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SIMPRO EXPLAIN HOW TO MITIGATE RISK AND INCREASE REVENUE FOR YOUR BUSINESS WITH DATA-DRIVEN DECISION MAKING… How tomake data driven decisions in your electrical business
T here’s no shortage of data at your fingertips as a commercial electrical contracting business owner. Logged customer notes and calls, staff arrival and exit times, payment and invoicing records and inventory records are just some of the pieces of information you can gather from your business on a daily basis. All of this field service data tells a story of how efficiently you’re running daily operations and indicates your business’s overall health. However, having all of this data flowing through your business is one thing; knowing what to do with it is another. You need to not only be able to gather and analyse business data with the right processes and technology but also act on it quickly and so that you can make the right decisions for your business at the right time. Acting on your data is the key component of data driven decision making. What is data driven decision-making? Data driven decision making is especially important for electrical contracting businesses. It helps them mitigate risk, complete projects on time and on budget, and set KPIs to measure success, meet business goals, and scale as they take on larger projects. Curtis Thompson, simPRO Executive Director, explains: “With a solid data driven approach as opposed to running on a gut feeling, a business can look through the front windshield and see where they are going rather than looking through the rearview mirror and seeing what has already happened. “The sheer amount of data field service companies capture creates many opportunities for improvement including serving customers better and improving the bottom line.” Why should you take a data driven approach to decision making? Data gives you accurate insight into each specific area of your business. You
can use this data to pinpoint areas of your business that are doing well and compare them to underperforming areas. Most importantly, you can use this data to set attainable goals and KPIs for projects and wider business operations. Having these specific and measurable goals will support sustainable business growth. A data driven approach to decision making is critical when managing large, multi-phase projects. You can track task completion or cost to complete for each phase and then use it to inform how and when you assign tasks and materials out. This helps you complete work in each phase efficiently, stay on track and on budget and mitigate risk by ensuring profitability each step of the way. As a result, you can better manage overall
cash flow in your business by knowing where and why you gain and lose profit on each project. Start with reporting The right tools and processes for data driven decision making are also key. Start by looking at how you currently track, analyse, and act on your business data and discover where you can expand your reporting capabilities. For more information on reporting for your Electrical business download the free simPRO eBook: Business reporting for trade contractors in the digital age.
T: +44 (0)800 622 6376 E: sales@simpro.co.uk www.simprogroup.com
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