Unlocking the Full Potential of Your Vantagepoint CRM
If you’ve spent any time with Deltek Vantagepoint, you already know it’s a powerful ERP system designed for seamless project management. From scheduling project time and expenses to handling client billing and accounts receivable, it covers a lot of ground. But have you explored the impressive capabilities of its CRM module? By harnessing your project data from initial pursuit to project completion, you can tailor Vantagepoint to fit your organization’s unique needs. Let’s dive into how you can elevate your team’s approach to managing both the work and the effort to win that work.
It All Starts with a Lead
The project lifecycle often kicks off well before contracts are signed. Potential projects begin as leads, and with Vantagepoint’s CRM module, you can track and customize how your organization manages these pursuits. Key features like pursuit project stages, weighted fees, and revenue forecasting empower you to make informed decisions.
Customize Your Stages and Probabilities
Understanding the nuances of your pursuit stages is essential. For instance, a “Lead” stage indicates that a project is still in its infancy—details are scarce, and the full scope is likely unknown. It’s crucial to treat the value of a lead differently than that of a fully developed bid.
Create a tiered system of stages that your team can update throughout the pursuit process. If a lead is deemed a “Go,” your Business Development team can pivot into action. As the opportunity evolves, you might need additional project details. After your proposal is submitted, the project could move to “Shortlisted” or be awaiting final approval.
Distinguish Between Estimated and Weighted Fees
Help your team grasp the difference between Estimated Fees and Weighted Fees. While Estimated Fees can provide a good prediction of potential revenue, they are often just that—estimates. When forecasting revenue, consider both awarded and in-pursuit projects. Understanding the likelihood of securing those pursuits is vital. For example, if you’re vying for a million-dollar project against several competitors, it’s unwise to plan the business as if you’ve won the entire amount.
Weighted Fees, on the other hand, offer a more accurate revenue outlook by multiplying the Estimated Fee by the Probability, or the likelihood of winning the project. By associating specific probabilities with project stages, you can ensure that your forecasts reflect a realistic scenario. If a project in the “Lead” stage has only a 10% chance of being awarded, then its Weighted Fee would be just 10% of the Estimated Fee. This way, Vantagepoint helps maintain a grounded revenue outlook while factoring in estimated start and end dates. With the use of project stages and probabilities, you can monitor how your firm is performing throughout the pursuit process.
Create Dynamic CRM Dashboards
Make the most of Vantagepoint by developing insightful dashboards that empower your team. Focus on metrics that are relevant to your sales team and executives, showcasing strengths and identifying opportunities. Celebrate successes while also highlighting areas for improvement. And with Vantagepoint’s “Is Me” search conditions, you can construct a single dashboards that is dynamic and gives each user a personalized experienced for the data they’re consuming.
Drive Business with Impactful Data
Vantagepoint comes with many built-in metrics, but you can also create custom calculations to tailor dashboards to your specific business needs. Ensure your team has easy access to the data that matters most. However, be mindful not to overwhelm users with too much information. While it can be tempting to create extensive metrics, simplicity is key. If your team struggles to find relevant information, engagement will drop.
By enhancing engagement with your CRM tools, you’ll foster better data practices and drive more meaningful business decisions. Reach out to Outrun today to learn more about how we can help you achieve your business goals.