- A crisis is not about new possibilities and obstacles the overcoming of which will make us and our businesses stronger and more competitive. Letโs take off our rose-tinted glasses.
- A crisis is about optimization and about concentration of resources on the instruments that will help the business survive and achieve a growth in the future.
- One of such business assistants is interactive reporting that helps control the situation every day in a comprehensible and visible form, detail the indicators to the maximum: for example, control the profit margin for a particular commodity item.
A service industry network case
of returned clients is disastrously little for a business to survive: the problem isnโt the finances but the marketing
Let me note that clients came to Cobit Solutions with the task of ‘saving the business’ even before the crisis. What is behind this dramatic phrase? The owners and managers can see that the business isnโt working in accordance with the financial model but canโt find the disruption. In the case of management or financial problems dashboard benefits can detect it and help to correct.
Hereโs an example.
A client from the service industry with 150 outlets all over the country.
At first glance, itโs a perfect business, but there is no profit for some reason. We made 12 dashboards and found a failure only in one of them. The interactive report that saved the company was about client base segmentation and RFM analysis.
What we found out: the average number of visits was equal to 1.12 per client. Yes, thatโs right, only 12% of repeat clients. That is, the clients come just once, and never return. And this means that what the company must repair isnโt the financial model but the customer care and marketing.
ย
Read how to track the main economic factors withย BUSINESS INTELLIGENCE FOR INSURANCE
DOWNLOAD FREE CHECKLIST
of 25 recommendations for successful BI implementation
What business dashboard benefitss can help a company
In the other cases, we found unobvious problems of the same type:
- The incorrect displaying of the accounts receivable data in ERP in the retail sector;
- The loss-making gross marketing channel they spent 56% of the income on, while in reality the clients came from a different channel.
Did dashboard benefits save everybody?
Of course theyย didnโt. A few of our clients closed their businesses because they came to us too late. Identification of the problem with the aid of business dashboards couldnโt change the situation.ย
But thatโs a result too. An experienced businessman knows that sometimes you need to close the company in time, thus minimizing the loss, to suffer through it and to move on before it swallows all your assets and even your apartment and car.ย
Donโt hurry to cut down the expenses on the instruments that can help your business survive the crisis and achieve a growth in the future.ย
If you are interested in an opportunity of setting up interactive reporting and use the dashboard benefits, please contact us.ย
- You might also be interested in the article by the owner of Cobit Solutionsย ย WHY WOULD A CFO NEED A BI SYSTEM?
- Read more on real cases of BI system implementation in different industries on our BLOG
- BI solutions FOR SMALL BUSINES
BUT THE MAIN POINT OF THE ANALYTICS IS
PROFIT GROWTH
Our dashboards give you a chance to control the revenue, cost price, margin, gross profiะต and 47 other indicators on a daily basis. No need to wait for a monthly report.
Consistent control results inย profit growth and business expansion.
