Author: Brad Gerick

How To Analyze Sales Data: Tools, Examples, KPIs

April 11, 2023 Brad Gerick

What is Sales Data?

Knowing how to analyze sales data is a valuable skill that can be used to improve sales results. By tracking and analyzing sales data – concrete information about how your products or services are selling – you can identify trends, patterns and opportunities that can help you close more deals and increase revenue.

For example, you might see that your sales cycle is longer for certain types of customers. This could be because you need to do more research on them or because they are more difficult to close. Once you know this, you can take steps to improve your process for these types of customers.

Having this information is a great way to increase sales effectiveness and training. The more actionable data your team has, the better set up for success they’ll be.

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An experienced third party that specializes in sales effectiveness and training within your specific industry can be a great resource for these situations.

To help you get a better understanding of your situation, let’s talk about the importance of analyzing sales data, how to do it and what steps you can take to improve your business’s process. Whether you’re at a private equity firm, a portfolio company, or a private or public company, you’ll benefit from being equipped with this overview.

READ MORE: Sales Process Workflow: Stages, Examples for Businesses

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Types of Sales Data

There are many different types of sales data that you can track. Here some of the most common statistics:

  • Leads: Potential customers who have shown interest in your product or service.
  • Opportunities: Sales prospects that have progressed beyond the lead stage and are being actively pursued.
  • Deals: Closed sales that have been won.
  • Revenue: Total amount of money generated from sales.
  • Customer satisfaction: Degree to which customers are satisfied with your product or service.
  • Sales cycle length: Amount of time it takes from the first contact with a lead to closing the sale.
  • Average deal size: Average dollar amount of each sale.
  • Sales team productivity: Efficiency and effectiveness of the sales team in generating revenue.
  • Sales team turnover: Rate at which sales team members leave the organization and need to be replaced.

READ MORE: Why Hire an Interim CFO?

How to Track Sales Data

Two common ways to track sales data are Customer Relationship Management systems and spreadsheet. The most important thing is to choose a method that works for you and your team.

As your company grows – or aspires to grow – a powerful CRM such as Salesforce or Hubspot will be a must. If you’re reading this article, you probably already have a CRM in place.

These platforms provide comprehensive tools for managing sales data, including tracking leads, opportunities, deals and customer interactions. You can easily input, store and retrieve data in a centralized location, making it convenient to extract meaningful insights.

A spreadsheet is probably only a good option for companies that are just starting out and have small sales teams. Microsoft Excel or Google Sheets offer basic functionality for organizing and analyzing sales data.

They allow you to create custom columns and rows to input sales data, and you can use formulas and formatting options to calculate totals, averages and other key metrics. While spreadsheets may lack the advanced features of a CRM, they can be a cost-effective solution for businesses with limited resources.

Regardless of the method you choose, it’s essential to establish a consistent and structured approach. This includes defining clear data entry processes, setting up regular data updates and implementing data quality checks.

It’s also important to define and track relevant sales metrics that align with your business goals, such as those mentioned in the previous section.

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How to Analyze Sales Data

Analyzing sales data is a crucial step in understanding the performance of your business and identifying areas for improvement. One effective approach is to utilize various visualization tools such as charts, graphs and tables to represent your data in a visually appealing and easy-to-understand manner.

For instance, you could create a line chart to track the monthly trend of leads generated, allowing you to quickly identify patterns. If you notice a decline in the number of leads over time, you can take proactive measures to address the issue. For instance, you could revamp your marketing strategies, optimize your website for better lead capture or invest in targeted advertising campaigns to boost lead generation.

In addition to visualizing data, statistical analysis can provide valuable insights into sales performance. For example, you could conduct regression analysis to identify the key drivers of sales, such as the impact of pricing, discounts or promotions on sales volume.

By analyzing the statistical significance of these factors, you can make data-driven decisions.

It’s also important to compare sales data across different time periods, geographical regions or customer segments to identify any variations or patterns. Sales may be down from Q4 to Q1, for example, but up year-over-year.

If Q4 is traditionally your strongest quarter, there may be no need for concern. In fact, it’s probably worth celebrating the increase from the same period in the previous year.

Getting more granular, if you notice that sales tend to dip during certain months, you can strategize accordingly, such as by offering special promotions during those periods.

This information and more can help you tailor your sales strategies to better meet the needs and preferences of different customer segments or regions.

READ MORE: Sales Pipeline Funnel: Methodology, Process for Businesses

How to Use Sales Data to Make Decisions

Once you’ve analyzed your sales data, you can use it to make decisions about your strategy. For instance, if you observe that a specific product or service is underperforming, you may consider discontinuing it or revising your marketing approach.

On the other hand, if you identify a product or service that is performing exceptionally well, you may want to allocate more resources towards its promotion or expansion.

You can also use sales data to make decisions about your sales team. By analyzing individual sales performance data, you may identify trends or patterns that highlight areas for improvement.

For example, if a particular salesperson consistently struggles with closing deals, you may consider providing them with additional training or coaching to enhance their skills. Alternatively, you may identify high-performing sales team members and recognize their achievements to motivate the rest of the team.

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How to Share Sales Data with Your Team

Sales data is not just for you. It’s also important to share your data with your sales team so that they can use it to improve their performance.

There are various ways to do this. For instance, you can create a shared spreadsheet or database that is accessible to all team members, allowing them to view and analyze data in real-time. This promotes transparency and fosters collaboration, as team members can collectively track progress, identify opportunities and take appropriate actions.

Another option is to send out regular reports that summarize key sales metrics and performance indicators (KPIs, or OKRs) to your team. These reports can be delivered via email, shared on a team communication platform or posted on a shared drive for easy access.

In addition, holding regular sales meetings or performance reviews where sales data is discussed and analyzed can provide opportunities for team members to provide input, share insights and collectively brainstorm improvement strategies.

It’s essential that the sales data shared with your team is presented in a clear and understandable manner, with relevant context and insights provided. This can help team members interpret the data correctly and use it to make informed decisions, set realistic goals and take actions that can positively impact performance.

READ MORE: How To Raise Prices Strategically with Sales Team Buy-In

Using sales data to improve your results is a continuous process. Perhaps this level of detail is new to your business, or maybe you’re unsure how to scale your existing strategy.

You might even be trying all these things and still not seeing the progress you expect.

It might be time to bring in an expertly vetted service provider that knows your industry inside-out and can equip your sales team and its leaders to reach the next level.

Whether you’re selling physical products, software, services or anything else that’s core to your business, the BluWave-grade sales effectiveness firms and consultants are on standby to help.

We maintain a close relationship with each and everyone one of the resources that make up our invite-only network, which means we know the best match for you before you ever contact our research and operations team.

Contact us today to lay out the challenges you’re facing to properly leverage sales data and we’ll connect you to two of three niche-specific matches in less than 24 hours.

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Automating Accounts Payable: Benefits of the Best Software

April 10, 2023 Brad Gerick

What is AP Automation Software?

Accounts payable (AP) automation software is a multifunctional tool that assists businesses in optimizing and automating their accounts payable operations. This can involve activities such as processing invoices, matching purchase orders, and reconciling payments. AP automation software has the potential to reduce risk, increase precision, and save time and money for businesses.

AP automation software typically comes equipped with the following functionalities:

  • Invoice processing: The software can automatically acquire invoices from vendors, extract critical data, and direct them for approval.
  • PO matching: The software can match invoices with purchase orders to verify accuracy and ensure that the appropriate products or services were received.
  • Payment reconciliation: The software can cross-check payments against invoices to confirm timely payment and accurate payment amounts.

AP automation software is an advantageous tool for businesses of all sizes. By employing this software, businesses can enhance their accounts payable processes, reduce risks, save time and money, and improve accuracy.

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Benefits and Features

AP automation can provide a number of benefits for businesses, including increased efficiency, reduced costs, and improved accuracy.

Save Time

AP automation software can streamline accounts payable procedures such as invoice processing, PO matching, and payment reconciliation, freeing up time for other tasks like negotiating vendor discounts.

Save Money

By minimizing expenses and removing the need for manual data entry and processing, AP automation software can help businesses save money.

Improve Accuracy

With AP automation software, businesses can ensure prompt invoice payments and accurate vendor payments, thanks to decreased likelihood of human errors.

Reduce Risk

AP automation software generates an easily traceable record of all transactions, which helps to safeguard businesses from fraud and financial losses.

CASE STUDY: Accounting Specialist in a Hurry for a PortCo

Choosing an AP Automation Tool

Choosing the right AP automation software for your business depends on your specific needs. Experienced third parties who have helped businesses implement these exact systems are an excellent resource.

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Some factors to consider include:

  • The size of your business: The size of your business will affect the type of AP automation software you need. Larger businesses may need a more sophisticated solution, while smaller businesses may be able to get away with a simpler solution.
  • The volume of invoices you process: The volume of invoices you process will also affect the type of AP automation software you need. If you process a large number of invoices, you will need a solution that can handle the volume.
  • Your budget: AP automation software can range in price from a few hundred dollars to tens of thousands of dollars. It is important to set a budget before you start shopping for a solution.
  • Integrations: Some AP automation software solutions offer integrations with other business systems, such as ERP systems and accounting software. If you have other business systems in place, you will want to make sure that the AP automation solution you choose can integrate with them.

If you’re not sure how to make this evaluation, it might be a good time to bring in an experienced third party.

READ MORE: Tech Stacks of Companies: How To Choose

Best Accounts Payable Software

While there isn’t one “best” software solution, here are some of the more popular ones:

  • NetSuite: NetSuite is a cloud-based ERP solution that includes a number of features for AP automation.
  • DocuPeak: Docupeak is a web-based AP automation solution that offers a number of features, including invoice processing, PO matching, and payment reconciliation.: DocuPeak is a web-based AP automation solution that offers a number of features, including invoice processing, PO matching, and payment reconciliation.
  • Tipalti: Tipalti is a cloud-based AP automation solution that offers a number of features, including invoice processing, PO matching, and payment reconciliation.

A BluWave-grade expert from our expertly vetted network can help you choose among these and other top providers, saving your time and money.

READ MORE: Outsourced Bookkeeping Services: Third-Party Accounting Help

Matching your specific organization’s needs to the right accounts payable automation software can be time-consuming. The risks of choosing the wrong providers for such an important task are too high to leave to chance.

The Business Builders’ Network is full of proven third parties who have helped countless PE firms, portfolio companies and private and public businesses choose the right partner for this exact situation.

Our research and operations team knows the exact-fit, industry-tailored service provider for your specific situation before you even contact us.

Set up a scoping call today, and you’ll be introduced to of the best options on the market within a single business day.

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Private Equity Market Analysis: Growth Strategy for Businesses

April 4, 2023 Brad Gerick

Private equity market analysis is crucial to inform business decisions about essential activities such as marketing strategies and product development. It involves gathering and analyzing data about a specific market, including its size, potential and competition.

Before any acquisition, BluWave’s co-head of research and operations, Scott Bellinger, emphasizes the importance of this exercise.

“No matter how strong a target company’s product or service is, if the market is shrinking, then it doesn’t matter,” he says. “First and foremost you want to make sure you get the market right and make sure it’s stable and growing and you’re able to find a target within a strong product or service in a strong market.”

With that in mind, let’s take an even more detailed look at a market analysis.

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What is Market Analysis?

Market analysis is the process of gathering and analyzing data about a specific market, including its size, potential and competition. The purpose of market analysis is to help businesses make informed decisions about marketing strategies, product development, and other business activities.

READ MORE: What is Commercial Due Diligence?

Bellinger identifies the following as the key, high-level components to investigate:

  1. Target Audience: Pinpointing the particular group of consumers or companies that the product or service is meant to cater to.
  2. Market Size (Volume): Determining the overall scale of the market, which includes the number of possible consumers and the total amount of revenue produced.
  3. Market Trends (Patterns): Examining patterns and shifts in the market, such as transformations in consumer behavior, emergent technologies, and evolving regulations.
  4. Total Adjustable Market: What is the maximum amount of potential clients or customers that exist? Knowing this helps businesses define the opportunity and effort for a new or existing venture.
  5. Competitive Landscape (Assessment): Identifying and evaluating the strengths and weaknesses of rivals, such as their products, pricing tactics, marketing approaches, and customer base.
  6. Market Segregation: Segmenting the market into smaller subgroups based on variables such as age, income, location or behavior.
  7. Voice of the Customer: Grasping the requirements and desires of customers and how they may be changing with time.
  8. Entry Obstacles: Recognizing potential impediments to entry for new competitors, such as high startup costs, regulatory challenges or established brand loyalty.
  9. Distribution Strategies: Analyzing the various channels by which the product or service can be distributed to customers, such as through online sales, retail stores, or collaborations with other businesses.
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Why is Market Analysis Important?

As Bellinger mentioned before, a business with a shrinking market doesn’t make for a strong acquisition opportunity.

“You could buy the best newspaper in the world, but if no one’s reading newspapers, it doesn’t matter,” he says. “The same goes for middle market companies.”

Conducting a market analysis is critical for businesses for several reasons:

  1. Spotting Opportunities: Through market analysis, businesses can identify fresh prospects for expansion, such as overlooked market segments or emerging trends that can be capitalized on.
  2. Competitive Edge: By analyzing the competition, businesses can gain a more comprehensive understanding of their strengths and weaknesses and devise tactics to differentiate themselves in the market.
  3. Formulating Marketing Tactics: Market analysis helps businesses formulate effective marketing tactics by identifying customer needs and desires, and understanding the most effective ways to reach and engage them.
  4. Risk Management: By understanding market trends and potential obstacles to entry, businesses can minimize risks and make well-informed decisions about product development and expansion.
  5. Decision Support: Market analysis provides businesses with valuable data and insights that can aid decision-making across the organization, from sales and marketing to product development and financial planning.

How to Conduct a Market Analysis

Conducting a comprehensive market analysis involves several steps:

  1. Clarify the Objective: Determine the specific objectives of the market analysis, such as discovering new market prospects or analyzing the competition.
  2. Gather Information: Collect data and information from various sources, such as customer surveys, market research reports, and competitor analysis.
  3. Evaluate Data: Evaluate the data to identify trends, patterns, and insights that can be used to make informed business decisions.
  4. Create Strategies: Utilize the insights obtained from the market analysis to devise effective marketing and business strategies that will aid the company in achieving its objectives.

READ MORE: Centralized Data Management: Business Intelligence & Analytics

Types of Market Analysis

There are several types of market analysis, each of which serves a specific purpose:

  1. Industry Analysis: Analyzes the overall industry trends, including market size, growth potential, and regulatory environment.
  2. Competitive Assessment: Evaluates the strengths and weaknesses of competitors, including their products, pricing strategies, marketing tactics, and customer base.
  3. Customer Evaluation: Analyzes the needs and preferences of customers, including demographic data, buying habits, and customer satisfaction.
  4. Market Segmentation: Divides the market into smaller sub-groups based on characteristics such as age, income, location, or behavior.
  5. Product Appraisal: Assesses the features, benefits, and pricing of the company’s products or services compared to competitors.
  6. Distribution Study: Examines the various ways in which the product or service can be distributed to customers, such as through online sales, retail stores or partnerships with other businesses.

Each type of market analysis provides a unique perspective on the market and can help businesses identify opportunities.

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Tools for Market Analysis

There are several tools and resources that businesses can use to conduct a market analysis, including:

  1. Market Research Reports: These reports provide in-depth analysis of specific industries, markets, and competitors, and can be purchased from market research firms.
  2. Surveys: Surveys can be used to collect data from customers and potential customers, including information about their needs, preferences and behaviors.
  3. Focus Groups: Focus groups are small groups of people who are brought together to discuss a particular topic, such as a new product or service.
  4. Online Analytics: Online analytics tools can be used to analyze website traffic and customer behavior, providing valuable insights into customer preferences and behaviors.
  5. Social Media Monitoring: Social media monitoring tools can be used to track mentions of the company or its products on social media, providing insights into customer sentiment and feedback.

READ MORE: What is Product Positioning? Framework, Strategy for Marketing

Market analysis is a critical tool for businesses to gain insights into their target market, but they might not always have the resources or relationships to do so.

That’s why bringing in a proven third-party resource that knows your industry inside-out can accelerate the process.

The invite-only BluWave-grade network of business builders is full of service providers who can help you with this exact challenge.

When you connect with our research and operations team, they scope the finest details of your need before connecting you with two or three exact-fit solutions.

In less than 24 hours after your initial call, you can speak with resources that have been hand-chosen just for you. After selecting the best fit, we’ll be by your side from day one until the engagement for your market study is complete.

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Strategic Sourcing and Procurement: What is It?

April 4, 2023 Brad Gerick

What is Sourcing Strategy and Procurement?

Strategic sourcing and procurement is a crucial process that aids businesses to balance revenue growth strategies, smart cost containment, sourcing and operations configuration.

“When the economy’s going down, people aren’t making as much money as before,” says Scott Bellinger, BluWave’s co-head of research and operations. “Even if they’re maintaining or increasing their sales, the cost is going up. Every dollar you can capture in a downturn is huge for business.”

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The process entails a strategic outlook on possibilities and requires a well-executed implementation to achieve lower total cost and support revenue growth. In essence, the objective is to attain a balance between operational efficiency and financial performance.

“There are companies that are really trying to build out a platform that allows them to be a strategic sourcing provider to large manufacturers,” says one of our BluWave-grade service providers, Don Jenkins* of Supply Chain Management Co. “So they’re going to help them acquire components from around the world from suppliers. They’re going to administer those contracts. They’re going to handle the logistics of any regulatory issues that fall into that.”

CASE STUDY: More Than $14 Million Saved on Resin Procurement for Plastics Company

Strategic sourcing is an integral part of supply chain management that provides a systematic approach to assure timely delivery of goods and services and decrease the risk and costs involved in the supply chain.

Investing in supplier relationships is a key aspect of this process. Let’s look at it in more detail.

READ MORE: What is Commercial Due Diligence?

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Examples of Strategic Sourcing

  • Outsourcing non-core products or services: A company could contract a vendor or supplier who can deliver products or services within the required time frame and without any delays or issues.

“I think where it gets more proprietary, a little more specialized, I think those areas are less likely to maybe outsourced,” Jenkins says. “Whereas when you look at kind of commodity products and commodity processes, that’s where the outsourcing’s probably more likely to happen.”

  • Creating partnerships with suppliers for key products: An organization might opt to centralize all purchases with a single vendor to avoid high delivery fees or fluctuating prices for goods.
  • Procuring commodities internationally: A business may identify a supplier or vendor who can provide multiple products or deliveries simultaneously from different regions around the world.
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Best Practices for Sourcing Optimization

  • Spend analysis: Analyzing the company’s spending patterns to identify areas where costs can be reduced.
  • Establishing clear criteria for supplier selection and evaluation: Businesses can use scorecards or other formats to select the suppliers that best meet the company’s needs.
  • Negotiating contracts: This step helps organizations achieve the best possible terms and conditions.
  • Developing strong relationships: Building long-term relationships ensures a stable and reliable supply of goods and services. Third-party resources with existing supplier relationships are a great way to accelerate this step.

“The businesses are going to want to have strong relationships with those suppliers,” Jenkins says. “They’re going to handle all the logistics-related issues, and they’re going to administer those contracts.”

  • Advanced analytics: Identify opportunities for cost savings and supplier performance improvement through data. With the explosive growth of AI tools, this is easier than ever..
  • Focusing on total cost of ownership: The initial purchase price should not be the only factor when evaluating suppliers.

READ MORE: How To Analyze Sales Data: Resources, Examples, KPIs

Supply Chain Management Benefits

  • Cost savings through economies of scale: By consolidating purchases and leveraging their purchasing power, companies can achieve cost savings through economies of scale.
  • Improved efficiency: Strategic sourcing can help improve the efficiency of the procurement process by reducing the time and resources required to identify and evaluate suppliers.

“There’s not a large variance in pricing that exists because of the nature of the commodity product,” Jenkins says. “So you have different areas of the world, potentially, where you can go to get that product, and the magic is just having someone that can organize it, find it, administer the contract, get the logistics set up.”

  • Access to expertise and technology: Organizations may access to expertise and technology that they may not have in-house. This can help improve the quality of products and services and reduce costs.
  • Improved supplier relationships and performance: Strategic sourcing involves building long-term relationships with suppliers. This can help improve supplier performance and reduce risk.
  • Reduced risk: By building strong relationships with suppliers and implementing a supplier relationship management program, companies can reduce the risks associated with their supply chain.
  • Increased agility: Businesses that correctly implement strategic sourcing can more quickly respond to changes in the market.
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“It’s like ‘What pieces of what we do can we outsource, not have to have our full-time resources committed to this and still get the job done?'” Jenkins says of companies’ approach to strategic sourcing. “In what cases does it make sense to outsource a product or service or process as opposed to trying to do it yourself?”

CASE STUDY: Offshoring Experts Sought To Save Time, Lower PortCo’s Operation Costs

Steps for Implementing Procurement Management

Businesses are concerned with two types of procurement: indirect and direct.

Indirect procurement means cutting costs from anything that’s not core to the business product or service being done. Examples include company cars, postage, travel spend, telecom providers, and pens and pencils, to name a few.

Bellinger says expert third parties are highly motivated to help with this.

“The benefits would be that you can engage a firm that can take out costs of your business for non-core expenditures,” he says. “The beauty of it is these groups work off of a gain-share model, so they have an incentive to help you save money.”

Direct procurement, on the other than, is related to lowering COGS via things like components, manufacturers and resource suppliers.

“As your supplier base continues to raise prices, you want to engage direct procurement groups that can resource your suppliers on a lower cost profile,” Bellinger says.

  • Step 1: Assess your current procurement process: This involves analyzing your current procurement process to identify areas for improvement and opportunities for cost savings.
  • Step 2: Identify products or services to outsource: This involves identifying the products or services that can be outsourced to achieve cost savings and improve efficiency.
  • Step 3: Evaluate potential suppliers: This involves evaluating potential suppliers based on criteria such as cost, quality, reliability, and delivery time.
  • Step 4: Negotiate contracts and establish service level agreements: This involves negotiating contracts with suppliers to achieve the best possible terms and conditions, and establishing service level agreements to ensure that suppliers meet the company’s requirements.
  • Step 5: Monitor and evaluate supplier performance: This involves monitoring supplier performance to ensure that they are meeting the company’s requirements and taking corrective action if necessary.
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Factors to Consider for Strategic Sourcing

  • Proprietary technologies and products: Organizations should assess whether outsourcing will compromise their proprietary technologies and products that give them a competitive edge.
  • Customer relationships: Firms should also consider the impact on their customer relationships, particularly if they have strong ties.
  • Commodity products and processes: Businesses may want to outsource commodity products and processes that do not provide a competitive advantage. This can help them reduce expenses and enhance productivity.
  • Cost savings: Enterprises must evaluate the possible cost savings that can be attained through outsourcing.
  • Supplier capabilities: Firms should assess the abilities of potential suppliers to ensure that they can meet the company’s requirements.
  • Risk management: Organizations must consider the risks associated with outsourcing and take measures to mitigate those risks.

“There are companies that have built up a network of supply sources and a network of transportation solutions to get a product from A to B,” Jenkins says. “If you’re a large manufacturer, and this happens to be a product that you don’t deal with every single day in large quantities, but every once in a while you need it, and when you need it, you need it badly, that is a pretty good candidate for an outsource relationship.”

READ MORE: How To Raise Prices Strategically with Sales Team Buy-In

The expertly vetted third-party resources in the Business Builders’ Network understand the importance of strategic sourcing to get the most out of your investment.

Tapping into industry-specific service providers who know not only your business, but also your competitors as well as you do can provide a significant advantage.

No matter what objectives your PE firm, portco, private or public company has, our research and operations team will assess your needs and provide a short list of best-fit solutions within a single business day.

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*Privacy is important to us. While the source and company name have been changed, these are real quotations from a real service provider in the BluWave Business Builders’ Network.

Tech Stacks of Companies: How To Choose

March 29, 2023 Brad Gerick

What is a Tech Stack?

A tech stack is a set of software tools and programming languages that serves as the foundation of any technology project, including websites, desktop software and apps.

It’s also the backbone of a project and can determine its performance, scalability and maintenance in the long run. Selecting the right one can help developers streamline their work, speed up the development process and provide a better user experience.

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CASE STUDY: Transforming Big Data into Actionable Insights for Legal Services

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Tech Stacks of Companies: Examples

  1. The LAMP Stack is a widely used open-source web development stack that is suitable for creating dynamic websites. It comprises Linux, Apache, MySQL, and PHP, where Linux is the operating system, Apache is the web server software, MySQL is the database management system and PHP is the programming language used to create dynamic web pages.
  2. MEAN Stack is a comprehensive JavaScript framework that is widely used to create dynamic web applications. It comprises MongoDB, Express.js, Angular and Node.js. MongoDB serves as the NoSQL database management system, Express.js is a web application framework used with Node.js, Angular is the front-end JavaScript framework that enables the creation of dynamic web pages and Node.js provides the back-end JavaScript runtime environment.
  3. Another JavaScript framework that is commonly used for creating web applications that support real-time updates is the MERN Stack. It comprises MongoDB, Express.js, React, and Node.js. MongoDB serves as the NoSQL database management system, Express.js is a web application framework used with Node.js, React is the front-end JavaScript library used for building user interfaces and Node.js provides the back-end JavaScript runtime environment.
  4. Ruby on Rails is a well-known web development framework that utilizes the Ruby programming language. It is a preferred choice for startups because of its user-friendly interface and straightforwardness. Ruby on Rails follows the Model-View-Controller (MVC) architectural pattern and emphasizes convention over configuration.
  5. The .NET Stack is a Microsoft technology stack that includes tools such as C#, ASP.NET, and Microsoft SQL Server. It is widely used for creating enterprise-level web applications. C# is an object-oriented programming language that helps develop Windows desktop applications and ASP.NET is a web application framework used for creating dynamic web pages.
  6. Django Stack is a Python web development framework that is widely used for creating scalable and secure web applications. Django follows the Model-View-Template (MVT) architectural pattern and incorporates an Object-Relational Mapping (ORM) layer that enables developers to interact with databases using Python code.
  7. The iOS Stack is a comprehensive stack of tools that includes Xcode, Swift, and Objective-C and is widely used for creating iOS mobile applications. Xcode is an integrated development environment (IDE) used to develop iOS apps, Swift is a programming language developed by Apple specifically for iOS app development and Objective-C was previously used to develop iOS apps before Swift was introduced.
  8. The Android Stack is another comprehensive stack of tools that includes Android Studio, Java, and Kotlin and is widely used for developing Android mobile applications. Android Studio is an IDE used to develop Android apps, Java is an object-oriented programming language that is used for building Android apps and Kotlin was introduced by Google as an alternative to Java for Android app development.
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How To Choose the Right Tech Stack

Choosing the right tech stack is a critical decision for private equity firms. The right PE technology stack should be a cohesive system that enables fund managers to source deals, manage relationships with limited partners and portfolio companies, and close more deals.

A firm with the right technology solutions in place can work smarter and faster, deliver higher-margin services and ultimately increase profitability. For private equity firms, the technology stack should be viewed as an investment and a way to stay ahead of the competition.

READ MORE: The Power of AI, Data Analytics in IT Due Diligence

There are many factors that go into choosing the technology stack, but here are some of the more important ones:

  1. Out-of-the-box solutions: These are pre-built software solutions that can be used to solve common problems. They can save time and money by reducing the need for custom development. Examples include WordPress, Shopify and Salesforce.
  2. Integration with third-party solutions: This refers to the ability of a tech stack to work with other software solutions. It’s important to choose a tech stack that can easily integrate with other tools you may need in the future. Examples include Zapier, Segment and Twilio.
  3. Developer availability: This refers to the availability of developers who are skilled in a particular tech stack. It’s important to choose a tech stack that has a large pool of developers available so that you can find the right talent for your project.
  4. Documentation: This refers to the quality and quantity of documentation available for a particular tech stack. Good documentation can help developers get up to speed quickly and reduce the time needed for troubleshooting. Examples include React documentation and Django documentation.
  5. Easy to test: This refers to how easy it is to test code written in a particular tech stack. A good tech stack should have testing tools built-in or have easy-to-use testing frameworks available. Examples include Jest for React and Pytest for Python.

READ MORE: Data Warehouse Types: How To Choose the Right One

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If any of this sounds like unfamiliar territory (and even if it doesn’t), it may be a good reason to look for expert help.

There are experienced, proven service providers out there who know industry-specific tech stack requirements inside-out and can help your business make the best decisions every step of the way.

READ MORE: How To Extract Data from ERP Systems

Fortunately, you don’t have to waste time searching for them. Hundreds of PE firms and private and public companies tap into the Business Builders’ Network for this exact reason.

Not only will you be connected in less than one business day, but we’ll only provide the exact-fit resources that are experienced in your particular industry.

Contact out research and operations team to get started with your firm’s or company’s tech stack.

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How To Extract Data from ERP Systems

March 23, 2023 Brad Gerick

What is ERP (Enterprise Resource Planning)?

Enterprise Resource Planning (ERP) software streamlines business processes by coordinating data flow across an organization. It provides a single source of truth and optimizes operations.

They are used to manage everyday business activities such as finance functions, compliance, risk management, retail, supply chain and HR.

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How To Extract Data from ERP Systems

Integrate API Endpoints

One way to extract data from ERP systems is by connecting your database to an API management platform.

From there, you can define and test your API endpoints with an external tool.

Lastly, you will integrate the API endpoints in order to get the data from the ERP system.

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Use Extract, Transform and Load (ETL) Tools

Another way is by connecting your ETL tool to your ERP system’s database.

Once connected, you must tell the program what information you want to pull out before converting it into a format other systems can use.

Then you can put all that converted data into a database.

READ MORE: What are the Different Data Warehouse Types?

Get Help with ERP Systems

As you might have gathered from the overview above, managing Enterprise Resource Planning data is no easy task.

That’s why so many PE firms seek help for their portcos in this area. Private and public companies often seek outside support, too.

Here are the primary hurdles we hear about on scoping calls where a client needs help extracting data from their ERP:

  1. Lack of internal expertise: This is a common challenge when extracting data from enterprise resource planning (ERP) systems. Outsourcing to a third-party service provider offers access to domain experts with the knowledge and skills to efficiently extract data.
  2. Time constraints: Outsourcing offers a faster turnaround and allows companies to focus on core business functions rather than data extraction, which can be a time-consuming process.
  3. Complexity: Extracting data can be complex, especially if the data is spread across different modules or systems. Experienced service providers who specialize in data extraction can provide a more efficient solution and ensure that the information is accurate and reliable.
  4. Cost: Investing in the necessary hardware and software to extract data from an ERP system can be expensive. By outsourcing the project, companies only pay for the services they need.
  5. Need for specialized tools: Companies may not have access to the necessary specialized tools and software. These same tools will be part of a third-party service provider’s day-to-day toolkit.
  6. Data accuracy concerns: Extracting data from an ERP system requires a high level of accuracy to ensure that the data is reliable and can be used for reporting or analysis. If you leave this to chance, you may end up making important decisions based on faulty data.
  7. Need for customized data extraction: Companies may require customized data extraction from their ERP system, which may not be possible with existing in-house resources. Outsourcing to a third-party provider can provide customized solutions that meet the specific needs of the company.
  8. Compliance and regulatory requirements: The data extraction may be subject to specific regulations or industry standards. Companies may not have the in-house expertise to ensure that the process meets these standards, and can benefit from the provider’s knowledge of industry-specific regulations and standards. This helps minimize the risk of regulatory violations, legal penalties and reputation damage.
  9. Scalability: As a company grows, the amount of data generated by an ERP system may increase, and the data extraction process can become more unwieldy. There may become a point when companies don’t have the resources to handle the volume of data generated by their ERP system. Third-party providers can offer scalable solutions that can handle larger data volumes and provide ongoing support as the company grows.
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If you’re ready to extract data from your ERP system, we’re here to connect you with a niche-specific, expertly vetted service provider.

We know the resource you need for your specific situation before we ever jump on a scoping call, and we’ll introduce you to two or three best-fit solutions in less than one business day.

Contact us now to meet BluWave-grade solutions to your biggest technology challenges.

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Operating Partners Forum: Bank Collapses, Technology Best Practices

March 23, 2023 Brad Gerick

How has the current economic situation – i.e. the 2023 bank collapses – affected collaboration between operating partners, portfolio support and deal teams? What are private equity firms’ latest technology best practices around data & analytics, cybersecurity and AI?

These were the hot topics in the latest BluWave-hosted PE Operating Partners’ forum March 21.

Jeff Steinhorn of Gridiron Capital LLC, Anthony Di Leva of Marlin Equity Partners, and Pejman Pourmousa of Sumeru Equity Partners joined our own Rena Frackt Zimmerman as panelists for the virtual event.

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Here are some highlights of what was discussed.

Interim CHRO
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Centralized Data Management: Business Intelligence & Analytics

March 17, 2023 Brad Gerick

What is Centralized Data in Business?

Centralized data in business analytics involves consolidating information from across an organization into a single system for easier analysis.

“This aspect of business intelligence and analytics is important because it gives companies visibility into KPIs at a high level,” says Brandon John, BluWave’s Service Provider Relationship Manager.

The consolidation usually happens in something called a data warehouse.

Read More:What Are the Different Data Warehouse Types?

Business intelligence practices like centralization are becoming more and more important to businesses, whether that mean private equity, portcos or private and public companies.

According to our most recent quarterly report, we saw “broad-scale adoption of data quality and visualization endeavors and emergent efforts in higher level analytics and AI.”

Let’s take a closer look at what data centralization can do for your business.

Read More: What is Business Intelligence Automation?

Benefits of Data Centralization

Increased Visibility and Transparency

Centralized data provides a single source of truth so leadership can make faster, more accurate business decisions.

Early Detection of Issues

Centralized data allows businesses to identify problems sooner before they become bigger issues.

More Consistency

Different departments often have the same definitions and metrics for things like active users and sales. By centralizing data, you can eliminate confusion at the leadership level.

Holistic View of Customer Journey

Centralized data from marketing, sales and customer service systems provide a complete picture of the customer experience.

Advanced Capabilities

It is easier to analyze data and find insights when all of the relevant data is in one place. Businesses can more easily see correlations across different data sets.

Increased Efficiency

Employees don’t have to spend time aggregating data from different systems. Everything is available in a single source.

Improved Trust

There is confidence that the data and reports are accurate and consistent since there is only one version of the truth.

Continue reading “Centralized Data Management: Business Intelligence & Analytics”

In the Know: Essential, Accessible Digital Transformation

March 16, 2023 Brad Gerick

Digital transformation is no longer something only the biggest, wealthiest companies can afford.

Not only are these services within reach for businesses of all sizes – from enterprise organizations to lower middle market companies – but they’re also essential.

Get Connected to Digital Transformation Third Parties

Learn about common improvement areas all businesses can implement to accelerate digital transformation efforts.

  • Business leaders, including operations partners at private equity firms, C-level executives and functional leads are evaluating the digital capabilities and infrastructure in their companies to identify areas for improvement
  • Simple improvements to workflows or procedures can significantly trim manual tasks and optimize human capital during economic uncertainty
  • “No-regret” moves such as the following can accelerate change in a targeted, cost-effective way:
    • Adopting cloud and SaaS solutions
    • Improving cybersecurity
    • Enhancing website capabilities with tools like chatbots
    • Automating order processing and inventory management
Continue reading “In the Know: Essential, Accessible Digital Transformation”

Human Capital Forum: C-Suite Talent, Increasing Retention

March 15, 2023 Brad Gerick

How do you identify top C-suite talent? And what’s the best way to improve culture and retention for existing employees?

These were among the most popular topics in the latest BluWave-hosted Human Capital forum March 9.

Megan Ryan Kanefsky of J.F. Lehman & Company, Kristin Brown Patrick of New State Capital Partners and Abby Wilson of Transom Capital Group joined our own Rena Frackt Zimmerman as panelists for the virtual event.

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Here are some highlights of what was discussed.

Identifying Top C-Suite Talent

The panelists discussed the importance of creating scorecard assessments for all executive positions to test technical aptitude.

Incorporating objective criteria, such as personality assessments, can also be helpful. For example, when hiring a CFO, the process might involve screening for cultural fit, sending an assessment that models financial statements with errors and conducting behavioral interviews with key stakeholders.

To ensure success, it’s essential to communicate effectively with candidates and get alignment on what you’re looking for from the onset. Putting in the work upfront can help build a high-performing executive team that drives company growth and success.

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Assessing Talent to Value

Hiring deeper within the organization – beyond the C-suite – also came up. The panelists said that one important aspect of the hiring process is using data to evaluate talent.

Objective criteria like cognitive abilities and behavioral fit for the role can help companies focus on hiring for aptitude and growth potential rather than just credentials. Encouraging a mindset of thinking outside the box can also help identify junior talent with a strong aptitude to learn and grow.

While it may take longer to find smarter and better hires, these candidates are more likely to stay and contribute to the growth and success of the company.

Improving Retention and Culture

Creating a positive and engaging work culture – vital to retaining top talent – was the third and final topic the panelists discussed.

One way to encourage employee buy-in and create a sense of ownership is to offer profit interests to all employees, not just top executives. This can motivate team members as they feel invested in the success of the company. Leadership programs for middle managers and director-level employees can also have a significant impact on retention rates.

Regular standing events create a sense of loyalty to the organization, too. For example, weekly lunches or bi-weekly events can encourage collaboration and give different levels of the organization opportunities to interact. This can foster a sense of community and help create a more positive work environment.

Simple acts of recognition and gratitude can also go a long way toward building a more positive culture, the panelists said.

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This event was conducted with the Chatham House Rule in place.

Pricing Consultants: Hire an Expert

March 14, 2023 Brad Gerick

What Do Pricing Consultants Do?

Pricing consultants help businesses maximize profits based on researching trends, competitors, customer behavior and more. The goal is to maintain high demand and revenue generation without sacrificing quality, loyalty or perception.

Meet Your Pricing Consultant

Setting the right price for a product or service is a key factor in maximizing profit margin. It can unlock substantial additional revenue when done correctly.

In fact, demand for pricing strategy resources continues to increase in this high-inflation economy. It’s often among the most-sought resources in the BluWave network.

If you want to hire a pricing expert, here’s what you should look for during your evaluation.

READ MORE: How To Raise Prices Strategically with Sales Team Buy-In

Set Price

How consultants set prices depends on many factors, such as the type of product or service, market conditions, customer segments and business goals. That’s why it’s so important to hire someone who will take the time to intimately understand your organization and its competitors.

By choosing the “right price,” these consultants help maximize a business’s ROI by protecting profit margins while maximizing revenue and demand.

Pricing consultants may use a number of different high-level strategies: cost-plus pricing; value-based pricing; dynamic pricing; promotional pricing; penetration pricing; skimming pricing.

Pricing, however, is not a one-time exercise. They must be constantly assessed and adjusted based on performance. Consultants work closely with their clients to understand their objectives and constraints and develop a pricing strategy that supports them.

They help businesses choose the “right price” that aligns with the overall business strategy, marketing plan and sales goals to achieve maximum ROI.

PE-Grade Pricing Resources

Pricing Market Research

When choosing a pricing consultant, finding someone who thoroughly researches the market before making recommendations is essential. Pricing consultants use various methods such as surveys, interviews, focus groups, experiments, data analysis, and more to gain customer and market insights. This establishes a solid foundation for an effective strategy.

In addition to customer and market insights, pricing consultants also consider production, distribution and other operational costs to develop a strategy that ensures profitability.

Pricing consultants also analyze competitors’ strategies to identify opportunities and potential threats. This analysis includes not only their product or service prices, but also their promotions, discounts and other tactics.

To measure price sensitivity, consultants may use techniques such as conjoint analysis or price elasticity testing. This helps them determine how price changes may affect customer demand. They also use digital tools such as web analytics, social listening and sentiment analysis to gain insights into customer behavior and preferences.

All this market research can help validate a new product or service, identify customer value drivers, measure price sensitivity, segment customers by willingness to pay, benchmark competitors’ prices and more.

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Target Pricing Strategy

After conducting market research and analyzing customer insights, pricing consultants typically use a combination of quantitative and qualitative analysis to create a pricing strategy that meets their clients’ goals. This includes:

  • Segmenting customers: Based on their willingness to pay, customer segments are created to help determine the optimal pricing strategy. This involves identifying the different types of customers, their preferences and their willingness to pay for a particular product or service.
  • Identifying value drivers: Consultants work with their clients to identify the key value drivers for their products or services. This involves understanding what features or benefits are most important to customers and how they affect their willingness to pay.
  • Developing pricing structures: After identifying customer segments and value drivers, consultants develop pricing structures that align with their clients’ business goals. This may involve creating different pricing tiers or packages that offer different levels of benefits or features.
  • Conducting sensitivity analysis: For an optimal pricing strategy, consultants conduct sensitivity analysis to understand how changes in pricing may affect demand and revenue.
  • Developing measurement tools: Pricing consultants also develop measurement tools to monitor the performance of the pricing strategy over time. This includes setting up metrics and analytics to track sales, revenue, profit margins and customer satisfaction.

By using a combination of market research, quantitative analysis, and pricing strategies, pricing consultants help businesses maximize ROI and growth.

READ MORE: Industrial Pricing: Strategies for Manufacturing Businesses

Customer Analysis

To better understand customer behavior and preferences, pricing consultants use a range of techniques to gather insights:

  • Key decision factors: One of the first steps in understanding a customer base is defining what motivates them. This involves identifying the main drivers of customer behavior, such as price, quality, brand reputation or convenience.
    Research techniques such as surveys, focus groups and data analysis can all be used to understand what influences purchasing decisions.
  • Willingness to pay: This concept helps businesses determine the optimal price point for their products or services.
    Essentially, willingness to pay is a measure of how much customers are willing to spend on a particular product or service based on factors such as perceived value, quality and market competition.
  • Preferences: Customer needs vary from market to market. For example, pricing consultants may work to reduce churn for a SaaS organization by understanding customers’ needs, what they value and how they make choices. Success is measured by an increase in adoption and revenue.
  • Offer options: Offering choices with good-better-best options and bundles that meet varying needs, use cases and budgets can reveal a lot about a customer. KPIs here include customer adoption and employing Give-Gets to protect price/value alignment.
  • Perception of discounts: It’s also important to understand how customers perceive discounts and how they influence purchasing decisions. This information is also used to inform pricing strategies that maximize revenue while maintaining loyalty.

A pricing expert will know when and how to use each of these tactics to develop the deepest understanding of the customer base for your particular industry.

READ MORE: Hire an Interim CFO

Some businesses never realize the potential of their products or services because they’re not charging the right price.

By blindly setting prices without conducting proper diligence, you’re leaving money on the table. Depending on the size of your business, this could mean millions of dollars.

Fortunately, there’s a roster of expertly vetted price consultants ready for you to hire from within the BluWave Business Builders’ Network.

We have thoroughly evaluated each and every pricing resource that’s been invited into our network so that you can move forward with confidence. These niche-specific resources have invaluable experience helping companies like yours optimize prices.

Whether you’re a PE firm working with a portco, or a private or public company that wants to accelerate revenue growth, we already have the right service provider for you.

Contact our research and operations team to get connected with two or three best-fit options in less than one business day.

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WHAT IS A VOICE OF THE CUSTOMER SURVEY?

March 13, 2023 Brad Gerick

Companies conduct voice of customer (VoC) studies to better understand how people interact with their product or service.

While there are many techniques to gather this information, the objective is largely the same: Ensure the customer is being heard and served as best as possible.

READ MORE: What Makes a Commercial Due Diligence Firm ‘Specialized’?

Private equity firms, portfolio companies, and private and public companies can all benefit from a strong voice of customer framework.

“Voice of the customer is extremely important to businesses because it allows companies to have visibility into where they are performing highly and where they are not,” says Brandon John, BluWave’s service provider relationship manager. “By hearing exactly how their customers feel about their brand, they can allocate the appropriate resources to improve some identified areas.”

Connect with VoC Experts

Let’s talk about some of the advantages organizations can gain with the information gathered in VoC research.

MSP

Benefits of VoC

There are several advantages to conducting a voice-of-customer survey. It come as no surprise, then, that it’s been top-of-mind for our clients for years.

“VoC projects are always going to be something PE firms prioritize with their portcos,” John says. “We receive steady demand in this space and have since BluWave was founded.”

READ MORE: Voice of Customer Process: Methodologies for Better Service

Deeper Customer Understanding

Rather than merely gathering feedback, VoC research helps companies reimagine their products and services to surpass customers’ needs by gaining an intricate understanding of who they are and what they want.

This includes how and when they use the product, as well as why they’re more (or less) likely to choose it over a competitor.

Commercial Due Diligence Resources

Improved Loyalty and Retention

Listening to customers and resolving their concerns establishes trust and loyalty, decreasing attrition and boosting customer lifetime value.

A client is more likely to stick with a brand that it feels has its best interests in mind.

Better Business Decisions

Actionable insights gleaned from customer input can steer key business choices around product roadmaps, marketing campaigns, pricing strategies and service models.

Increased Bottom Line

An unparalleled customer experience not only spurs growth, but also a competitive edge. One study showed that companies with strong VoC programs boast 10X more annual revenue growth.

Enhanced Customer Satisfaction

Catering to customers’ needs and wants forges lasting connections. It not only enhances the existing customer experience, but makes it more likely to acquire new ones as you get a better grasp on your target market.

This can have a compound effect as a happy customer is also more likely to recommend your brand or service to friends, families, colleagues and industry peers.

Employee Retention

This might come as a surprise, but your own employees can also benefit from VoC studies. That’s because it gives them a stronger connection to the customer by putting themselves in their shoes. The more aligned the employees are with the clients, the more satisfied they tend to be, thus limiting turnover.

Connect with VoC Experts

Voice of the Customer Best Practices

Use Multiple Channels

To comprehensively capture the opinions of your customers, you should employ multiple avenues for feedback, including surveys, social media, reviews, emails and phone calls.

By using a variety of channels to gather input, companies can gain a multifaceted understanding of client needs and desires that fuels business decisions, improved experiences and financial gains.

Choose Timing Wisely

The timing of requests for customer feedback can significantly impact the quality and amount of responses. Businesses should choose a moment that is relevant, convenient and respectful for clients, such as after a purchase, service interaction or milestone.

Businesses that are considerate in their requests for input are more likely to receive thoughtful, actionable responses that can drive key business decisions and improved outcomes.

READ MORE: What is Commercial Due Diligence?

Act Quickly

The best moment to act on feedback received is as soon as possible. While you want to be diligent about understanding and applying what customers tell you, times is of the essence.

This is especially important when it comes to fixing problems, resolving negative feedback and staying ahead of competitors.

Segmentation

To gain business insights, companies should analyze customer feedback and group clients by factors like demographics or habits. Tailoring actions to different groups helps build loyalty and boost revenue.

It also establishes trust, decreases attrition and increases lifetime value by making each experience as tailored as possible.

READ MORE: 5 Steps to an Effective Voice of Customer (VoC) Strategy

Ask Clear Questions

The quality of your feedback depends largely on the quality of your questions. You should ask clear, concise and specific questions that are easy to understand and answer. You should also avoid leading, biased or ambiguous questions that can skew your results.

The value of customer input hinges greatly on the quality of the questions posed. Aim for clear, crisp and targeted inquiries that are easy to comprehend and respond to. Avoid being suggestive, biased or obscure lines of questioning that can skew results.

Your goal is to learn what customers think about your business, not try to convince them of something.

Acknowledge Feedback

One of the most important VoC best practices is to acknowledge your customers’ feedback and show them that you appreciate their time and opinions. There’s never been more competition for our time, so the fact that someone is willing to participate in your study means they probably have strong feelings.

Follow up with a thank-you message, sharing how their feedback will be used or even offering a reward (see below).

Share Findings Internally

To turn feedback into action, you need to share your findings with the relevant stakeholders in your organization. You should communicate the key insights, recommendations and action plans to your employees, managers and leaders. You should also encourage collaboration and accountability across different teams and departments.

Benchmark Against Your Industry

To measure your performance and progress against your competitors and industry standards, you should benchmark your VoC metrics against external data sources. You can use industry reports, surveys or benchmarks to compare your customer satisfaction, loyalty and advocacy levels with others in your field.

Test and Optimize

VoC best practices are dynamic, not static. You should constantly refine your program to ensure that it is effective, efficient and aligned with your overall business goals.

This can be done with A/B testing, analytics or feedback loops to evaluate and improve your VoC methods, tools and strategies.

Involve Key Stakeholders

To ensure that your VoC program has the support and resources it needs to succeed, you should involve key stakeholders from the start.

Identify decision-makers, influencers and beneficiaries of your program and engage them in defining the goals, scope and outcomes of your efforts.

Offer Participation Incentives

To increase your response rates and motivate your customers to share their feedback , you can offer participation incentives such as discounts, coupons, freebies or loyalty points.

Choose incentives that are relevant, attractive and proportional to the effort required from your customers.

READ MORE: Understanding Voice of Customer: Metrics, KPIs, Analytics

The expert service providers in the BluWave network know the importance of understanding your customers.

We constantly vet and re-vet the best third-party resources for this exact need, no matter what your customer type or industry.

“We have a solid bench of VoC providers in the BluWave network,” says John, who interacts with these third-party resources on a daily basis. “However, it is important to have the right group, for the right need, at the right time.”

Contact our research and operations team and walk us through your VoC needs. In less than one business day, we’ll introduce you to two or three exact-match options.

“Like all service toolboxes in the BluWave network, the VoC toolbox is always rapidly expanding,” John adds.

Once you make a selection, we’ll hold the service provider accountable from start to finish as they bring their voice of customer expertise to your specific situation.

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