Tracking metrics and key performance indicators (KPIs) is just the first step towards running a data-driven business.
These indicators let you effectively gauge your sales reps' efforts and your sales process. They’re also essential signposts that guide your business activities. Most Technology Partners depend on KPIs to inform their business’s development decisions, influence customer relations strategies, and direct their sales processes.
Harnessing the power of KPIs can
Choosing which KPIs to track is best done by considering what performance factors matter most for your company.
The right KPIs can help your team pinpoint potential performance problems in critical areas such as customer retention and service uptime.
Which sales metrics should MSPs be tracking? Here are some industry-specific KPIs that let IT owners benchmark their teams’ performance and identify potential improvement areas.
Further Reading: Building a Scalable Sales Pipeline for Managed Service Providers
Each MSP KPI that you choose to use in your organization helps give your team a top-down view of the many important processes at play while adding to your big-picture understanding of overall performance.
To comfortably view and assess the various KPIs you choose to track, you will need a good KPI dashboard.
Keeping up with your company's KPIs involves regularly consulting them and tracking progress.
For efficient management, you need to do so without jumping from one application window to another. The bulk of your business's most salient KPIs should be visible in a single space. This goes beyond mere convenience, allowing you and your team members to notice correlations and potential issues much more readily without wasting time.
This is what MSP KPI dashboards do best. These dashboards aggregate the metrics your organization needs the most and displays them in a single location, usually with the addition of custom reporting options based on role and access level.
Maintaining and tracking KPIs can make a clear difference in the way that you run your business. While there are plenty of KPIs that you can take into account, it is essential that you understand what each of the KPIs means and whether they are the right KPIs for your business. Each KPI should have a benchmark based on past data and industry standards. Look for patterns, opportunities, and deviations, so you are in a better position to take the right course of action.
Zomentum helps you transcend silos of disparate information and centralize business insights across your sales funnel. With our reporting module, you can get insights on pipeline health and take the right action to increase sales and grow revenue goals. You can also benchmark your business growth with peers in the Industry and track revenue goals weekly, monthly, and every quarter.
Aggregating all the sales-related data in the same platform makes it easier to make decisions that will drive your growth. In the short term, you improve your sales pitches by reviewing data on successful proposals and uncovering the right moves that helped you win deals. In the long run, you keep track of overall business progress by staying updated on long-term revenue goals and previously achieved sales targets.
Not just sales data, our license reconciliation application keeps track of your customer’s service utilization and your company's invoices. Once activated, it can also send you license usage updates on a regular basis, whether you prefer weekly glimpses or daily details.
Try out Zomentum’s revenue management platform and keep track of your revenue goals.