As a business manager in today's fast paced environment, analytics and metrics mean more to you than ever before. You need meaningful information to assess the health of your business and to react to the markets.
Analytics within Revenue Recognition ACM by Tribridge can help you understand and manage your company more efficiently by summarizing and categorizing data in charts and graphs that quickly point out those "successful" and those "not so successful" trends. For example, certain products may be generating more revenue than others and certain vendors may be dominating their markets. By using Power BI to create the charts and graphs you need in Revenue Recognition ACM, you can have the data you need at your fingertips on demand!
Let's look at the chart below which compares revenue by product group.
You can easily see that EQUIP and MPX product sales in 2016 are doing quite well in the market whereas CPG and PSG are not quite hitting the mark. The graph visually helps me focus my attention to the products that are performing better than other products. Some questions that may come to mind are: Is it worthwhile to focus on selling more of CPG and PSG or are those products that I want to discontinue selling? The graph gives me the data to begin focusing on areas that might improve my business.
I can also slice and dice my data in Power BI to see other indicators of how well my revenue is stacking up. Any available data field can be used. For example, if I wanted to see how my sales were doing by sector or vertical, I might want to create the below chart.
This "Revenue by Sector" graph visually shows me that Government sales have decreased over the past 3 years. If my goal is to increase Government sales, I can monitor attainment of that goal any time and any day at the touch of a button and know where my business stands in relation to that goal since revenue can be tracked in real time with Revenue Recognition ACM.
In addition to visualizing sales by sector, I might want to see which distributors are contributing the most revenue to my company. A quick chart in Power BI using my Revenue Recognition ACM data (see below), shows me that Tech Data is driving a lot of business. The chart can give me a quick view of who my top sellers are which could ultimately lead me to ask critical business questions such as: What might be impeding higher sales by the other distributors? Do I want to focus more attention on Tech Data or do I need to consider incentivizing the others to drive more sales?
I might also want to know where distribution sales are occurring within a certain geography. Using Power BI, I can create the below chart to show territory sales.
What about forecasting? Can Power BI and Revenue Recognition ACM also be helpful when it is time to prepare the forecast? You bet! Waterfalls of monthly recurring subscription revenue (“sales in the bag”) can visually give you an immediate snap shot of data so you can forecast monthly recurring revenue and see if you are tracking according to plan. If not, maybe you need to mobilize the sales team to increase your orders to meet those sales targets. Our ACM dashboards can put these missed opportunities in the forefront and help you maximize your quarterly cash flow.
You can also use Power BI for other business metrics. For example, if you wanted to know how much of the current maintenance revenue is from new renewals versus recurring renewals, you may wish to generate the below pie chart. Clearly, you can see that over 75% of your current maintenance revenue is derived from ongoing renewals and just less than 25% of your maintenance revenue is from new maintenance sales. If you had started the year with a budget that included a 50% increase in new maintenance sales, you would know that you need to investigate why the new sales have not occurred.
What if you needed to know more information about the reasons that customers are calling your help desk? One way to get this information is to create reason codes for customer calls and use Power BI to create the below chart. I could easily and quickly see what type of calls customers are placing and adjust to those needs accordingly. The "Completed First Visit" chart below shows that the majority of calls have been for inspections and preventative maintenance. Depending on the type of calls I am tracking, if I saw a spike in the service call category, I could react to what might be pending product issues and initiate a corrective action before it becomes problematic.
These charts and graphs are just examples of the types of analytics that can be generated using Power BI. There are many possibilities and ways to use this information to manage your business. Analytics coupled with Revenue Recognition ACM’s powerful revenue recognition software give you the tools you need to manage your business with real time, up-to-date information to stay ahead of the curve and beat the competition!