EVX Software built-in reports: The hidden gem for Business Intelligence
How do you improve something you cannot measure? How can you understand your team's or your business's performance if you still need a baseline? As a scientist, you know that a 100% improvement of 0 is still 0, right?
So, what does EVX Software bring to the table? It is easy, you select the metrics you want to track, and we provide the framework and the reports to understand and analyze them.
First of all, you need to select the correct KPIs to measure. This will allow EVX Software to extract the data and present it to you in a summary report for easy access. Now, let's dive into what a KPI is, and how to choose the right one for your needs and avoid the most superficial ones.
So what is a KPI?
Key Performance Indicators (KPIs) are measurable values demonstrating how effectively an organization achieves its key business objectives. Organizations use KPIs at multiple levels to evaluate their success in reaching targets. High-level KPIs may focus on the overall performance of the business, while low-level KPIs may focus on processes in departments such as sales, marketing, HR, or customer support.
In short, a KPI is what you want to measure to understand it without the noise around it and more importantly, analyze it to take executive actions regarding them. You select what is important to your business, measure it in a specific time frame, and analyze it to predict its behavior… then take action.
Let's take this colloquial example: you get a date with somebody, you know the general neighborhood and the day, but not the time or the exact location… the chances of meeting with your friend are slim at best. The same happens in a business scenario, if you don't know the causes for something there is no correlation or causation, therefore there is little to nothing you can do to replicate this or to correct the course it’s taking.
Commonly used KPIs
Now, what are the most common KPIs in businesses around all industries and verticals are:
- Revenue growth: Indicates how much your company is selling over a specific period.
- Net profit margin: The percentage of revenue left after you deduct all the expenses.
- Customer acquisition cost: The cost associated with signing a new client, including marketing and sales expenses.
- Customer lifetime value: The total revenue you can expect from your client over the entire business relationship.
- Gross margin profit: The percentage of revenue that’s left after you deduct all the costs of your product or service.
What about EVX Software's reports?
We want to go beyond the common path, and with EVX Software you can too. Here are our top 5 reports that do not use the most common KPIs but bring a lot of depth to any Business Intelligence analysis.
- Worked time by person: It aims to track and analyze individual work hours, ensuring accurate payroll processing and identifying trends in employee productivity and attendance.
- Utilization report: This provides a comprehensive analysis of how effectively resources (e.g., employees, equipment, or time) are being used within an organization over a specified period.
- Project billing: This report provides a detailed overview of the financial aspects of a project, including the hours worked, billable amounts, invoiced totals, and outstanding payments.
- Aging invoices: provides a snapshot of outstanding invoices and categorizes them based on how long they have been overdue. This report helps businesses manage their accounts receivable, identify late payments, and take necessary actions to improve cash flow.
- Budget report: This report helps in tracking financial performance, identifying variances, and making informed decisions to ensure financial stability and efficiency.
Conclusion
In conclusion, the effective use of Key Performance Indicators (KPIs) and analysis of reports are pivotal components in maximizing the potential of EVX Software and driving organizational success. By carefully selecting and monitoring KPIs that align with business objectives, EVX Software can gain valuable insights into various aspects of its operations, from financial performance to customer satisfaction and employee productivity.
Through thorough analysis of reports generated from EVX Software, stakeholders can make data-driven decisions, identify areas for improvement, and capitalize on growth opportunities. Whether it's optimizing resource utilization, enhancing customer experiences, or improving financial efficiency, the insights derived from KPIs and reports empower EVX Software to stay agile, competitive, and responsive to evolving market dynamics.
As businesses continue to navigate an increasingly complex and competitive landscape, leveraging the power of data through KPIs and analysis becomes not just an advantage, but a necessity. With EVX Software at the helm, armed with robust KPIs and insightful reports, organizations can chart a course toward sustained success, innovation, and excellence in their respective industries.
Jump into a demo and find out the power of these (and others) reports we have already built in our software and start analyzing your Environmental Consulting and Engineering firm from a different perspective.
