excited to be a part of this incredible event!

Deltek ProjectCon is the ultimate event for project-based business professionals looking for inspiration, education and collaboration. This unique three-day conference is filled with learning and networking opportunities that you do not want to miss! Here are the top 5 reasons why you absolutely can’t miss out on this amazing event. Trust us, it’s going to be epic!

  • Expand your Knowledge and Skills

The conference is designed to provide attendees with the latest insights and best practices in all areas. With over 300 sessions, you’ll uncover valuable tips and tricks, gain insider insights into upcoming product developments and witness inspiring success stories from organizations like yours.  

Make sure you attend three must-see sessions hosted by PCI!

CPSPON-10 – Elevate Your Subcontractor Game: Mastering the Art of Subcontractor Management

CPSPON-11 – Mastering the Indirect Rate Reconciliation Process

CPSPON-12 – Simplify Your Expense Management and Maximize Efficiency

DAS-03 – Achieving Scheduling Zen – How to Unleash the Power of WorkBook Resourcing Planning

  • Network with Like-Minded Professionals

Deltek ProjectCon brings together thousands of like-minded professionals. This provides an excellent opportunity to network with colleagues and make new connections! The conference offers numerous networking events as well as an expo hall where attendees can meet with leading vendors and service providers. Come meet PCI in the expo hall at booth 3!

  • Stay up-to-date on Industry Trends

Deltek’s offerings continues to grow and evolve, especially with the recent release of Costpoint 8.2. It is important for professionals to stay up-to-date on the newest features and enhancements to gain valuable insights from product experts. Hear tips and tricks from other users on how to get the most out of your Deltek experience.

  • Learn Directly from Deltek Experts

Deltek is filled with experts who are uniquely positioned to provide insights and guidance on how to get the most from their products. At Deltek ProjectCon, attendees can learn directly from these experts via in-depth training sessions. This provides unparalleled access to the people who know the products best and can help attendees optimize their use of Deltek software.

  • Have Fun While you Learn

While Deltek ProjectCon is a serious business event, it’s also designed to be fun and engaging. From social events like happy hours and networking receptions to interactive exhibits and live demonstrations, there’s plenty to see and do throughout the conference. This creates a dynamic and lively atmosphere that makes learning and networking more enjoyable and memorable.

We hope to see you there! Register now to attend!

Agency Account Management Trends: What You Need to Know

Agency account management is a crucial role that plays a significant part in the success of any agency-client relationship. With the increasing pressure on clients to perform, they’re actively seeking agencies that can provide them with stronger leadership, deeper strategic thinking, and tangible business impact. This shift mandates that agencies need to pay close attention to the latest trends impacting agency account management to better prepare themselves and meet the growing expectations of their clients.

We conducted an online survey that included over 200 respondents from a broad cross-section of agencies, representing client-facing roles, including agency management/ department heads and client services. The findings provide insight into the challenges, opportunities, and client expectations that will impact agency account management in the coming year.

  1. Clients Expect Expertise Across Multiple Channels:

One of the significant trends impacting agency account management in 2023 is the growing need for agencies to provide multi-channel expertise. Clients expect agencies to offer a broader range of services, including traditional advertising, experiential marketing, performance marketing, media planning/buying, and digital/social media, all under one roof. As such, agency account managers need to bring together teams with specialized skills and knowledge to provide comprehensive solutions that meet clients’ growing needs.

  1. Increased Emphasis on Data-Driven Insights:

As the marketing landscape continues to evolve, data-driven insights have become more valuable for clients. This trend will intensify in 2023 as clients seek agencies that can deliver measurable results from their efforts. Agency account managers must have strong analytical skills to interpret data and communicate results effectively. Additionally, they need to develop strategies for data-driven decision-making, which aligns with their clients’ business goals.

  1. Greater Collaboration between Agencies and Clients:

2023 will see a greater emphasis on collaboration between agencies and clients that goes beyond the traditional agency-client relationship. Clients expect their agencies to partner with them on a strategic level, providing insights on a broader range of business issues. They want their agencies to collaborate with them on a more significant level, bringing fresh perspectives and outside expertise to the table. Consequently, account managers need to build closer relationships with their clients, foster open dialogue, and find ways to deliver additional value to their clients.

  1. Increased Demand for Account Managers with Strategic Thinking Capabilities:

As the client-agency relationship grows more strategic, account managers need to have strong strategic thinking capabilities. They must be adept at understanding the client’s business objectives, finding innovative solutions, and developing a comprehensive roadmap for delivering results. Additionally, they should have an in-depth understanding of the latest marketing trends, including technology and data, to help their clients stay ahead of the curve.

  1. Greater Focus on Demonstrable Results :

In 2023, clients will expect their agencies to show demonstrable results from their efforts. They want to understand how their investments translate into tangible business outcomes. Consequently, account managers must define the KPIs that matter most to each client and then track progress against these metrics. This requires regular check-ins, reporting, and optimization, all of which should be an essential part of the client-agency relationship.

The trends outlined above provide a glimpse into the future of agency account management. Clients will continue to demand more from their agencies, and agencies that can align themselves with their client’s business goals are well-positioned to succeed. Hence, agency account managers need to develop a wide range of skills across multiple channels, build closer relationships with clients, think strategically, and, most importantly, deliver measurable results. By embracing these trends, agencies can become valuable partners to their clients and drive agency growth in 2023 and beyond.

Want access to the full report? Download here.

The Power of Deltek WorkBook for Streamlined Project Management

When running a business or working on a project, having a thorough project management strategy in place is essential. Deltek WorkBook is designed to help businesses optimize their processes and improve collaboration to deliver high-quality projects on time and under budget. Whether you’re working on a small project or a large-scale campaign, Deltek WorkBook can help you achieve the best possible results. Below we’ll discuss the benefits of using Deltek WorkBook for finance, operations, marketing, and media teams.

  1. Finance:
    Deltek WorkBook can prove incredibly helpful for finance teams, especially when it comes to managing budgets. With the software, you can track expenses in real-time and have a clear overview of the project’s financial status. This can help teams identify and deal with potential financial risks before they can get out of control. Additionally, Deltek WorkBook provides helpful reporting features that make it easy to communicate project finances with clients and stakeholders.
  2. Operations:
    When you’re managing a project, having your operations running smoothly is vital. Deltek WorkBook provides businesses with tools that can help automate processes and make operations more efficient. This can include streamlining workflows, eliminating unnecessary steps, and automating routine tasks. With less time spent on manual, repetitive tasks, teams can focus on more important activities and deliver projects more quickly.
  3. Marketing:
    For marketing teams, Deltek WorkBook helps maintain cohesive branding of a project. The software can help maintain consistency across multiple channels and make it easier to collaborate with designers, copywriters, and other team members. Additionally, Deltek WorkBook can help maintain brand consistency by ensuring that everyone working on a campaign or project is using approved versions of logos, fonts, colors, and other branding elements.
  4. Media:
    Deltek WorkBook is useful for media teams as it provides access to real-time data insights that can be used to optimize project management and better measure the success of promotional efforts. By using data to make informed decisions, businesses can achieve greater results with less effort, saving time and resources. Additionally, Deltek WorkBook’s media planning and workflow management tools make it easy to collaborate with other media professionals on multiple projects.
  5. Project Management:
    Finally, Deltek WorkBook can serve as an asset for project management by providing analytics and detailed reporting on project performance. This way, project managers can quickly see if a project is on track and make adjustments accordingly. Additionally, the software can help with resource allocation, scheduling, and managing team workload. This way, you can keep track of multiple projects and optimize productivity for maximum outcomes.

Save Time, Money, & Level Up Your Team’s Success: Introducing MAC from PCI

Want to have a direct impact on your bottom line and keep your team happy? Whether you’re an agency leader, project manager, or creative director, you should look no further than WorkBook.  Built for agency leaders by agency veterans, WorkBook is a leading online project, financial, and workflow management tool all in one.

Think of some of the tedious work that eats up your day, whether its monthly financial reports, preparing dozens of client updates, or even manual data entry into workback plans. Streamlining these deliverables through one tool means winning back time to pursue other areas of work that can be more meaningful and propel your bottom line. It also leads to happier teams: who wouldn’t want to automate away repetitive tasks that unnecessarily take up time? WorkBook helps agencies scale up their ambition and deliver stronger work. Period.

Here are just a few ways you can make WorkBook work for you.

We’ll let MAC walk you through them:

Project Management

Make project management painless with WorkBook—centralize all communication, feedback and client updates in one place! You can even manage revisions and version control directly in WorkBook.

Costs & Cash Flow

At agencies big or small, people are your biggest asset. With WorkBook you can actually prevent talent burnout through real-time reports on deliverables and resourcing as well as easy task management features. Best of all, employees can remain connected from anywhere thanks to mobile functionality.

Streamline New Biz

Streamline new biz requests by forecasting incoming work and easily building resourcing plans all with WorkBook. Bonus points: keep new clients happy and in-the-know through real-time updates via WorkBook’s Client Portal.  

Costs & Cash Flow

WorkBook is a win-win when it comes to costs and cash flow—reduce those pesky unbillable hours, avoid over-servicing and scope creep by tapping into historical performance data, and even reconcile finances quickly through automatic approval workflows and bank reconciliation.

The Secret to a Successful Agency Month-End: Best Practices for Deltek WorkBook

Agency month-end can be a stressful time, particularly when it comes to finance, operations, and marketing efforts. A lot can go wrong if the proper procedures, tools, and systems are not implemented. Even for seasoned agency veterans, the financial close process can be daunting. However, with Deltek WorkBook, a robust, all-in-one agency management software, agencies can streamline their operations, increase margins, and boost their profitability.

Invoice Accurately and Timely

One of the critical components of a successful agency month-end is accurate and timely invoicing. Invoices should be generated and sent out in a timely manner to keep cash flow steady. Deltek WorkBook automates the invoicing process, ensuring fast and error-free billing. Furthermore, invoice templates can be customized to match your agency’s branding for a more professional look.

Take Control of Revenue Recognition

Revenue recognition is another essential aspect of agency month-end. Deltek WorkBook makes it easy to recognize revenue based on project milestones, ensuring that the agency’s financials are accurate and up-to-date. The software also has an automated revenue recognition feature, which simplifies complex accounting procedures, reducing errors and increasing efficiency.

Streamline Resource Allocation

Resource allocation is an essential aspect of agency management. With Deltek WorkBook, managers can quickly determine which resources are underutilized, overutilized, or idle. This information allows managers to allocate resources optimally, making sure that every staff member is fully utilized while avoiding burnout. This feature also enables managers to maintain a balanced workload across the agency, improving morale and productivity.

Synchronize Time and Expense Tracking

Time and Expense tracking is crucial for agency profitability. Deltek WorkBook offers a platform for staff to keep track of their time spent on individual projects and expenses incurred. These data inputs are automatically synchronized with the overall financial system, simplifying the process of data entry, and avoiding errors. That way, your agency’s monthly financial reports will be 100% accurate.

Keep an Eye on Margins

Margins are an essential financial metric for any agency. With Deltek WorkBook, you can stay on top of margins across various time frames, including individual project margins, employee margins, and overall agency margins. This feature enables managers to identify areas where cost savings might be possible, ensuring that the agency is operating efficiently and profitably.

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By implementing the best practices outlined above, you can take advantage of the software’s full capabilities, ensuring that your agency’s monthly financial close is a smooth, hassle-free process. Take control of your agency’s finances today and enjoy the benefits of optimized agency management with Deltek WorkBook. Contact us today to schedule your demo, and have a happy month-end!

What to Keep in Mind when Creating a Compensation Plan and Writing Policy

Writing down, is one of the easiest things companies, especially small companies and can do to support and explain the compensation paid to employees. Even if you don’t intend to change anything about the methodology, just having it formally documented and accessible to the necessary people can keep you in compliance with FAR and keep you from having compensation questioned.

FAR 31.205-6(a)(3) states that, the compensation must be based upon and conform to the terms and conditions of the contractor’s established compensation plan or practice followed so consistently as to imply, in effect, an agreement to make the payment. Proving that you are following a practice to this level of consistency is very difficult when you have multiple nuances within each employment agreement. Writing down the company’s methods and the potentially negotiable elements of compensation within that company is much faster and simpler than trying to convince an auditor that you’re consistent. Even just from the perspective that the Head of HR, CEO, and auditor alone will all have three differing views on consistency.

When establishing a compensation plan and writing a policy, keep in mind a few influencing factors:

  1. Compensation needs to be reviewed annually
  2. Identify the surveys, market indices, and other benchmarking tools that will be utilized
  3. Establish who is responsible for reviewing compensation by job category and identify factors that could play into the planning
  4. Consider a range of compensation by job class or labor category, in lieu of more finite written policies
  5. Make it known how and what is necessary to fall at a lower or higher amount within the established range, e.g. time with the company, higher education, continuing education, etc.

Additionally, FAR 31.205-6(f)(1) specifies that bonuses and other incentive compensation are only allowable if there is a written plan, an established practice consistent enough to imply an agreement, or a documented agreement with each employee that was paid a bonus and included in the indirect rate pool. Again, my perspective is that the easiest way to comply with FAR and substantiate the costs if they were to be audited, is to have a written plan from the get-go. This makes the situation much more controllable by the company and makes auditor subjectivity less variable. It also outlines procedures to be followed across the board as the company grows and potentially more people are involved in the bonus process.

When establishing a bonus plan and writing a policy, keep in mind a few influencing factors:

  1. Bonuses are only allowable if an agreement/plan was established prior to an employee performing the work
  2. The plan must identify who is eligible for bonuses, when bonuses are paid, and how bonus amounts will be calculated
  3. A basis of why the employee is receiving a bonus must be documented for every employee and every bonus, e.g. a standard form, written supervisor reviews, annual performance matrix, etc. This is required documentation whether the company chooses to enter into individual agreements or chooses to have a standing policy.
  4. Profits cannot be disguised as costs by distributing them as bonuses, including formal profit-sharing plans. It is important to emphasize employee performance metrics that determine bonuses when writing a plan and not to discuss or identify company performance as a factor to narrow the gap on subjectivity even further.

  Learn more about Compensation and Policy Audits here in our recent on demand webinar.

8 Ways Project-Based Business Can Be More Successful In 2023

From mitigating the challenges of attracting and retaining top talent to aiding customers on their digital transformation journey, enterprise resource planning (ERP), human capital management (HCM), project management and project execution solutions are front and center within project-based businesses.

Now more than ever, firms in every industry are recognizing the pervasiveness of technology and how it can drive profitability, competitive differentiation, operational optimization and new revenue streams.

How to Get Ahead

As we kick off this year and focus on future success, here are eight ways business applications and technology can benefit your project-based businesses in 2023 and beyond:

1. STAY COMPETITIVE FOR TOP TALENT

The modern project-based workforce’s attributes have continued to evolve, and employers who have not evolved with them are finding it quite challenging to compete for talent and grow their businesses. Part of that evolution is leveraging the right tools and systems to recruit, onboard, develop and manage the people within an organization and provide the right technology to those people so they can most efficiently, effectively and intuitively perform their job.

2. CONNECT DISPARATE SYSTEMS TOGETHER  

As organizations continue to identify point solutions to meet their specific company or industry needs, the necessity to connect those solutions to other operational business applications is imperative. It’s essential for those systems to continue to offer expansive integration capabilities for key players and businesses to communicate with each other effectively.

3. .TRANSITION ON-PREMISES SOLUTIONS TO THE CLOUD

While this is a perennial trend that the pandemic has further fueled, it remains very relevant across every industry, regardless of size. Businesses continue their transition from on-premises to primarily cloud-based solutions and ERP products to save money and increase their accessibility, security and business continuity posture.

4. CREATE A BETTER UX/UI

Broad user adoption significantly drives the value yielded from an organization’s business applications. An intuitive user experience (UX) and an engaging, modern, accessible and visually appealing user interface (UI) can go a long way to drive user adoption. In addition, a modern and fresh user interface is another means to attract and retain talent from generations entering the workforce with technology prevalent in all aspects of their lives.

5. MAKE CYBERSECURITY A TOP PRIORITY

With attacks on businesses increasing every day, it is more important than ever for all organizations to take cybersecurity seriously in business continuity and data privacy. Organizations should no longer grow complacent by the assumption that it will never happen to them; it is no longer a matter of if and is instead a matter of when and how severe.

6. ENHANCE TECHNOLOGY OFFERINGS TO CLIENTS

Growing competitive pressure, economic uncertainty and the ongoing evolution of project-focused businesses have prompted the exploration of new service offerings and revenue streams. Technology is front and center in this exploration as companies that have historically focused on vertically oriented, industry-specific services are beginning to offer technology-based products and apps or technology-based consulting. This evolution is critical for businesses to diversify and identify new growth opportunities.

7. FOCUS ON PROJECT MANAGERS & THEIR TOOLS

There is an amplified focus on project management tools and the discipline itself. The process begins with competent project managers and equipping them with the right tools and technology. Project management, project planning, and resource management tools are more and more accessible, and the combination of these tools with project management best practices leads to profitable projects and the ultimate goal of satisfying customers.

8. BUILD ESG AWARENESS

Awareness around Environmental, Social and Governance (ESG) is becoming increasingly critical for all organizations. A strong ESG proposition can create value and differentiation. Companies that demonstrate corporate responsibility are more likely to be trusted and, as a result, can tap new markets and opportunities. In addition, focusing on ESG can be another way to attract and retain talent and, as mentioned previously, anything that can differentiate an organization within the war for talent is beneficial in today’s employment market. Business systems and applications can enable ESG reporting and visibility to inform organizations and identify areas of improvement.

PRIME: Your Winning Business Development Strategy

Do you struggle to find new business opportunities? Do you question the effectiveness of your BD staff or are you thinking about starting a BD team in your organization? Or do you simply want to get more results out of their efforts?

If you struggle with taking your organization skills and talents and turning them into an actionable pipeline of opportunities to grow your organization, PRIME is designed for you.

PRIME allows us to use calculated intelligence, derived from data science, machine learning, and artificial intelligence, to evaluate your current business base, and provide you with varying levels of service based upon your needs. Whether you are simply looking for an actionable list of opportunities to chase, or you need help with a full Five Quarter Strategic growth plan, PRIME can help!

Using your existing business and relationships PRIME can identify new business opportunities that most represent you core competencies.

Outsourced Business Development

The Government procurement cycle is a long one. Far too many Business Development professionals promise results that come with high price tags and long lead times with a complexity of how to measure success.

The PRIME outsourced Business Development offerings give you the flexibility to get a high level of BD acumen for a fraction of the price of a full-time resource. From simple industry analysis to full scale strategic planning and proposal support, PRIME lets you customize the offering to meet your business goals.

PRIME can fill your pipeline with a list of well evaluated real opportunities that will allow your organization to grow.

Learn more about our PRIME solution here.