It seems simple enough that for small- to medium-business (SMB) leaders in the technology space the best way to ensure business growth and success is to be completely informed about everything taking place within your organization.
But what is the best way to accomplish that level of insight into your operations? The answer is to house all of your data in one place so that you can easily monitor your key performance indicators (KPIs).
Having all of your business components together in an automation platform, such as a PSA software, ERP platform, CRM system or BPM solution gives you access to real-time data along with automated reports and dashboards that reveal everything you need to know about how your company is running. Let's take an in-depth look at four reasons why monitoring your KPIs in a business automation platform is key to business management and growth:
Managing Your Managers
To foster growth and efficiency, all employees — especially your top leaders — should set long- and short-term goals as well as KPIs and decide on a mechanism to track them.
Most companies use annual reviews that both a manager and an employee fill out and then meet to discuss. However, if you use a business automation software, you can check progress at a glance any time you want to ensure that these goals get accomplished and in a timely manner.
Proactively Make Decisions
Waiting for serious issues to fix problems is a recipe for disaster. Even if you have the right processes in place, using a paper trail or even spreadsheets to track every facet of your business can't give you the insight you need in order to spot minor business anomalies before they turn into major issues.
With the correct automation tool, you will be able to monitor on a daily basis everything from every service order's status to your sales team's pipeline and receive alerts when something needs your attention. Automatically generated data and charts will also give you progress reports on your KPIs whenever you need them.
Create Synergy Across Departments
A cohesive team is the key to success. The best way to facilitate close interdepartmental collaboration is by empowering all employees to utilize the same software.
Using one platform helps break down data and interpersonal silos and keeps everybody on the same page. Plus, everyone can be trained on the same software and can access shared dashboards to stay on the same page.
Know What's Profitable
Often, certain customers absorb the time and resources of your company without proper compensation to you. Other times, you may provide a service that costs more to deliver than you charge.
With automated reports and dashboards, you will know the account profitability for all of your customers and be able to make the decisions to fire the clients or kill the services that are putting you in the red.
More Business Growth Strategies
How do you currently gather data and conduct analysis? Do you know which accounts are profitable and which ones aren't? Leave a comment below.
Want some more business growth strategies? Download our "8 Essential Tips to Grow your Technology Services SMB" eBook.