In a world clouded by social media, constant barrages of emails, 24 hour news networks, and aggressive advertising, it becomes difficult to filter through the noise to determine what is ‘truth’ and what is ‘nonsense’. Business information is no exception. Information is presented to us from so many sources and in so many different formats that it can easily complicate our ability to make informed, timely business decisions.
The result of this of course is that we can become prone to taking too long to make decisions or we can commit to decisions that are not entirely informed by factual information. This can slow the growth of your firm or have a negative impact on your profitability.
What is the cause of slow, ill-informed decisions?
Professional service firms are often plagued by the problems caused by non-integrated systems. The problem is bigger than you might think. In many firms, information regarding planning and resourcing is often maintained on spread sheets or separate systems with no connection to time, expense, accounting, CRM and human resource systems. This disconnection of planning means that you have no reliable future forecast of resource needs based on information about actual utilisation. Similarly, without integrated future projections, executive management may find it difficult and time consuming to produce accurate cash-flow and revenue projection reports that are important in determining future strategies for your firm.
What can you do enable better decision making at your firm?
Connecting the diverse business processes of accounting, project management and business development is a critical element to the success of a professional service firm’s ability to produce accurate real-time data. Secure and integrated systems are necessary to provide the correct and right amount of information to the correct people. Since a recent Harvard study has shown that up to 88% of spreadsheets include calculation errors, accurate data must be compiled in more sophisticated and well-developed systems.
Deltek Vision is a solution that integrates all areas of the business into a single, multi-dimensional, real-time database. This means that when project needs are input into a plan, this will be instantly available to the executive team for cash-flow and headcount analysis. Beyond the concept of planning, Deltek Vision integrates all areas of the business providing all users with the specific information they need to make timely informed decisions.