The Business Intelligence (BI) sector has been identified by recent research as one of the fastest-growing areas in the overall high-tech industry. This trend is a clear sign that more companies are seeing the value of deep insight to company performance.
From our customers in software and tech, we hear that analytics in real-time is becoming more and more of a priority. We found that no other sector has embraced dashboards more than software firms. Why? We decided to find out.
Companies in tech are most likely to be technology-driven too. Being in the business of information, they want to know as much relevant information about themselves as they can - not just when they get to the office but from wherever they are. That’s why NetSuite’s comprehensive mobile access has been highly-prized: we don’t dumb down our capabilities just because you’re using a much smaller device.What’s All The Fuss About Real-Time Information?
In today’s fast moving environment, static and offline reports that take forever to compile simply won’t be enough for companies that operate in very competitive markets and have a rapidly-changing business model. These are simply compromises that we don’t and won’t ask of you.
The bosses in tech know the importance of knowing business performance MTD (month-to-date), QTD (quarter-to-date) and YTD (year-to-date). They need to be able to compare it to their forecast and plans and see how it stacks up against same period last year.
Forecasting Accurately For Software Companies
Real-time pipeline data is important because most tech firms need to know not only how and when they will close sales, but also how quickly revenue growth is as that has an impact on professional services and support organizations. You can ask any growing tech firm executive and they’ll tell you that one of their keys to success is laser-focus on important business metrics.
Aside from this, powerful benchmarks can now be made about your customers. This is made possible with real-time analytics. Since the start of CRM, suppliers have been stressing the importance of being warned and informed about important client facts before an important call or visit - whether they have payments due or if they have any outstanding critical support tickets, etc.
By combining customizable and flexible dashboards with a comprehensive and powerful real-time analytics engine, you can show a consistent, rules-based and easily understood value to client-facing personnel. You can use colour-coding, star ratings or numerical values - the choice is yours.
Whatever you do, these benchmarks give your company a steady, consistent voice when dealing with customers which makes it more likely for employees to make good decisions about highly strategic interactions.
Real-time dashboards that deliver critical information on your business performance as well as actionable insight into the value of each customer – that’s the real value of a real-time analytics engine.
Did you know there are a lot of tools for managing web-based projects that can be set-up in 5 minutes or less? Check out some of our choices on task management, Gantt charts, meeting management, budgeting and much more in the Top 7 Project Management Tools.