This is part three of a series about calculating ROI for investing in innovative software
For firms performing contract work, staying on top of billable milestones is critical to keeping operating costs low and ensuring the business is healthy. Any delay between completing a billable milestone and invoicing is effectively an extension to the company’s accounts receivable aging. Reducing delays and increasing speed to revenue can have a significant effect on cash flows, particularly as you take on new business with new clients.
Although the time between job completion and invoicing may seem like a minor piece of the overall project process it can often have a significant effect on cash flow.
How SAC Wireless increased speed to revenue by 20% with a proper telecom project management software
SAC Wireless, a telecom service provider, saw a 20% improvement in speed to revenue with the Sitetracker Platform or project and asset management, the leading telecom project management software. This was possible with insight into to project status and steps to completion. Project managers, executives, and field workers quickly adopted the platform. Consequently, this dramatically improved the quality of data collected by the teams, enabled powerful management reporting, and unlocked insightful forecasting.
The SAC Wireless team is now managing and completing projects with unprecedented ease and efficiency. With Sitetracker’s built-in reporting and dashboards, SAC Wireless can now report on project milestones, proactively identify and fix issues, and shorten time to revenue.
Missed revenue opportunities
Quantifying missed revenue opportunities is necessarily difficult and speculative but it’s important to take a step back and ask “what if?” from time to time. The result of your organization’s overall capacity, its adaptability, and its talent will strongly affect how well or how poorly, it capitalizes on different revenue opportunities.
Are there bids that you would have won if it weren’t for a lack of logistical coordination or demonstrated the ability to execute? Stop missing revenue opportunities.
To gain further insight into how you can get a return on investment from innovative software, download our innovator’s guide.