Agencies who use manual and/or disparate systems to manage the different aspects of the creative process are unlikely to benefit from any sort of integrated reporting. In order to continually increase studio profitability you will need to continually measure and improve your creative processes. By using an integrated system you are going to reap the benefits of being able to calculate every aspect of a quote and job. The information held within the system will provide a basis for increasing overall efficiency in your studio.
Reporting on jobs in progress
Reporting on work in progress allows you the benefit of adapting and making amends on jobs as you go. By keeping an eye on task progress and all staff allocations you’ll be able to measure estimates versus actuals and hopefully reduce over servicing by making changes to those parts of the jobs that risk overrunning or going off scope.
Review analytics for completed Jobs
When your job is complete and the weekly management meeting is called you can pull a host of information including estimates versus actuals, profitability on all jobs and tasks, employee utilisation and value of scheduled and logged work. This acts as a way of showing you where the value is, where jobs are inefficient and where changes in the day-to-day management of your studio processes are required. Integrated Financial Reporting is a powerful part of identifying what processes are working and what processes need revision to keep your profitability in check.
In the next of this series of increasing agency profitability we will look at how you can choose an Agency management System that empowers your team. Follow @Deltek_UK on Twitter and look out for our next blog post.