As Deltek’s experts make their final preparations for Virtual Deltek Insight 2020, one topic that is on the tip of everyone’s tongue is the debut of Costpoint 8. What will be the major updates? What can users expect? Though we cannot reveal everything (what fun would that be?), we can provide a sneak peek of the solution’s latest evolution.
Efficiency and Optimization
Improving business performance through purposeful innovation has always been a core tenant of Costpoint. With Costpoint 8 users can expect smarter automations that more precisely align processes, increase resource productivity and improve forecasting. Streamlined subcontractor and vendor management is also a focus, with access to a fully digital source-to-pay process that robustly connects the dots from vendor selection and purchase orders, to contract flow downs, time collection and invoicing for improved cash flow. Among other advantages, these optimizations will also help businesses to further improve procurement cycle times and support contractor purchasing system review (CPSR) audit requirements.
For government contractors working in manufacturing, even more integrated automations will help eliminating non-value-add activities and meet traceability, process, quality and change management needs down to the project level.
Enhanced mobile capabilities will allow businesses to be increasingly agile throughout the contract management process. As contractors diversify with expansions into new agencies and contract vehicles, firms will have the ability to easily access and mine their network and relationships to better track opportunities and leads.
Intelligent Time & Expense supports the industry’s evolving compliance requirements, making tracking and processing faster and easier while teams are on the go. Automated workflows, expense capture improvements and streamlined submittal and approval processes, all through a mobile portal, are just a few of tools in the Costpoint 8 toolbox.
By incorporating artificial intelligence (AI) capabilities into the business intelligence functions within Costpoint, the solution is even more intuitive and insightful. Data preparation and decision making can be done faster and with increased confidence and consistency, reducing interference from human bias. Visibility into project pieces, such as timelines and expenditures, increases forecast accuracy. And, government contractors working in manufacturing will benefit from new dashboards and reporting tools which provide a detailed digital map – part, project, planner and date ranges – of their production process.
Cybersecurity, Compliance, Convenience
Costpoint 8’s cloud structure is configured with three C’s in mind: cybersecurity, compliance and convenience. Recent government requirements involving cybersecurity provide specific guidance on levels of security, as well as which levels will be necessary by contract award. To support these standards, important investments have been made, specifically as they pertain to Costpoint’s architecture and controls.
The convenience of Costpoint continues to be important. In addition to being able to access data anytime and anywhere, the cloud solution’s maintenance and support is managed by Deltek, helping lower the total cost of ownership.
See It for Yourself!
Ready to see Costpoint 8 in action? In the interest of everyone’s health and safety, this year’s Deltek Insight is completely virtual… and FREE! Discover what’s new with the debut of Costpoint 8 and engage with other users during more than 70 sessions dedicated to the solution, all from the convenience of your home!
Virtual Deltek Insight 2020 is taking place September 15-16, 2020. Learn more and sign up today!
For the latest news on Costpoint 8, access:
- Business Development
- Business Infrastructure
- Contract Management
- Cost Management
- Costs and Expenses
- Deltek Clarity
- Deltek Costpoint
- Deltek Insight
- Earned Value Management
- Enterprise Resource Planning
- Financial Management
- Firm Management
- Government Contracting
- Human Capital Management
- KPIs and Analytics
- Project and Portfolio Management
- Project Management
- Resource Planning
- Risk Analysis
- Scheduling and Planning
- Small Business
- Talent Management
- Time and Expense Management