Implementing a system that drives key insights for rapidly expanding businesses and their investors Businesses have many things they need to consider in their day-to-day operations and strategy. What sets the technology sector apart is that these things tend to happen much faster. It is commonplace for a business in this space to have instant and unpredictable hypergrowth and need to rapidly scale all areas of their operations to accommodate this. Implementing systems that are cost effective at an early stage but are primed for this growth is key, and on that basis, it is no surprise that the tech sector puts cloud technology at the heart of their operations.
In addition, the potential for hyper growth brings opportunities for both a large and rapid return on investment, which is why speculative investment is rife in the sector. This form of investment comes with high expectations and it is important to ensure that stakeholders (such as business owners and investors) are kept suitably informed of the ever-changing business position. T here are a few key metrics that are used in this sector, such as customer conversion rate, retention rate and satisfaction, as well as the very valuable spend per customer. Whereas most businesses can rely on standard management accounts, most of these By utilising cloud technology effectively, this underlying data can be stored in an accessible manner and updated in real time via integration to other systems. This not only enables the business to benefit from internal efficiencies, via the automated data share, but also enables the conversion of business insights into relevant information held in these systems. For example, you can pull data from your CRM or marketing system, website, social media accounts, finance records as well as others. This enables the reporting of the key metrics mentioned above, as well as many others. Now this all sounds great, but there are several things that need considering when looking to make best use of these dashboard tools. These tend to follow the logical process of:
indicators are non-financial and so need to draw on information from in different sources. Traditionally this would have been a manual and time-intensive process where data was always out of date due to how fast the business was moving.
Business dashboards have been growing in fashion in both operational and financial systems over the years. As well as those embedded in pre-existing set-ups, there are also cloud-based consolidator and analytics dashboards that bring data together from multiple sources into a central view. Software such as Klipfolio and Cyfe enable businesses to benefit from using best of breed systems from an operational perspective without sacrificing the ability to report on data within.
•
Who requires access to information and how often do they need to see it
•
What information do they need to see and where would this information be held
•
What systems are being used to hold this information
4 | S C R U T T O N B L A N D | T E C H B U S I N E S S
Made with FlippingBook Learn more on our blog