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Adjusting To The New Normal
- 1. deltek.com1 Article Adjusting to theNew Normal By Hugo Dorph, Executive VP and General Manager, Deltek Best practices have emerged as the next game-changer in the post- crisis business era. Those best able to collect business data and take due action based on real-time facts will have a vital edge in today’s business world. In 2011 it’s not enough to have a skilled workforce. Today a professional services company must be run with surgical precision to stay ahead of the competition. The playing field has changed. In today’s competitive business world, the era of high gross margins and vague invoices charging clients for unverifiable services is long gone. There are no indications that things will return to normal anytime soon. This is the new normal. Time to take the lead Most professional services companies have already cut their operations to a minimum. There are no more people to lay off, no more fat to trim. However, executives in these companies – including consulting firms, agencies, accounting firms, and law firms – still have untapped potential for additional optimization. It’s time for them to take the lead and drive their businesses forward by implementing the best practices of their respective industries. In short, these businesses need to deploy an industry-targeted business solution to further streamline their operations. An industry executive I met recently put it well: “Success in our industry is no longer only about our profession. It’s about running a business, too.” That change has crept in gradually over the last decade but was accelerated by the recent global financial crisis, increased globalization and ever-tighter regulation. Professional services companies are facing mounting pressure on client and project profitability, cash flow efficiency, and client demand for full transparency into every hour billed. This requires a new level of control and up-to-the-minute, fact-based decision-making. This, in turn, drives the need for advanced technology developed on the basis of the best- practice processes of your industry. When you know more about your business, you can do more with your business. The only global specialist At Deltek we have the privilege of working with some of the world’s best professional services businesses. Those with the most streamlined operations and a firm grasp of their past, present and future. For more than twenty years we have helped them run their businesses using the best practices of their particular industries. Clients often ask me why they should work with Deltek. My answer boils down to this: “Because Deltek is the only global specialist focusing on your industry”. What does that mean? For our clients, it means they do not need to compromise any of the two business solution qualities most critical to their success: 1. In-depth knowledge of their industry, which translates into asking the right questions and only the right questions, knowing the best-practice processes which can improve their business. 2. Global delivery capability coupled with an unrivaled depth of skills and resources to match all of the company’s requirements – anywhere in the world.
- 2. deltek.com2 Article Deltek,Inc. 13880DullesCornerLane,HerndonVA20171 US&Canada800.456.2009UK+44(0)2075185010AUS+618 81121200 ©2011 Deltek, Inc. • All Rights Reserved • All referenced trademarks are the property of their respective owners. Pricing subject to change without notice. 071111-v1 Deltek (Nasdaq: PROJ) is the leading global provider of enterprise software and information solutions for professional services firms and government contractors. For decades, we have delivered actionable insight that empowers our customers to unlock their business potential. Over 14,500 organizations and 1.8 million users in approximately 80 countries around the world rely on Deltek to research and identify opportunities, win new business, optimize resources, streamline operations, and deliver more profitable projects. Deltek – Know more. Do more.® deltek.com Proving your value to clients Large professional services companies urgently need to adjust to the realities of the new normal. Even if you have the best people on board, you still need to prove their value to your clients by accurate billing. Not only do clients pay less money for the same services, they also demand that you keep track of every minute they pay for. If you run a large professional services company and you don’t have a proper time capture solution, you are either jeopardizing client relations or wasting precious billable hours. Clients will not accept overcharging or inaccuracies in the services they pay for. And if your employees do not register their time accurately on a daily basis, you will not be able to bill all services delivered to clients. Either way, the lack of an accurate time capture solution will cost your business dearly. The only way to keep your clients happy and reap the full benefits of your deliverables is to implement best practices for time capture throughout the organization. Industry Focus It’s all about industry focus. It does not make sense for a large consulting firm to implement a business solution based on general business workflows. Professional services companies are increasingly turning their back on this one-size-fits-all approach in favor of solutions designed specifically for their industries. An unrelenting focus on our target segments – including consultingfirms,agencies,accountingfirms,andlawfirms– allows us to deliver outstanding value to a select few. With professional services clients all over the world, we are acutely aware that companies in the same industry have a lot in common even if they are located on opposite sides of the globe. Our long-standing clients share that belief. And our close ties with them have enabled us to tap into their best practices for project management, financial management, resource planning, CRM, HR, and business intelligence. Our ongoing challenge is to accumulate the smartest workflows from these industry-leading businesses to create truly game-changing business solutions for the professional services world. The safe choice Deltekhassuccessfullydeliveredbusinesssolutionstothousands of professional services companies across the world for nearly three decades. It’s the only thing we do – it’s what defines us. We run our business like a professional services company ourselves. We run it well supported by our own software. By banking on the collective strength of some of the finest professional services companies in the world, we are uniquely positioned to help our clients adjust to the new normal. And that’s why a growing number of professional services companies consider Deltek the safe choice when they start looking for a new business solution. About the Author Hugo Dorph is Executive VP and General Manager at Deltek, Inc. He has worked professionally with project-focused enterprise applications for over 15 years.