Technology businesses have to remain competitive in a rapidly changing economic environment with increased global competition. Having clear, accurate and easy to access business data to hand enables managers to make the right decisions at the right time, maximising workforce efficiency and ensuring customer satisfaction and financial targets are being met. Tracking, and responding to, the right metrics can help increase your overall performance and lead to significant improvements in profitability.
Are you regularly tracking the following metrics?
1 .Workforce Efficiency
- Trends in ticket closure rates - the ability to see your ticket closure rates by issue type, source and priority will show you exactly where the bottle necks are so that you can eliminate them. Keeping an eye on changes in your backlog volume will help identify any process issues that need to be tackled and improve workflow and reduce the risk of 'lost' tickets.
- Track and evaluate sales targets - by analysing trends over time you can both identify and reward individuals and teams who are excelling and highlight opportunities for development. Accurate historical data can also inform more rigorous future targets.
- Performance metrics per employee - understanding and achieving appropriate employee utilisation rates is essential for ensuring optimal operations, cost control and planning for more efficient growth.
- Customer Satisfaction
- Contract renewal rates - when customers are happy with performance and feel as though they are getting value they tend to renew and even increase their contracts. A dip in renewals can mean that there are serious issues to address.
- Trends in ticket submissions - looking at trends ticket submissions by customer will give an indicator of performance. Catching changes in trends quickly will allow you to get on top of issues quickly and help retain and grow your customer base.
- SLA reporting - don't put your business at risk through poor service performance. If you have guaranteed SLA's you need to make sure you are meeting them.
- Accurate revenue and cost reporting - using a deferred revenue system to keep an accurate P&L means that you know what is really going on in the business at any one moment in time. With accurate and up-to-date financial data at your fingertips you can make better decisions, faster.
- Pipeline reporting - accurate pipeline reporting allows you to understand what’s at risk, and what is likely to close when, so that you can plan for the business that is coming in, or get out there and generate some new leads.
- Report on billable vs non-billable time - while billable hours generate revenue for your business, non-billable are still important to keep the business running smoothly. However, it is necessary to balance them out in order to control margin. Find out which customers yield a revenue stream that exceeds the costs and which don’t.
- Profitability by client, contract, type and service - understanding exactly where you are making money – and where you are losing it. This is especially important for recurring contracts because underlying costs can quickly get on top of you. Understanding profitability enables you to protect your margins. Find out which customers yield a revenue stream that exceeds the costs and which don’t.
Using HarmonyPSA you can produce the metrics described in this post without the need for complex spreadsheets. Harmony provides end to end business automation software for technology businesses. Powerful customer filters and pivot functionality brings unparalleled multi-currency analytic capability. Contact us for a demo today.
About the Author: Harmony Business Systems Ltd (HBS) is the company behind HarmonyPSA, the most complete cloud PSA software on the market. Developed with functionality to cater for even the most complex needs of MSPs, VARs, ISVs and Professional Services organisations, HarmonyPSA truly is the next generation of PSA systems. HBS is an independent company based in the UK. Follow HarmonyPSA on Twitter