How Real-Time Visibility Can Accelerate Your Software Company Growth

On how real-time visibility can accelerate your software company growth - Quick: Do you know which of your software projects are performing according to budget? Do you know if you’re taking advantage of opportunities to upsell customers in the renewal process?

If you had the answers to those questions at your fingertips, then you are in a strong position to win the competitive race. But if you’re like many growing software companies, you’re hampered by a hairball of disparate information systems—from general ledger to CRM to spreadsheets for tracking renewals and revenue recognition—that don’t “talk” to one another. Because these systems are not integrated and team members must spend time manually re-entering and reconciling information, the result is often a muddled picture of your business’ financial and operational performance.

Without timely, complete and accurate information, you’re at a disadvantage in today’s complex, global market. What is this lack of visibility costing you?

• Time and money. The manual process of reconciling information is time-consuming. Rather than that mundane manual re-entry, your employees could be performing much more value-added activities.
• Accuracy. By the time your employee gets done compiling that monster of a spreadsheet, chances are good that the data is out of date. Manual processes also introduce the likelihood of errors and “multiple versions of the truth,” which can lead to confusion and bad decisions.
• Project delivery. Without a clear view of capacity on each project, you may not be aware of the fact that one of your programmers is overcommitted and is likely to miss a milestone date, which can ultimately lead to a blown project deadline. As a result, that client is less likely to renew.
• Revenue. You have 50 different projects going on at any point in time, all with different billing terms and renewal dates. If you are relying on manual processes to generate invoices and renewal statements, not only is there the possibility of a late invoice or lapsed subscription, but you also may miss opportunities to upsell the client.
• Opportunity cost. Decisions love data. When you don’t have accurate, real-time information at your fingertips, you are going to be slower to respond to opportunities. Or you might completely miss an opportunity to tap into a new market segment.

To make business decisions that will accelerate your company’s growth and profitability, you need a business management information system with the following capabilities:

1. Real-time business intelligence. Business moves at lightning speed. If you’re relying on out-of-date information, you may miss opportunities to accelerate your business. You need a system that enables all users to access real-time data at any time, without waiting for a nightly refresh.

2. Role-based KPIs and personalized dashboards. 

While everyone using the system should be accessing the same information, each position should have the ability to view personalized dashboards that display information they need to execute their jobs. From summary KPI reports to drill-down reports on transactional details, the system should provide actionable intelligence that your business needs to move forward.

3. Anytime, anywhere accessibility. 

Today, business happens everywhere. Whether you’re in your office, in a customer’s office or on the road, you need access to up-to-date information about contracts, projects, billings and resources.

If you’re like many growing software companies, achieving real-time visibility across the organization is a pressing challenge. How you solve that challenge can mean the difference between accelerating your company to the front of the pack and losing the competitive race.

goVirtualOffice can support your competitive advantage by helping you find and implement integrated business information systems that provide real-time visibility into your company’s financial and operational performance. Contact us or call 888-773-2123 to learn more.

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