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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Private equity market analysis is crucial to inform business decisions about essential activities such as marketing strategies and product development. It involves gathering and analyzing data about a specific market, including its size, potential and competition.
Before any acquisition, BluWave’s co-head of research and operations, Scott Bellinger, emphasizes the importance of this exercise.
“No matter how strong a target company’s product or service is, if the market is shrinking, then it doesn’t matter,” he says. “First and foremost you want to make sure you get the market right and make sure it’s stable and growing and you’re able to find a target within a strong product or service in a strong market.”
With that in mind, let’s take an even more detailed look at a market analysis.
Market analysis is the process of gathering and analyzing data about a specific market, including its size, potential and competition. The purpose of market analysis is to help businesses make informed decisions about marketing strategies, product development, and other business activities.
Bellinger identifies the following as the key, high-level components to investigate:
Target Audience: Pinpointing the particular group of consumers or companies that the product or service is meant to cater to.
Market Size (Volume): Determining the overall scale of the market, which includes the number of possible consumers and the total amount of revenue produced.
Market Trends (Patterns): Examining patterns and shifts in the market, such as transformations in consumer behavior, emergent technologies, and evolving regulations.
Total Adjustable Market: What is the maximum amount of potential clients or customers that exist? Knowing this helps businesses define the opportunity and effort for a new or existing venture.
Competitive Landscape (Assessment): Identifying and evaluating the strengths and weaknesses of rivals, such as their products, pricing tactics, marketing approaches, and customer base.
Market Segregation: Segmenting the market into smaller subgroups based on variables such as age, income, location or behavior.
Voice of the Customer: Grasping the requirements and desires of customers and how they may be changing with time.
Entry Obstacles: Recognizing potential impediments to entry for new competitors, such as high startup costs, regulatory challenges or established brand loyalty.
Distribution Strategies: Analyzing the various channels by which the product or service can be distributed to customers, such as through online sales, retail stores, or collaborations with other businesses.
As Bellinger mentioned before, a business with a shrinking market doesn’t make for a strong acquisition opportunity.
“You could buy the best newspaper in the world, but if no one’s reading newspapers, it doesn’t matter,” he says. “The same goes for middle market companies.”
Conducting a market analysis is critical for businesses for several reasons:
Spotting Opportunities: Through market analysis, businesses can identify fresh prospects for expansion, such as overlooked market segments or emerging trends that can be capitalized on.
Competitive Edge: By analyzing the competition, businesses can gain a more comprehensive understanding of their strengths and weaknesses and devise tactics to differentiate themselves in the market.
Formulating Marketing Tactics: Market analysis helps businesses formulate effective marketing tactics by identifying customer needs and desires, and understanding the most effective ways to reach and engage them.
Risk Management: By understanding market trends and potential obstacles to entry, businesses can minimize risks and make well-informed decisions about product development and expansion.
Decision Support: Market analysis provides businesses with valuable data and insights that can aid decision-making across the organization, from sales and marketing to product development and financial planning.
How to Conduct a Market Analysis
Conducting a comprehensive market analysis involves several steps:
Clarify the Objective: Determine the specific objectives of the market analysis, such as discovering new market prospects or analyzing the competition.
Gather Information: Collect data and information from various sources, such as customer surveys, market research reports, and competitor analysis.
Evaluate Data: Evaluate the data to identify trends, patterns, and insights that can be used to make informed business decisions.
Create Strategies: Utilize the insights obtained from the market analysis to devise effective marketing and business strategies that will aid the company in achieving its objectives.
There are several types of market analysis, each of which serves a specific purpose:
Industry Analysis: Analyzes the overall industry trends, including market size, growth potential, and regulatory environment.
Competitive Assessment: Evaluates the strengths and weaknesses of competitors, including their products, pricing strategies, marketing tactics, and customer base.
Customer Evaluation: Analyzes the needs and preferences of customers, including demographic data, buying habits, and customer satisfaction.
Market Segmentation: Divides the market into smaller sub-groups based on characteristics such as age, income, location, or behavior.
Product Appraisal: Assesses the features, benefits, and pricing of the company’s products or services compared to competitors.
Distribution Study: Examines the various ways in which the product or service can be distributed to customers, such as through online sales, retail stores or partnerships with other businesses.
Each type of market analysis provides a unique perspective on the market and can help businesses identify opportunities.
There are several tools and resources that businesses can use to conduct a market analysis, including:
Market Research Reports: These reports provide in-depth analysis of specific industries, markets, and competitors, and can be purchased from market research firms.
Surveys: Surveys can be used to collect data from customers and potential customers, including information about their needs, preferences and behaviors.
Focus Groups: Focus groups are small groups of people who are brought together to discuss a particular topic, such as a new product or service.
Online Analytics: Online analytics tools can be used to analyze website traffic and customer behavior, providing valuable insights into customer preferences and behaviors.
Social Media Monitoring: Social media monitoring tools can be used to track mentions of the company or its products on social media, providing insights into customer sentiment and feedback.
Market analysis is a critical tool for businesses to gain insights into their target market, but they might not always have the resources or relationships to do so.
That’s why bringing in a proven third-party resource that knows your industry inside-out can accelerate the process.
The invite-only BluWave-grade network of business builders is full of service providers who can help you with this exact challenge.
In less than 24 hours after your initial call, you can speak with resources that have been hand-chosen just for you. After selecting the best fit, we’ll be by your side from day one until the engagement for your market study is complete.
Service Provider Type: Business Process Outsourcing – Offshoring
Industry: Human Capital
Need
Business Process Outsourcing – Offshoring
PE firm sought offshore assistance with manual tasks to increase efficiency, lower costs and focus on higher order.
Challenge
Finding an offshore partner to free up resources
The PE firm sought an entity that could get them as close as possible to a turnkey finished product for several daily manual tasks performed by one of their human-capital focused portcos. Many of their work streams were labor-intensive, and the right offshoring partner would help them free up those resources to focus on higher order while lowering costs.
How BluWave Helped
The Business Builders’ Network
After the initial scoping call to understand the PE firm’s specific needs, we reached to a pair of exact-fit resources that we knew would be great matches for this project. The firm evaluated them both and engaged with a BluWave-grade service provider that has completed multiple successful projects for other PE firms.
Result
Lowered operation costs and freed up resources
We connected the private equity firm to a trusted, proven service provider that specializes in offshoring. They tapped into their network in high-growth emerging cities, allowing the firm to lower its operations costs and connect with tenured expertise in a less competitive environment. The manual processes were offshored allowing the PE firm to reinvest the time and money it saved its portco.
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.
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.
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.
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.
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.
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.
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They are used to manage everyday business activities such as finance functions, compliance, risk management, retail, supply chain and HR.
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.
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.
How has the current economic situation – i.e. the 2023 bank collapses – affected collaboration between operating partners, portfolio support and deal teams? What are private equity firms’ latest technology best practices around data & analytics, cybersecurity and AI?
These were the hot topics in the latest BluWave-hosted PE Operating Partners’ forum March 21.
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.
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.
Digital transformation is no longer something only the biggest, wealthiest companies can afford.
Not only are these services within reach for businesses of all sizes – from enterprise organizations to lower middle market companies – but they’re also essential.
Learn about common improvement areas all businesses can implement to accelerate digital transformation efforts.
Business leaders, including operations partners at private equity firms, C-level executives and functional leads are evaluating the digital capabilities and infrastructure in their companies to identify areas for improvement
Simple improvements to workflows or procedures can significantly trim manual tasks and optimize human capital during economic uncertainty
“No-regret” moves such as the following can accelerate change in a targeted, cost-effective way:
Adopting cloud and SaaS solutions
Improving cybersecurity
Enhancing website capabilities with tools like chatbots
Automating order processing and inventory management
How do you identify top C-suite talent? And what’s the best way to improve culture and retention for existing employees?
These were among the most popular topics in the latest BluWave-hosted Human Capital forum March 9.
Megan Ryan Kanefsky of J.F. Lehman & Company, Kristin Brown Patrick of New State Capital Partners and Abby Wilson of Transom Capital Group joined BluWave as panelists for the virtual event.
The panelists discussed the importance of creating scorecard assessments for all executive positions to test technical aptitude.
Incorporating objective criteria, such as personality assessments, can also be helpful. For example, when hiring a CFO, the process might involve screening for cultural fit, sending an assessment that models financial statements with errors and conducting behavioral interviews with key stakeholders.
To ensure success, it’s essential to communicate effectively with candidates and get alignment on what you’re looking for from the onset. Putting in the work upfront can help build a high-performing executive team that drives company growth and success.
Hiring deeper within the organization – beyond the C-suite – also came up. The panelists said that one important aspect of the hiring process is using data to evaluate talent.
Objective criteria like cognitive abilities and behavioral fit for the role can help companies focus on hiring for aptitude and growth potential rather than just credentials. Encouraging a mindset of thinking outside the box can also help identify junior talent with a strong aptitude to learn and grow.
While it may take longer to find smarter and better hires, these candidates are more likely to stay and contribute to the growth and success of the company.
Improving Retention and Culture
Creating a positive and engaging work culture – vital to retaining top talent – was the third and final topic the panelists discussed.
One way to encourage employee buy-in and create a sense of ownership is to offer profit interests to all employees, not just top executives. This can motivate team members as they feel invested in the success of the company. Leadership programs for middle managers and director-level employees can also have a significant impact on retention rates.
Regular standing events create a sense of loyalty to the organization, too. For example, weekly lunches or bi-weekly events can encourage collaboration and give different levels of the organization opportunities to interact. This can foster a sense of community and help create a more positive work environment.
Simple acts of recognition and gratitude can also go a long way toward building a more positive culture, the panelists said.
