The best thing about Excel is that it’s so flexible. The worst thing about Excel is that it’s so flexible. With enough effort and programming, people can bend and twist Excel into doing almost anything. The challenge with that, as many people know, is that lurking inside every spreadsheet are errors that elude the creator. Some errors can be minor, but many errors are much greater in magnitude and can lead to executives making critical decisions based on bad math.
Having worked in technology for many years, I’ve come across numerous diverse opinions and positions on how best to make roadmap decisions on a software product. Well, in fact, I’ve come across a lot of opinions about a lot of things. Most people, I find, are quite full of opinions.
In our first blog in this series, we talked about the necessity of introducing innovation into your business - to improve efficiency, profitability - to stay competitive. Companies that don’t evaluate how they are doing business, and where they need to improve, are being left behind. Introducing innovation doesn’t have to be overwhelming or complex, and doesn’t have to result in spending a whole lot of money – in fact, the best ways to innovate are to look for ways to simplify and streamline your existing business processes.
In this second blog, we’re going to show you how one of our customers, Company A, started to do just that. Company A took a look at a key process – their project cost management - analyzed how they were managing their project costs, how they wanted to manage their project costs and what kind of information they wanted from their project cost management system...and what changes they could make to improve this process. And in future blogs, we’ll see how Company A uncovers inefficiencies in their process, and the result of improvements that they made.
Company A has been in business for a number of years, and has been running labor and materials projects that have been fairly similar in nature. They’ve been successful in that key respect that many small business owners benchmark success by – there was cash in the bank at the end of the month. So, all in all, their projects were running profitably – but the question is....how much more profitable could they be? How much more cash-flow could be generated from their projects? Were there trends developing that would signal areas to improve efficiency, shore up the bottom line?
As we talked about in our first blog, your evaluation has to start with the very first of the W5 – the “What” questions: