PE-Backed Companies Archives - Page 16 of 25

What is Product Positioning? Framework, Strategy for Marketing

April 17, 2023 Kyle Johnson

Product Positioning Framework

Product positioning refers to the strategic process of establishing a distinct and favorable perception of a product in the minds of consumers relative to its competitors. It involves creating a unique and compelling position in the market that differentiates the product from others and resonates with the target customers.

It is also a strategic marketing process that of identifying and communicating a product’s or service’s key attributes, differentiators and positioning statements to target customers.

To effectively position a new product, it is important to have a deep understanding of the factors that influence its adoption within a specific market segment. This involves gathering and analyzing facts, as well as formulating hypotheses and incorporating them into a dynamic model.

The goal of product positioning is to create a favorable perception of the product in the minds of consumers, giving it a competitive advantage in the market and driving customer preference and loyalty.

Let’s dig deeper into the importance of product positioning and what it entails.

Access Commercial Due Diligence Resources

Positioning Framework Strategy

The right strategy will help private equity firms and their portfolio companies, as well as public or private companies, to position their products and services as favorably as possible.

This can be done by conducting voice of the customer interviews, as well as other market research. By speaking with existing customers, organizations can better understand why people use their product or service.

Speaking to non-customers, however, can be just as important as it sheds light on why people are not using your product or service.

CASE STUDY: In-Depth VoC Study To Drive Future Growth in Healthcare Company

This information can then be used to determine current perceptions, and assess growth opportunities and requirements for deeper market penetration.

Customers – existing and potential – can also be segmented in a way that allows the company to understand which group would be most valuable. Future strategies could then be geared toward those segments.

Many companies seek outside expertise for their particular industry in these situations. Whether healthcare, manufacturing, industrial, technology or more, there are niche-specific third-party service providers that do this on a regular basis.

How BluWave Works

Indications

Indications are important considerations in product positioning as they help define the target market and communicate the value proposition of a product. They provide information about the specific problems, needs or desires that a product is designed to address or fulfill. They can be based on various factors, such as the product’s functional attributes, performance characteristics, intended user demographics or usage scenarios.

For example, in the healthcare industry, product positioning for a pharmaceutical drug may involve indicating the specific medical conditions or diseases for which the drug is approved, the recommended dosage, patient age groups or other relevant factors.

In the consumer goods industry, product positioning for a household cleaning product may include indicating the types of surfaces or stains the product is effective on, the recommended usage instructions, or the target market segment, such as families with young children or pet owners.

CASE STUDY: Enhancing Customer Insight for Healthcare Investment Success

Indications help guide consumers in understanding how a product can fulfill their needs or solve their problems, and they can also help differentiate a product from competitors by highlighting its specific use cases or advantages.

Clear and accurate indications are crucial in marketing and branding strategies to ensure that the product is positioned effectively in the market and resonates with the needs and preferences of the target customers.

Product Features and Benefits

Effectively marketing your product’s features and benefits is crucial to a product positioning strategy. Here are some of the more important elements:

Differentiation: Positioning a product as unique or superior based on its features and benefits can create a competitive advantage and set it apart from similar offerings.
Value Proposition: A well-crafted value prop highlights the unique features and benefits of a product to customers, justifies its price and creates a compelling reason to choose it over competitive alternatives.
Target Market Alignment: Understanding the target market’s requirements and desires and aligning the product’s features and benefits accordingly can help position the product as relevant and appealing.
Communication: Clear and effective communication of what the product offers through marketing messages, packaging, branding and other promotional materials can create awareness, generate interest and influence perception of the product.
Customer Needs Fulfillment: Ultimately, the purpose of a positioning strategy is to fulfill customer needs or solve customer problems. By aligning the product’s features and benefits with customer needs, the positioning strategy can establish the product as a viable solution that addresses pain points and provides value, increasing customer satisfaction and loyalty.

Access Growth and Go-to-Market Strategy Resources

Price Analysis in Positioning Strategy

A price analysis is conducted to assess and determine the optimal strategy for a product or service based on its intended market positioning.

Pricing is a critical element of a positioning strategy as it affects how a product or service is perceived by consumers in terms of its value proposition and competitive positioning. It can affect the perceived value of a product, influence customer perception of quality, impact customer willingness to pay and affect overall market positioning.

For example, if a product is priced too low, it may be perceived as of low quality or lacking premium features. On the other hand, if a product is priced too high, it may be perceived as overpriced and not providing adequate value.

Here are three examples of pricing strategies:

Cost-Based Pricing: This strategy involves setting prices based on the production costs, such as materials, labor and overheads, with a desired profit margin. Cost-based pricing can position a product as affordable and budget-friendly, but may not necessarily convey premium quality or unique value.
Value-Based Pricing: This strategy involves setting prices based on the perceived value that a product offers to customers. It takes into account the benefits, features and unique value proposition of the product, as well as the target market’s willingness to pay. Value-based pricing can position a product as premium, high-quality and worth the investment.
Competitive-Based (Market-Based) Pricing: This strategy involves setting prices based on the prices of competitors’ products. It can be used to position a product as competitive and comparable to other products in the market. It may not, however, necessarily differentiate the product or highlight its unique value proposition.

Competitive Analysis in Positioning Strategy

Competitive analysis is a critical component of positioning strategy as it provides insights into the competitive landscape, helps identify market opportunities and threats, and guides the development of an effective positioning strategy.

Some key aspects include:

Understanding Competitors: This understanding enables a company to identify the competitive advantages it can leverage and the potential vulnerabilities it needs to address in its positioning strategy.
Identifying Market Opportunities: By understanding the unmet needs of customers or the gaps in the offerings of competitors, a company can position its product or service to address those gaps and capture market share.
Assessing Competitive Threats: This may include competitors launching new products, changing their pricing strategies or implementing aggressive marketing campaigns. By understanding the competitive landscape, a company can anticipate and respond proactively while adapting its positioning strategy accordingly.
Differentiation: Competitive analysis helps in identifying the unique selling propositions (USPs) of competitors and their positioning strategies. By offering unique features, benefits, or pricing strategies that are distinct from competitors, a company can create a competitive edge and attract customers who are seeking something different or better.
Refining Positioning Strategy: By monitoring competitors’ actions, customer feedback and market dynamics, a company can make informed decisions about adjusting its positioning strategy to stay relevant and effective.

Proven marketing strategy firms know exactly how to position products and services like yours in a competitive market. As margins become tighter and the economy more uncertain, getting the best value for what your business offers is paramount.

CASE STUDY: Voice of Customer Research Critical for Add-On Acquisition

The invite-only BluWave-grade network of service providers are expertly vetted for these exact situations. We only connect you to those with a proven track record and who also have multiple recommendations by the world’s leading PE firms.

No matter what your business’s need, we’ll connect you with tailor-made resources in less than 24 hours.

When you’re ready to launch or refine your positioning framework template, contact our research and operations team to start your project.

How BluWave Works

Industrial Pricing: Strategies for Manufacturing Businesses

April 14, 2023 Kyle Johnson

Manufacturing pricing strategies are top of mind for businesses in this transitionary economy. Industrial pricing has becoming more competitive than ever as margins shrink and supply chain problems persist.

“BluWave is seeing an increased number of resources allocated to competitive pricing analysis from our private equity clients and their portfolio companies,” BluWave co-head of operations Keenan Kolinsky says. “Specifically in the manufacturing and industrial spaces, companies are running into much higher costs for production materials, which is putting a dent in their margins.”

Start Your Project

Man welds at the factory with a protective helmet on. It's pretty dark. The only light comes from the sparks he's creating while welding.

When private companies, public companies, and private equity firms and their portfolio companies contact BluWave for help with industrial pricing, it’s because they’re presented with two difficult options.

1. Increase the Price of Manufactured Goods

This may increase margins, but it also means passing costs along to customers.

They end up paying more for the same products, some of which arrive later due to supply chain and sourcing challenges.

2. Keep Prices the Same

In this scenario, customers continue paying the same price for products. The problem? Margins get thinner and thinner as material and production costs continue to rise due to inflation and demand.

There is, however, a best-case scenario that takes both of these choices under consideration when it comes to industrial pricing.

Manufacturing Pricing Strategies

The expertly vetted service providers in the Business Builders’ Network know industrial pricing strategies for companies like yours inside and out.

“Specialized pricing resources allow companies to stay up to date with their pricing models so they keep margins healthy while maintaining strong relationships with their key customers,” Kolinsky says.

Here are some of the strategies they might employ for your business or portco when you work together.

Understand Your Costs

This includes both your variable costs (those that change with production) and your fixed costs (those that do not).

Variable costs are costs that change depending on the quantity of goods or services produced. For example, the cost of raw materials, labor and packaging are all variable costs.

Fixed costs are costs that do not change regardless of the quantity of goods or services produced. For example, the cost of rent, insurance and equipment are all fixed costs.

Start Your Manufacturing Pricing Project

Understand Your Target Market

Conduct thorough research to understand your customers’ needs, preferences and willingness to pay.

This can be done through surveys, interviews and focus groups. It is important to understand what your customers are looking for in a product or service, and how much they are willing to pay for it.

Create Value-Based Pricing

Focus on the value your product or service brings to customers rather than just the cost of production.

This means understanding the benefits that your product or service offers to customers and pricing accordingly. For example, if your product or service saves customers time or money, you can price it higher than a competitor’s product or service that does not offer the same benefits.

Conduct Competitive Analysis

Research your competitors’ pricing strategies to ensure your prices are competitive in the market.

This includes looking at the prices of similar products or services offered by other companies. It is important to be aware of your competitors’ pricing strategies so that you can price your product or service competitively.

Consider Pricing Tiers

Offer different pricing tiers with varying features or levels of service to cater to different customer segments.

This allows you to reach a wider range of customers and maximize your profits. For example, you could offer a basic tier with limited features and a higher tier with more features at a higher price.

READ MORE: How To Analyze Sales Data

Test and Iterate

Continuously test and adjust your pricing strategy based on customer feedback, market trends and business goals.

This is an important part of pricing strategy because the market is constantly changing. By testing and iterating, you can ensure that your pricing strategy is always up-to-date and effective.

Align Pricing with Customer Value

Understand the value your customers perceive in your product or service and price accordingly.

This means understanding what your customers are willing to pay for the benefits that your product or service offers. For example, if your product or service is unique or offers a significant benefit to customers, you can price it higher than a competitor’s product or service that does not offer the same benefits.

Start Your Pricing Project Today

Segment Your Customers

Tailor your pricing strategy to different customer segments based on their needs, behaviors, and willingness to pay.

This allows you to reach a wider range of customers and maximize your profits. For example, you could offer a discount to customers who purchase in bulk or who sign up for a subscription.

Data analytics tools – especially AI-driven ones – can make this a much more efficient and accurate process.

LISTEN TO THE PODCAST:
SVB Bank Crisis: How Private Equity Will Reframe Crisis into Opportunity

Communicate Value Effectively

Clearly communicate the unique value propositions of your product or service to customers through marketing and sales efforts.

This means highlighting the benefits of your product or service and explaining why it is worth the price. For example, you could create marketing materials that focus on the features and benefits of your product or service, or you could offer free trials or demos to let customers experience the value of your product or service for themselves.

Implement Pricing Discipline

Ensure consistent pricing practices across all channels and avoid unnecessary discounts or price concessions.

This means setting clear pricing policies and procedures and ensuring that all employees are aware of them. It is also important to avoid giving away discounts or price concessions unless it is absolutely necessary.

Regularly Review and Update Pricing

Regularly review and update your pricing strategy to align with market changes, customer feedback and business objectives.

This is an important part of pricing strategy because the market is constantly changing. By regularly reviewing and updating your pricing strategy, you can ensure that it is always up-to-date and effective.

Start Your Manufacturing Pricing Project

You can get connected with a data-driven pricing resource in less than a single business day.

Set up a scoping call with our research and operations team, and they’ll introduce you to a short list of best-fit service providers to help you capture margins and continue to drive volume.

Employee Management Softwares: 13 Reasons To Use Them

April 13, 2023 Kyle Johnson

Employee management softwares – or human capital management systems – are a suite of applications that helps businesses automate and streamline their HR processes, from recruitment to payroll.

Here are some reasons why you should use them.

Start Your Project

READ MORE: Hire an Interim CHRO

HCM Systems Benefits

Streamlined automation. Embrace efficiency with modern employee management software that automates labor-intensive tasks such as payroll processing, benefits administration and performance reviews, saving time and resources while improving accuracy.
Seamless communication. Foster collaboration and engagement with robust communication channels offered by employee management software, including instant messaging, email and video conferencing, enabling smooth communication between employees and managers.
Efficient performance tracking. Stay on top of employee performance with comprehensive tracking features, including goal setting, performance reviews and feedback mechanisms, allowing managers to objectively evaluate performance and provide targeted support.
Effortless time-off management. Simplify time-off management with user-friendly features such as leave requests, approvals and tracking, ensuring employees take the necessary time off while preventing staffing issues.
Streamlined onboarding. Expedite the onboarding process with employee management software that provides tools such as employee profiles, training materials and onboarding checklists, helping new hires quickly adapt to their roles.
Effective benefits administration. Simplify benefits administration with features such as benefit enrollment, eligibility tracking and claims processing, ensuring employees have access to the benefits they need without administrative hassle.
Regulatory compliance made easy. Ensure compliance with labor laws and regulations with employee management software that offers features such as time tracking, payroll processing and leave management, minimizing the risk of fines and penalties.
Data-driven decision making. Empower informed decision making with employee management software that provides reporting, analytics and forecasting tools, enabling data-driven insights for optimizing operations.
Improved employee satisfaction. Boost employee satisfaction and engagement with features such as surveys, feedback and recognition offered by employee management software, resulting in a more motivated and productive workforce.
Enhanced talent management. Attract and retain top talent with user-friendly interfaces, mobile apps and social media integration offered by employee management software, ensuring a skilled and engaged workforce.
Efficient time tracking. Effectively manage employee hours, attendance, and overtime with accurate time tracking features, improving workforce management and payroll accuracy.
Streamlined employee relations. Foster a positive work environment with employee management software that offers features for tracking and managing employee relations, such as conflict resolution, performance improvement plans and employee feedback.
Reduced litigation risk. Mitigate litigation risks with employee management software that ensures compliance with labor laws, manages employee records and documentation and provides a clear audit trail of employee interactions, reducing legal exposure and protecting the business from potential lawsuits.

Start Your Employee Management Project

Choosing Employee Management Softwares

Features: The first step is to identify the features that are important to your company. Do you need a software that can handle payroll, benefits, recruiting and performance management? Or do you need a more specialized solution?
Scalability: As your company grows, you will need a software that can scale with you. Make sure to choose a program that can accommodate your future needs.
Ease of use: Employee management software can be complex, so it is important to choose a software that is easy to use. Look for one with a user-friendly interface and that is customizable to your company’s needs.
Security: Employee management software can contain sensitive data, so it is important to choose a system that is secure. Make sure to choose a software that has been certified by a reputable security organization.
Cost: Employee management software can be expensive, so it is important have your budget in mind. Make sure to compare prices and features before making a decision.
Situational Capabilities: You may need a software than can cater to your specific situation. For example, perhaps they need experience with unionized businesses. Be up front about that as you send out your RFPs and make your evaluations.

READ MORE: The Interim CHRO Interview

Best HCM Systems

The “best” option is going to depend on your company, industry and exact situation. While we can’t choose one “best” software for you, here are some of the more popular cloud-based HCM systems (in no particular order) and a brief overview of each:

Workday is a human capital management software suite that provides a variety of features for managing employees, including payroll, benefits, recruiting and performance management.
SAP SuccessFactors is another HCM system suite that offers a wide range of features for managing employees, including recruiting, onboarding, performance management and compensation.
Oracle HCM Cloud is a suite that provides a variety of features for managing employees, including payroll, benefits, recruiting and performance management.
PeopleFluent is a software that offers a wide range of features for managing employees, including recruiting, onboarding, performance management and compensation.
Ultimate Software is a cloud-based HCM that provides a variety of features for managing employees, including payroll, benefits, recruiting and performance management.
Monday.com is a little different than the others in that its more commonly used for project management than tracking employee data. (Though you can use it for that, too.) It has a user-friendly interface and can be customized to your company’s needs. It’s also a cost-effective solution for businesses that need a cloud-based HCM system.

Are you ready to upgrade your HCM system, or perhaps implement one for the first time?

Private and public companies as well as private equity firms and their portfolio companies can all reap the benefits of choosing the right employee management softwares.

Fortunately, you’re not in this alone. The Business Builders’ Network is full of experts who have helped companies like yours with industry specific-decisions about their human capital management software.

If you’re ready to take the next step and want an exact-fit third party to accompany you through the process, from start to finish, contact our research and operations team.

We already know the best possible partners for your niche-specific needs, and we’ll connect you in less than 24 hours after our initial scoping call.

Start Your Employee Management Project

Platform Modernization: App, Software Upgrade – IT Strategy

April 13, 2023 Kyle Johnson

Platform modernization is the process of updating the infrastructure, architecture and features of existing platforms to bring them up to current standards. This makes the platform more efficient, secure and valuable.

Outdated platforms can be a major business liability, leading to performance issues, security vulnerabilities and compliance problems. Fixing this can help save money on operating costs and improve customer experience.

Start Your Project

App modernization can be a complex and time-consuming process, but it is essential for businesses that want to remain competitive. There are a number of different approaches, all depending on your specific needs and your business’s industry.

If you are evaluating your application modernization strategy, it is important to carefully consider your needs and goals. These should be formulated with time, costs and the impact it will have on your business in mind.

An experienced outside resource may be just what you need do make sure your applications modernization is done right, and we already know the perfect fit for your business. In the meantime, here’s a little more about the benefits of the process, and the steps that go into it.

The Need for Modernization

Platform modernization is essential to improving the customer experience. As expectations continue to rise, a modern platform allows for customization and a better overall experience. Here are some of data platform modernization trends and benefits.

Download the ‘AI Journey’ White Paper

Platform Modernization Benefits

This crucial IT strategy step provides many benefits:

Enhanced Scalability and Sustainability: Modern platforms are designed with scalability and sustainability in mind, enabling them to handle increased user base and data load without incurring exorbitant maintenance costs. This feature makes them appealing to potential acquirers seeking platforms that can support their plans to grow.
Enhanced Security: Cybersecurity is especially important to companies these days because it protects against potentially catastrophic disruptions caused by cyberattacks. Modern platforms are more secure compared to older platforms. State-of-the-art security technologies and best practices are employed to safeguard against unauthorized access, data theft and destruction.
Cost Optimization: Known for their cost-effectiveness, modern platforms are designed to operate efficiently and utilize resources judiciously. This translates into reduced operating costs, which can be a significant advantage for potential buyers.
Enhanced User Experience: Prioritizing UX, modern platforms leverage cutting-edge technologies and user-centric designs to offer a superior experience compared to older platforms.
Innovation Potential: Modern platforms are synonymous with innovation, leveraging open standards and technologies to facilitate seamless integration of new features and functionalities.

READ MORE: IT Due Diligence for M&As

Access More Technology Resources

Software Modernization Process

Assess your current platform. The first step is to assess your current platform and identify its strengths and weaknesses. This will help you to determine where improvements should be made as well as to prioritize them.
Develop a modernization plan. Once you have a good understanding of your current platform, you can develop a modernization plan. This should include goals, the steps you need to take and the resources you’ll need.
Migrate your data and applications. The next step is to migrate your data and applications to the new platform. This can be complex and time-consuming, so it is important to plan and execute carefully.
Test and deploy the new platform. As you get closer to a larger rollout, you need to test the new platform to make sure everything functions as expected. Deploying to production is a safe way to do this while monitoring performance.
Train employees on the new platform. Before clients or customers get their hands on the modernized platform, make sure your employees know it inside-out, upside-down. Not only do you want to make sure they can use it effectively, but they should also be able to help the end user with any issues. Training can be done through classroom instruction, online training or in an on-the-job setting. Whichever route you go, make sure it’s hands-on.
Even for apps or software that are for internal use only, you want to make sure key leaders understand how it functions before performing a wider rollout.
Support and maintain the new platform. Once the new platform is live, you need to maintain it. This includes providing support to users, fixing bugs and making security updates. True platform modernization is a never-ending process in today’s business environment.

Start Your IT Strategy Project

When going through this process, consider starting small. Don’t try to modernize your entire platform all at once. This will help you to build momentum and learn from your mistakes.

Related to that, you should also use a phased approach to reduce the risk of disruption and make the process more manageable.

Lastly, get buy-in from stakeholders before you begin to ensure everyone is on the same page.

Whatever your approach, be prepared for change and be willing to adapt.

Download the ‘AI Journey’ White Paper

READ MORE: What is a Product Vision Roadmap?

Whether you’re a private or public company ready to upgrade an existing system, or a private equity firm looking to boost a portfolio company’s value, we’re here to help.

The BluWave-grade service providers in the Business Builders’ Network have extensive experience with platform modernization, no matter what your industry.

They understand the importance of upgrading not only with speed, but also quality, with the end user in mind all the time.

Our research and operations team will connect you with two or three best-fit options for your exact situation within a single business day. Reach out today to get your platform modernization project started ASAP with an experienced team of experts to guide you.

Start Your IT Strategy Project

HR, Tech Take Center Stage in Q1: Private Equity Industry Update

Fast-Growing Company Needs Help Managing Transactions

Service Area: System Selection & Implementation

Client Type: Portfolio Company

Service Provider Type: Supply Chain Technology Firm

Industry: Waste Management

Need

System Selection & Implementation in Waste Management

A rapidly expanding outsourced waste management company had outgrown its accounts payable automation tool. With a modest-sized IT team, they needed expert help with greater depth and engineering to better handle their growth requirements.

Challenge

Tech service provider to ingrate their CRM with their AP tool

With an IT team of less than 10 people, the VP of Tech asked BluWave for help finding a service provider that could better integrate their CRM with their AP tool. As business continued to boom, they weren’t able to keep up with the transactions and needed guidance on not only getting the most out of the tools in place, but finding something more powerful for the future.

How BluWave Helped

The Business Builders’ Network

The very next day, we connected them with four experienced service providers that have done excellent work for other independent and portfolio companies, respectively. They landed on their top choice – a proven system architecture firm that understands their industry – and we continued to support the company by monitoring the service provider until the project was finished, and beyond.

Result

Connected with a best-in-class IT firm

The IT firm helped the portco reorganize its systems internally, better equipping them to select and implement a new AP automation tool. They were able to better integrate with their ERP and manage ever-increasing transactions more efficiently.

The work product we have seen is very good, both for documentation and quality of expected outputs.

They stayed involved from the discovery phase on through implementation.

The changes all look very good and were completed faster than expected. Additional input on changes were well received and follow up has occurred quickly.
-Vice President of Technology at the Company

How To Analyze Sales Data: Tools, Examples, KPIs

April 11, 2023 Kyle Johnson

What is Sales Data?

Knowing how to analyze sales data is a valuable skill that can be used to improve sales results. By tracking and analyzing sales data – concrete information about how your products or services are selling – you can identify trends, patterns and opportunities that can help you close more deals and increase revenue.

For example, you might see that your sales cycle is longer for certain types of customers. This could be because you need to do more research on them or because they are more difficult to close. Once you know this, you can take steps to improve your process for these types of customers.

Having this information is a great way to increase sales effectiveness and training. The more actionable data your team has, the better set up for success they’ll be.

Start Your Sales Data Project

An experienced third party that specializes in sales effectiveness and training within your specific industry can be a great resource for these situations.

To help you get a better understanding of your situation, let’s talk about the importance of analyzing sales data, how to do it and what steps you can take to improve your business’s process. Whether you’re at a private equity firm, a portfolio company, or a private or public company, you’ll benefit from being equipped with this overview.

Types of Sales Data

There are many different types of sales data that you can track. Here some of the most common statistics:

Leads: Potential customers who have shown interest in your product or service.
Opportunities: Sales prospects that have progressed beyond the lead stage and are being actively pursued.
Deals: Closed sales that have been won.
Revenue: Total amount of money generated from sales.
Customer satisfaction: Degree to which customers are satisfied with your product or service.
Sales cycle length: Amount of time it takes from the first contact with a lead to closing the sale.
Average deal size: Average dollar amount of each sale.
Sales team productivity: Efficiency and effectiveness of the sales team in generating revenue.
Sales team turnover: Rate at which sales team members leave the organization and need to be replaced.

READ MORE: Why Hire an Interim CFO?

How to Track Sales Data

Two common ways to track sales data are Customer Relationship Management systems and spreadsheet. The most important thing is to choose a method that works for you and your team.

As your company grows – or aspires to grow – a powerful CRM such as Salesforce or Hubspot will be a must. If you’re reading this article, you probably already have a CRM in place.

These platforms provide comprehensive tools for managing sales data, including tracking leads, opportunities, deals and customer interactions. You can easily input, store and retrieve data in a centralized location, making it convenient to extract meaningful insights.

A spreadsheet is probably only a good option for companies that are just starting out and have small sales teams. Microsoft Excel or Google Sheets offer basic functionality for organizing and analyzing sales data.

They allow you to create custom columns and rows to input sales data, and you can use formulas and formatting options to calculate totals, averages and other key metrics. While spreadsheets may lack the advanced features of a CRM, they can be a cost-effective solution for businesses with limited resources.

Regardless of the method you choose, it’s essential to establish a consistent and structured approach. This includes defining clear data entry processes, setting up regular data updates and implementing data quality checks.

It’s also important to define and track relevant sales metrics that align with your business goals, such as those mentioned in the previous section.

Start Your Project

How to Analyze Sales Data

Analyzing sales data is a crucial step in understanding the performance of your business and identifying areas for improvement. One effective approach is to utilize various visualization tools such as charts, graphs and tables to represent your data in a visually appealing and easy-to-understand manner.

For instance, you could create a line chart to track the monthly trend of leads generated, allowing you to quickly identify patterns. If you notice a decline in the number of leads over time, you can take proactive measures to address the issue. For instance, you could revamp your marketing strategies, optimize your website for better lead capture or invest in targeted advertising campaigns to boost lead generation.

In addition to visualizing data, statistical analysis can provide valuable insights into sales performance. For example, you could conduct regression analysis to identify the key drivers of sales, such as the impact of pricing, discounts or promotions on sales volume.

By analyzing the statistical significance of these factors, you can make data-driven decisions.

It’s also important to compare sales data across different time periods, geographical regions or customer segments to identify any variations or patterns. Sales may be down from Q4 to Q1, for example, but up year-over-year.

If Q4 is traditionally your strongest quarter, there may be no need for concern. In fact, it’s probably worth celebrating the increase from the same period in the previous year.

Getting more granular, if you notice that sales tend to dip during certain months, you can strategize accordingly, such as by offering special promotions during those periods.

This information and more can help you tailor your sales strategies to better meet the needs and preferences of different customer segments or regions.

How to Use Sales Data to Make Decisions

Once you’ve analyzed your sales data, you can use it to make decisions about your strategy. For instance, if you observe that a specific product or service is underperforming, you may consider discontinuing it or revising your marketing approach.

On the other hand, if you identify a product or service that is performing exceptionally well, you may want to allocate more resources towards its promotion or expansion.

You can also use sales data to make decisions about your sales team. By analyzing individual sales performance data, you may identify trends or patterns that highlight areas for improvement.

For example, if a particular salesperson consistently struggles with closing deals, you may consider providing them with additional training or coaching to enhance their skills. Alternatively, you may identify high-performing sales team members and recognize their achievements to motivate the rest of the team.

Connect with World-Class Resources

Sales data is not just for you. It’s also important to share your data with your sales team so that they can use it to improve their performance.

There are various ways to do this. For instance, you can create a shared spreadsheet or database that is accessible to all team members, allowing them to view and analyze data in real-time. This promotes transparency and fosters collaboration, as team members can collectively track progress, identify opportunities and take appropriate actions.

Another option is to send out regular reports that summarize key sales metrics and performance indicators (KPIs, or OKRs) to your team. These reports can be delivered via email, shared on a team communication platform or posted on a shared drive for easy access.

In addition, holding regular sales meetings or performance reviews where sales data is discussed and analyzed can provide opportunities for team members to provide input, share insights and collectively brainstorm improvement strategies.

It’s essential that the sales data shared with your team is presented in a clear and understandable manner, with relevant context and insights provided. This can help team members interpret the data correctly and use it to make informed decisions, set realistic goals and take actions that can positively impact performance.

Using sales data to improve your results is a continuous process. Perhaps this level of detail is new to your business, or maybe you’re unsure how to scale your existing strategy.

You might even be trying all these things and still not seeing the progress you expect.

It might be time to bring in an expertly vetted service provider that knows your industry inside-out and can equip your sales team and its leaders to reach the next level.

Whether you’re selling physical products, software, services or anything else that’s core to your business, the BluWave-grade sales effectiveness firms and consultants are on standby to help.

We maintain a close relationship with each and everyone one of the resources that make up our invite-only network, which means we know the best match for you before you ever contact our research and operations team.

Contact us today to lay out the challenges you’re facing to properly leverage sales data and we’ll connect you to two of three niche-specific matches in less than 24 hours.

Schedule Your Scoping Call

Automating Accounts Payable: Benefits of the Best Software

April 10, 2023 Kyle Johnson

What is AP Automation Software?

Accounts payable (AP) automation software is a multifunctional tool that assists businesses in optimizing and automating their accounts payable operations. This can involve activities such as processing invoices, matching purchase orders, and reconciling payments. AP automation software has the potential to reduce risk, increase precision, and save time and money for businesses.

AP automation software typically comes equipped with the following functionalities:

Invoice processing: The software can automatically acquire invoices from vendors, extract critical data, and direct them for approval.
PO matching: The software can match invoices with purchase orders to verify accuracy and ensure that the appropriate products or services were received.
Payment reconciliation: The software can cross-check payments against invoices to confirm timely payment and accurate payment amounts.

AP automation software is an advantageous tool for businesses of all sizes. By employing this software, businesses can enhance their accounts payable processes, reduce risks, save time and money, and improve accuracy.

Start Your Accounting Project

Benefits and Features

AP automation can provide a number of benefits for businesses, including increased efficiency, reduced costs, and improved accuracy.

Save Time

AP automation software can streamline accounts payable procedures such as invoice processing, PO matching, and payment reconciliation, freeing up time for other tasks like negotiating vendor discounts.

Save Money

By minimizing expenses and removing the need for manual data entry and processing, AP automation software can help businesses save money.

Improve Accuracy

With AP automation software, businesses can ensure prompt invoice payments and accurate vendor payments, thanks to decreased likelihood of human errors.

Reduce Risk

AP automation software generates an easily traceable record of all transactions, which helps to safeguard businesses from fraud and financial losses.

CASE STUDY: Accounting Specialist in a Hurry for a PortCo

Choosing an AP Automation Tool

Choosing the right AP automation software for your business depends on your specific needs. Experienced third parties who have helped businesses implement these exact systems are an excellent resource.

Start Your Project

Some factors to consider include:

The size of your business: The size of your business will affect the type of AP automation software you need. Larger businesses may need a more sophisticated solution, while smaller businesses may be able to get away with a simpler solution.
The volume of invoices you process: The volume of invoices you process will also affect the type of AP automation software you need. If you process a large number of invoices, you will need a solution that can handle the volume.
Your budget: AP automation software can range in price from a few hundred dollars to tens of thousands of dollars. It is important to set a budget before you start shopping for a solution.
Integrations: Some AP automation software solutions offer integrations with other business systems, such as ERP systems and accounting software. If you have other business systems in place, you will want to make sure that the AP automation solution you choose can integrate with them.

If you’re not sure how to make this evaluation, it might be a good time to bring in an experienced third party.

Best Accounts Payable Software

While there isn’t one “best” software solution, here are some of the more popular ones:

NetSuite: NetSuite is a cloud-based ERP solution that includes a number of features for AP automation.
DocuPeak: Docupeak is a web-based AP automation solution that offers a number of features, including invoice processing, PO matching, and payment reconciliation.: DocuPeak is a web-based AP automation solution that offers a number of features, including invoice processing, PO matching, and payment reconciliation.
Tipalti: Tipalti is a cloud-based AP automation solution that offers a number of features, including invoice processing, PO matching, and payment reconciliation.

A BluWave-grade expert from our expertly vetted network can help you choose among these and other top providers, saving your time and money.

Matching your specific organization’s needs to the right accounts payable automation software can be time-consuming. The risks of choosing the wrong providers for such an important task are too high to leave to chance.

The Business Builders’ Network is full of proven third parties who have helped countless PE firms, portfolio companies and private and public businesses choose the right partner for this exact situation.

Our research and operations team knows the exact-fit, industry-tailored service provider for your specific situation before you even contact us.

Set up a scoping call today, and you’ll be introduced to of the best options on the market within a single business day.

Start Your Project

Tech Stacks of Companies: How To Choose

March 29, 2023 Kyle Johnson

What is a Tech Stack?

A tech stack is a set of software tools and programming languages that serves as the foundation of any technology project, including websites, desktop software and apps.

It’s also the backbone of a project and can determine its performance, scalability and maintenance in the long run. Selecting the right one can help developers streamline their work, speed up the development process and provide a better user experience.

Get Help with Your Tech Stack

CASE STUDY: Transforming Big Data into Actionable Insights for Legal Services

Tech Stacks of Companies: Examples

The LAMP Stack is a widely used open-source web development stack that is suitable for creating dynamic websites. It comprises Linux, Apache, MySQL, and PHP, where Linux is the operating system, Apache is the web server software, MySQL is the database management system and PHP is the programming language used to create dynamic web pages.
MEAN Stack is a comprehensive JavaScript framework that is widely used to create dynamic web applications. It comprises MongoDB, Express.js, Angular and Node.js. MongoDB serves as the NoSQL database management system, Express.js is a web application framework used with Node.js, Angular is the front-end JavaScript framework that enables the creation of dynamic web pages and Node.js provides the back-end JavaScript runtime environment.
Another JavaScript framework that is commonly used for creating web applications that support real-time updates is the MERN Stack. It comprises MongoDB, Express.js, React, and Node.js. MongoDB serves as the NoSQL database management system, Express.js is a web application framework used with Node.js, React is the front-end JavaScript library used for building user interfaces and Node.js provides the back-end JavaScript runtime environment.
Ruby on Rails is a well-known web development framework that utilizes the Ruby programming language. It is a preferred choice for startups because of its user-friendly interface and straightforwardness. Ruby on Rails follows the Model-View-Controller (MVC) architectural pattern and emphasizes convention over configuration.
The .NET Stack is a Microsoft technology stack that includes tools such as C#, ASP.NET, and Microsoft SQL Server. It is widely used for creating enterprise-level web applications. C# is an object-oriented programming language that helps develop Windows desktop applications and ASP.NET is a web application framework used for creating dynamic web pages.
Django Stack is a Python web development framework that is widely used for creating scalable and secure web applications. Django follows the Model-View-Template (MVT) architectural pattern and incorporates an Object-Relational Mapping (ORM) layer that enables developers to interact with databases using Python code.
The iOS Stack is a comprehensive stack of tools that includes Xcode, Swift, and Objective-C and is widely used for creating iOS mobile applications. Xcode is an integrated development environment (IDE) used to develop iOS apps, Swift is a programming language developed by Apple specifically for iOS app development and Objective-C was previously used to develop iOS apps before Swift was introduced.
The Android Stack is another comprehensive stack of tools that includes Android Studio, Java, and Kotlin and is widely used for developing Android mobile applications. Android Studio is an IDE used to develop Android apps, Java is an object-oriented programming language that is used for building Android apps and Kotlin was introduced by Google as an alternative to Java for Android app development.

Service Providers with Tech Expertise

How To Choose the Right Tech Stack

Choosing the right tech stack is a critical decision for private equity firms. The right PE technology stack should be a cohesive system that enables fund managers to source deals, manage relationships with limited partners and portfolio companies, and close more deals.

A firm with the right technology solutions in place can work smarter and faster, deliver higher-margin services and ultimately increase profitability. For private equity firms, the technology stack should be viewed as an investment and a way to stay ahead of the competition.

There are many factors that go into choosing the technology stack, but here are some of the more important ones:

Out-of-the-box solutions: These are pre-built software solutions that can be used to solve common problems. They can save time and money by reducing the need for custom development. Examples include WordPress, Shopify and Salesforce.
Integration with third-party solutions: This refers to the ability of a tech stack to work with other software solutions. It’s important to choose a tech stack that can easily integrate with other tools you may need in the future. Examples include Zapier, Segment and Twilio.
Developer availability: This refers to the availability of developers who are skilled in a particular tech stack. It’s important to choose a tech stack that has a large pool of developers available so that you can find the right talent for your project.
Documentation: This refers to the quality and quantity of documentation available for a particular tech stack. Good documentation can help developers get up to speed quickly and reduce the time needed for troubleshooting. Examples include React documentation and Django documentation.
Easy to test: This refers to how easy it is to test code written in a particular tech stack. A good tech stack should have testing tools built-in or have easy-to-use testing frameworks available. Examples include Jest for React and Pytest for Python.

IT & Software Strategy Resources

If any of this sounds like unfamiliar territory (and even if it doesn’t), it may be a good reason to look for expert help.

There are experienced, proven service providers out there who know industry-specific tech stack requirements inside-out and can help your business make the best decisions every step of the way.

Fortunately, you don’t have to waste time searching for them. Hundreds of PE firms and private and public companies tap into the Business Builders’ Network for this exact reason.

Not only will you be connected in less than one business day, but we’ll only provide the exact-fit resources that are experienced in your particular industry.

Contact out research and operations team to get started with your firm’s or company’s tech stack.

Start Your Project

List-Build Expert Needed To Grow Portco Contacts

Service Area: List Builds

Client Type: Upper-Middle Market Private Equity Firm

Service Provider Type: Business Process Outsourcing Firm

Industry: Life Sciences & Pharmaceuticals

Need

Life Sciences & Pharmaceuticals List Building Expert

A PE-firm’s portcos were wasting precious time manually building lists by going from website to website and scraping LinkedIn. They needed an experienced third-party resource that could create a contact map with shared customers across multiple businesses.

Challenge

Grow Portco Contacts

Multiple portcos were using different systems to work with many of the same customers in the life sciences industry. The PE firm wanted to not only identify overlap and consolidate efforts, but expand their database faster.

How BluWave Helped

The Business Builders’ Network

After a Vice President at the PE firm emailed us, we immediately got on a call to scope the specific outsourcing need. Armed with a better understanding of the situation, we provided for the client multiple industry-specific BPO shops that specialize in list builds.

Result

Connected a best-fit service provider

The firm quickly identified the best fit among the short-list of options we presented, and engaged them to build and consolidate their contacts across multiple portcos.

The service provider did great work. We will be using them again if something comes up. Ten out of 10 quality and service.
-Vice President, PE Firm

How To Extract Data from ERP Systems

March 23, 2023 Kyle Johnson

What is ERP (Enterprise Resource Planning)?

Enterprise Resource Planning (ERP) software streamlines business processes by coordinating data flow across an organization. It provides a single source of truth and optimizes operations.

They are used to manage everyday business activities such as finance functions, compliance, risk management, retail, supply chain and HR.

Download the AI White Paper

How To Extract Data from ERP Systems

Integrate API Endpoints

One way to extract data from ERP systems is by connecting your database to an API management platform.

From there, you can define and test your API endpoints with an external tool.

Lastly, you will integrate the API endpoints in order to get the data from the ERP system.

Use Extract, Transform and Load (ETL) Tools

Another way is by connecting your ETL tool to your ERP system’s database.

Once connected, you must tell the program what information you want to pull out before converting it into a format other systems can use.

Then you can put all that converted data into a database.

Access Technology Resources

Get Help with ERP Systems

As you might have gathered from the overview above, managing Enterprise Resource Planning data is no easy task.

CASE STUDY: Streamlining Patient Engagement with Salesforce in Healthcare

That’s why so many PE firms seek help for their portcos in this area. Private and public companies often seek outside support, too.

Here are the primary hurdles we hear about on scoping calls where a client needs help extracting data from their ERP:

Lack of internal expertise: This is a common challenge when extracting data from enterprise resource planning (ERP) systems. Outsourcing to a third-party service provider offers access to domain experts with the knowledge and skills to efficiently extract data.
Time constraints: Outsourcing offers a faster turnaround and allows companies to focus on core business functions rather than data extraction, which can be a time-consuming process.
Complexity: Extracting data can be complex, especially if the data is spread across different modules or systems. Experienced service providers who specialize in data extraction can provide a more efficient solution and ensure that the information is accurate and reliable.
Cost: Investing in the necessary hardware and software to extract data from an ERP system can be expensive. By outsourcing the project, companies only pay for the services they need.
Need for specialized tools: Companies may not have access to the necessary specialized tools and software. These same tools will be part of a third-party service provider’s day-to-day toolkit.
Data accuracy concerns: Extracting data from an ERP system requires a high level of accuracy to ensure that the data is reliable and can be used for reporting or analysis. If you leave this to chance, you may end up making important decisions based on faulty data.
Need for customized data extraction: Companies may require customized data extraction from their ERP system, which may not be possible with existing in-house resources. Outsourcing to a third-party provider can provide customized solutions that meet the specific needs of the company.
Compliance and regulatory requirements: The data extraction may be subject to specific regulations or industry standards. Companies may not have the in-house expertise to ensure that the process meets these standards, and can benefit from the provider’s knowledge of industry-specific regulations and standards. This helps minimize the risk of regulatory violations, legal penalties and reputation damage.
Scalability: As a company grows, the amount of data generated by an ERP system may increase, and the data extraction process can become more unwieldy. There may become a point when companies don’t have the resources to handle the volume of data generated by their ERP system. Third-party providers can offer scalable solutions that can handle larger data volumes and provide ongoing support as the company grows.

How BluWave Works

If you’re ready to extract data from your ERP system, we’re here to connect you with a niche-specific, expertly vetted service provider.

We know the resource you need for your specific situation before we ever jump on a scoping call, and we’ll introduce you to two or three best-fit solutions in less than one business day.

Download the AI White Paper

Centralized Data Management: Business Intelligence & Analytics

March 17, 2023 Kyle Johnson

What is Centralized Data in Business?

Centralized data in business analytics involves consolidating information from across an organization into a single system for easier analysis.

“This aspect of business intelligence and analytics is important because it gives companies visibility into KPIs at a high level,” says Brandon John, BluWave’s Service Provider Relationship Manager.

The consolidation usually happens in something called a data warehouse.

Business intelligence practices like centralization are becoming more and more important to businesses, whether that mean private equity, portcos or private and public companies.

According to our most recent quarterly report, we saw “broad-scale adoption of data quality and visualization endeavors and emergent efforts in higher level analytics and AI.”

Let’s take a closer look at what data centralization can do for your business.

Benefits of Data Centralization

Increased Visibility and Transparency

Centralized data provides a single source of truth so leadership can make faster, more accurate business decisions.

Early Detection of Issues

Centralized data allows businesses to identify problems sooner before they become bigger issues.

More Consistency

Different departments often have the same definitions and metrics for things like active users and sales. By centralizing data, you can eliminate confusion at the leadership level.

Holistic View of Customer Journey

Centralized data from marketing, sales and customer service systems provide a complete picture of the customer experience.

Advanced Capabilities

It is easier to analyze data and find insights when all of the relevant data is in one place. Businesses can more easily see correlations across different data sets.

Increased Efficiency

Employees don’t have to spend time aggregating data from different systems. Everything is available in a single source.

Improved Trust

There is confidence that the data and reports are accurate and consistent since there is only one version of the truth.

Product Positioning Framework

Positioning Framework Strategy

Indications

Product Features and Benefits

Price Analysis in Positioning Strategy

Competitive Analysis in Positioning Strategy

1. Increase the Price of Manufactured Goods

2. Keep Prices the Same

Manufacturing Pricing Strategies

Understand Your Costs

Understand Your Target Market

Create Value-Based Pricing

Conduct Competitive Analysis

Consider Pricing Tiers

Test and Iterate

Align Pricing with Customer Value

Segment Your Customers

Communicate Value Effectively

Implement Pricing Discipline

Regularly Review and Update Pricing

HCM Systems Benefits

Choosing Employee Management Softwares

Best HCM Systems

The Need for Modernization

Platform Modernization Benefits

Software Modernization Process

What is Sales Data?

Types of Sales Data

How to Track Sales Data

How to Analyze Sales Data

How to Use Sales Data to Make Decisions

How to Share Sales Data with Your Team

What is AP Automation Software?

Benefits and Features

Save Time

Save Money

Improve Accuracy

Reduce Risk

Choosing an AP Automation Tool

Best Accounts Payable Software

What is a Tech Stack?

Tech Stacks of Companies: Examples

How To Choose the Right Tech Stack

What is ERP (Enterprise Resource Planning)?

How To Extract Data from ERP Systems

Integrate API Endpoints

Use Extract, Transform and Load (ETL) Tools

Get Help with ERP Systems

What is Centralized Data in Business?

Benefits of Data Centralization

Increased Visibility and Transparency

Early Detection of Issues

More Consistency

Holistic View of Customer Journey

Advanced Capabilities

Increased Efficiency

Improved Trust