How to Use Business Insights to Drive Performance
It’s important to make sure your business is always operating at the highest performance possible. One way to keep tabs on that is to look at your key performance indicators, or KPIs, to check that you’re on track with your business plan and goals. Using accurate reporting to keep track of your KPIs is crucial to positive business development. These business insights drive performance and empower you to grow your business with confidence.
What Are KPIs?
KPIs help you understand how your company is performing and if it’s on track to achieve its goals. KPIs reveal areas where you might need to focus your attention and improve. It’s important for your business to spend time finding out what these KPIs are so you can start using them to drive business performance.
What KPIs and Business Insights Might You Be Missing?
You must align your KPIs with the strategies and objects of your business. It can take some time to analyze different metrics to nail down what exactly is driving your KPIs. It’s important to figure out exactly what success for your business looks like. What actions on behalf of your company help drive you towards these goals? Insight into your business should help you develop your KPIs and point you in the right direction to start analyzing them more closely.
Get the Whole Business Involved
There may be KPIs that extend across various departments in your organization, and there may also be specific KPIs for each department that contribute to greater goals for the company. Make your entire leadership team aware of these goals and how each KPI influences them. Focusing your teams on these KPIs and how to make them stronger will eventually drive performance and revenue across all departments.
How Can You Manage These Insights?
Using a reporting system like Sage 100 will allow your business to take a broader look at the goals and needs of the company and bring your leaders together to work on those goals. This management solution will give each department a chance to contribute their thoughts and opinions about performance goals and KPIs to increase productivity. Here are some aspects of Sage 100 that drive performance:
- Business insights explorer. The management system offers a business insights explorer. Real-time information is generated about your business that you and your management team can analyze to determine which insights are going to impact your growth the most. Take this data and turn it into an action plan to start increasing sales and revenue.
- Business insights reporter. Once you’ve nailed down the specific insights, you can focus on the insights reporter. This will allow you to answer any questions you may have about specific financial aspects of the business. With this system, create snapshots or presentation-length reports to get a better idea of the status of certain metrics and KPIs.
- Intelligence reporting. Your business can use Sage 100 to gather all the information you need about the KPIs you’re monitoring. This feature will allow you to take notice of any trends that develop so you can quickly and fluently act upon them. This will give your staff a better idea of how their efforts are affecting the company and can inform future choices for progress. Your business will have quick access to financial, operational, and customer reports that can be used in performance reviews.
- Alert leaders to new trends. Using this reporting and management system to have a better idea of your business insights will allow you to constantly keep your leadership team in the loop. It’s their responsibility to stay on top of the trends and see how various KPIs are affecting the business. The management system can be configured to provide alerts when any major changes occur. Alert systems like this help keep everyone coordinated and informed. This mitigates the negative impact of miscommunications and misinformed decisions by preventing them in the first place.
Use Business Insights to Your Advantage
Having business insights gives your company an edge and allows you to drive your performance to a step above your competitors. You can use these insights to develop your KPIs and focus your company’s attention towards important common goals. As your business goals shift, you’ll be able to track new developing KPIs and adjust your strategy accordingly.
Giving your employees these guidelines and goals will help them have something to work toward. Once they begin to see their efforts are increasing metrics or KPIs, they’ll strive to achieve even more. Ultimately, business insights and KPI tracking empower your company leadership and your employees throughout all levels of your organization.
Consider which KPIs are your most likely targets for growth and consider how an automated system like Sage 100 can help you keep tabs on them to greater effect than your current system.