Need: Value Creation

Employee Management Softwares: 13 Reasons To Use Them

April 13, 2023 Brad Gerick

Employee management softwares – or human capital management systems – are a suite of applications that helps businesses automate and streamline their HR processes, from recruitment to payroll.

Here are some reasons why you should use them.

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READ MORE: Hire an Interim CHRO

HCM Systems Benefits

  1. Streamlined automation. Embrace efficiency with modern employee management software that automates labor-intensive tasks such as payroll processing, benefits administration and performance reviews, saving time and resources while improving accuracy.
  2. Seamless communication. Foster collaboration and engagement with robust communication channels offered by employee management software, including instant messaging, email and video conferencing, enabling smooth communication between employees and managers.
  3. Efficient performance tracking. Stay on top of employee performance with comprehensive tracking features, including goal setting, performance reviews and feedback mechanisms, allowing managers to objectively evaluate performance and provide targeted support.
  4. Effortless time-off management. Simplify time-off management with user-friendly features such as leave requests, approvals and tracking, ensuring employees take the necessary time off while preventing staffing issues.
  5. Streamlined onboarding. Expedite the onboarding process with employee management software that provides tools such as employee profiles, training materials and onboarding checklists, helping new hires quickly adapt to their roles.
  6. Effective benefits administration. Simplify benefits administration with features such as benefit enrollment, eligibility tracking and claims processing, ensuring employees have access to the benefits they need without administrative hassle.
  7. Regulatory compliance made easy. Ensure compliance with labor laws and regulations with employee management software that offers features such as time tracking, payroll processing and leave management, minimizing the risk of fines and penalties.
  8. Data-driven decision making. Empower informed decision making with employee management software that provides reporting, analytics and forecasting tools, enabling data-driven insights for optimizing operations.
  9. Improved employee satisfaction. Boost employee satisfaction and engagement with features such as surveys, feedback and recognition offered by employee management software, resulting in a more motivated and productive workforce.
  10. Enhanced talent management. Attract and retain top talent with user-friendly interfaces, mobile apps and social media integration offered by employee management software, ensuring a skilled and engaged workforce.
  11. Efficient time tracking. Effectively manage employee hours, attendance, and overtime with accurate time tracking features, improving workforce management and payroll accuracy.
  12. Streamlined employee relations. Foster a positive work environment with employee management software that offers features for tracking and managing employee relations, such as conflict resolution, performance improvement plans and employee feedback.
  13. Reduced litigation risk. Mitigate litigation risks with employee management software that ensures compliance with labor laws, manages employee records and documentation and provides a clear audit trail of employee interactions, reducing legal exposure and protecting the business from potential lawsuits.

READ MORE: Due Diligence: What is Technical Debt?

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Choosing Employee Management Softwares

  • Features: The first step is to identify the features that are important to your company. Do you need a software that can handle payroll, benefits, recruiting and performance management? Or do you need a more specialized solution?
  • Scalability: As your company grows, you will need a software that can scale with you. Make sure to choose a program that can accommodate your future needs.
  • Ease of use: Employee management software can be complex, so it is important to choose a software that is easy to use. Look for one with a user-friendly interface and that is customizable to your company’s needs.
  • Security: Employee management software can contain sensitive data, so it is important to choose a system that is secure. Make sure to choose a software that has been certified by a reputable security organization.
  • Cost: Employee management software can be expensive, so it is important have your budget in mind. Make sure to compare prices and features before making a decision.
  • Situational Capabilities: You may need a software than can cater to your specific situation. For example, perhaps they need experience with unionized businesses. Be up front about that as you send out your RFPs and make your evaluations.

READ MORE: The Interim CHRO Interview

Best HCM Systems

The “best” option is going to depend on your company, industry and exact situation. While we can’t choose one “best”  software for you, here are some of the more popular cloud-based HCM systems (in no particular order) and a brief overview of each:

  • Workday is a human capital management software suite that provides a variety of features for managing employees, including payroll, benefits, recruiting and performance management.
  • SAP SuccessFactors is another HCM system suite that offers a wide range of features for managing employees, including recruiting, onboarding, performance management and compensation.
  • Oracle HCM Cloud is a suite that provides a variety of features for managing employees, including payroll, benefits, recruiting and performance management.
  • PeopleFluent is a software that offers a wide range of features for managing employees, including recruiting, onboarding, performance management and compensation.
  • Ultimate Software is a cloud-based HCM that provides a variety of features for managing employees, including payroll, benefits, recruiting and performance management.
  • Monday.com is a little different than the others in that its more commonly used for project management than tracking employee data. (Though you can use it for that, too.) It has a user-friendly interface and can be customized to your company’s needs. It’s also a cost-effective solution for businesses that need a cloud-based HCM system.

Are you ready to upgrade your HCM system, or perhaps implement one for the first time?

Private and public companies as well as private equity firms and their portfolio companies can all reap the benefits of choosing the right employee management softwares.

Fortunately, you’re not in this alone. The Business Builders’ Network is full of experts who have helped companies like yours with industry specific-decisions about their human capital management software.

If you’re ready to take the next step and want an exact-fit third party to accompany you through the process, from start to finish, contact our research and operations team.

We already know the best possible partners for your niche-specific needs, and we’ll connect you in less than 24 hours after our initial scoping call.

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Platform Modernization: App, Software Upgrade – IT Strategy

April 13, 2023 Brad Gerick

Platform modernization is the process of updating the infrastructure, architecture and features of existing platforms to bring them up to current standards. This makes the platform more efficient, secure and valuable.

Outdated platforms can be a major business liability, leading to performance issues, security vulnerabilities and compliance problems. Fixing this can help save money on operating costs and improve customer experience.

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App modernization can be a complex and time-consuming process, but it is essential for businesses that want to remain competitive. There are a number of different approaches, all depending on your specific needs and your business’s industry.

If you are evaluating your application modernization strategy, it is important to carefully consider your needs and goals. These should be formulated with time, costs and the impact it will have on your business in mind.

An experienced outside resource may be just what you need do make sure your applications modernization is done right, and we already know the perfect fit for your business. In the meantime, here’s a little more about the benefits of the process, and the steps that go into it.

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

READ MORE: Technical Recruiter (IT): Find the Right Candidate Fast

The Need for Modernization

Platform modernization is essential to improving the customer experience. As expectations continue to rise, a modern platform allows for customization and a better overall experience. Here are some of data platform modernization trends and benefits.

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Platform Modernization Benefits

This crucial IT strategy step provides many benefits:

  1. Enhanced Scalability and Sustainability: Modern platforms are designed with scalability and sustainability in mind, enabling them to handle increased user base and data load without incurring exorbitant maintenance costs. This feature makes them appealing to potential acquirers seeking platforms that can support their plans to grow.
  2. Enhanced Security: Cybersecurity is especially important to companies these days because it protects against potentially catastrophic disruptions caused by cyberattacks. Modern platforms are more secure compared to older platforms. State-of-the-art security technologies and best practices are employed to safeguard against unauthorized access, data theft and destruction.
  3. Cost Optimization: Known for their cost-effectiveness, modern platforms are designed to operate efficiently and utilize resources judiciously. This translates into reduced operating costs, which can be a significant advantage for potential buyers.
  4. Enhanced User Experience: Prioritizing UX, modern platforms leverage cutting-edge technologies and user-centric designs to offer a superior experience compared to older platforms.
  5. Innovation Potential: Modern platforms are synonymous with innovation, leveraging open standards and technologies to facilitate seamless integration of new features and functionalities.

READ MORE: IT Due Diligence for M&As

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Software Modernization Process

  1. Assess your current platform. The first step is to assess your current platform and identify its strengths and weaknesses. This will help you to determine where improvements should be made as well as to prioritize them.
  2. Develop a modernization plan. Once you have a good understanding of your current platform, you can develop a modernization plan. This should include goals, the steps you need to take and the resources you’ll need.
  3. Migrate your data and applications. The next step is to migrate your data and applications to the new platform. This can be complex and time-consuming, so it is important to plan and execute carefully.
  4. Test and deploy the new platform. As you get closer to a larger rollout, you need to test the new platform to make sure everything functions as expected. Deploying to production is a safe way to do this while monitoring performance.
  5. Train employees on the new platform. Before clients or customers get their hands on the modernized platform, make sure your employees know it inside-out, upside-down. Not only do you want to make sure they can use it effectively, but they should also be able to help the end user with any issues. Training can be done through classroom instruction, online training or in an on-the-job setting. Whichever route you go, make sure it’s hands-on.
    Even for apps or software that are for internal use only, you want to make sure key leaders understand how it functions before performing a wider rollout.
  6. Support and maintain the new platform. Once the new platform is live, you need to maintain it. This includes providing support to users, fixing bugs and making security updates. True platform modernization is a never-ending process in today’s business environment.
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When going through this process, consider starting small. Don’t try to modernize your entire platform all at once. This will help you to build momentum and learn from your mistakes.

Related to that, you should also use a phased approach to reduce the risk of disruption and make the process more manageable.

Lastly, get buy-in from stakeholders before you begin to ensure everyone is on the same page.

Whatever your approach, be prepared for change and be willing to adapt.

Download the ‘AI Journey’ White Paper

READ MORE: What is a Product Vision Roadmap?

Whether you’re a private or public company ready to upgrade an existing system, or a private equity firm looking to boost a portfolio company’s value, we’re here to help.

The BluWave-grade service providers in the Business Builders’ Network have extensive experience with platform modernization, no matter what your industry.

They understand the importance of upgrading not only with speed, but also quality, with the end user in mind all the time.

Our research and operations team will connect you with two or three best-fit options for your exact situation within a single business day. Reach out today to get your platform modernization project started ASAP with an experienced team of experts to guide you.

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Why Hire an Interim CEO?

April 13, 2023 Brad Gerick

What is an Interim CEO?

An interim CEO is someone who leads a company on a temporary basis during a time of instability.

The interim is hired to provide stability and direction during the transition.

As the most important role in just about any organization, this is a seat that can’t afford to be left open. An experienced, talented individual will be able to come in and have an impact from day one while a long-term solution is identified.

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“Every company needs a strong leader – someone to steer the ship and tie all of the business functions together,” says Hannah Welsh, Independent Consultant Manager at BluWave. “Having an Interim CEO alleviates pressure and allows a company to be selective in choosing the right CEO for the company long term.”

Let’s talk in more detail about when and why a company might hire a temporary chief executive, and the benefits of doing so.

CASE STUDY: On Short Notice, Interim CEO Turns Around Construction PortCo

Why Hire an Interim CEO?

There are many reasons why a company might hire an interim CEO. They depend on company size, industry, current challenges, future goals and more.

Whatever the situation, though, this temporary executive’s goal is to be the glue that keeps everything together.

  • Unexpected resignation: In this situation, an interim is used as a “stopgap.” The company gets them in the seat as soon as possible – usually within days – while it figures out a long-term solution.
  • Fill a short-term gap: On rare occasions, the full-time CEO will take a leave of absence for an emergency or for personal reasons.
  • Turnaround: If a company is struggling financially or operationally, an interim CEO can be brought in to help turn the company around. This often happens when PE firms aren’t satisfied with a portco’s performance, or when key stakeholders or shareholders don’t like the way their private or publicly owned company is performing.
  • Merger or acquisition: If a company is merging with or acquiring another company, it helps to have someone in charge who has been through that process before.
  • Post-close: There are times when a PE firm purchases a founder-owned business and needs a new executive in the corner office once papers are signed and the company has changed hands.

These are some of the more common situations in which an interim CEO is sought.

“You can bring in someone who has been there and done that multiple times before and knows what best-in-class looks like,” BluWave Co-Head of Research & Operations Scott Bellinger says. “You can rent an A player instead of hiring a C player.”

Hire an Interim CEO

Interim CEO on Standby

Sometimes private equity firms aren’t sure if they’re going to need an interim CEO, but they want to have one on standby just in case.

Perhaps the current CEO is running out of steam, or has come up against an unfamiliar situation. Despite their best efforts, they may get tired of the slog and leave the seat vacant on short notice. Or you may have to make the difficult decision to pull the plug to before things get worse.

In this situation, it’s nice to know you an interim CEO on standby who can step in on extremely short notice. Welsh and the R&O team at BluWave are prepared for this exact situation.

If you’re not sure whether you’ll need a new temporary chief executive, but you want to have the security of knowing there’s a perfect fit waiting in the wings, contact our team to fill us in on the situation. If and when you come up against this situation, you’ll be connected with an experienced, industry-specific option in less than 24 hours.

CASE STUDY: Interim CEO Hired for Glass Manufacturing Company

Benefits of Hiring an Interim CEO

What makes a good interim CEO? There’s no one trait that can answer that question, but there are some that transcend particular situations and are applicable for almost any assignment.

Experience and Expertise

Interim CEOs typically have extensive experience in senior leadership roles. This allows them to get a lay of the land as soon as they start a project, and make difficult but important decisions accordingly.

They shouldn’t just have general executive experience, though. They must also be familiar with the organization’s particular industry, the unique challenges it presents and how to solve them.

Preexisting relationships in that industry can also go a long way to solving key operational challenges.

Resource: Specialized Executive Recruiters

Objectivity and Neutrality

When things are going wrong at a company and you’re not quite sure why, it’s a huge benefit to get a fresh set of eyes on the situation.

Not only is this interim chief executive officer coming in after the challenges have already arisen – viz a viz they’re not responsible for them – they also won’t be around (in most cases) more than a year maximum.

That gives them the freedom to do what’s best for the company while injecting as little bias as possible during their tenure.

Do you need an interim CFO, too?

Ability to Make Tough Decisions

That same built-in objectivity with which a temporary executive is equipped allows them to roll up their sleeves and affect change in a way that would be more difficult for someone with a stronger connection to the business.

This may mean optimizing human capital, refining product or service offerings, reevaluating partnerships or a number of many other challenging choices.

Bring Stability

No matter the impetus for bringing on a short-term CEO, employees and customers will be comforted by seeing a steady hand at the helm.

An effective communicator can be an especially calming force in these situations, providing a vision for the way forward.

Hire an Interim CEO

How Long is an Interim CEO Assignment?

There are exceptions, but most companies that come to BluWave for help hiring an interim CEO are looking for someone who can be in the seat for around 9 months.

Many short-term CEO stints fall within the 6–18-month range, but others can just as easily turn into a permanent hire.

How To Hire an Interim CEO

Hiring the right interim CEO can be an arduous task, especially since time is of the essence. Companies can’t afford to be without a chief executive for an extended period of time.

Word-of-mouth recommendations can also be helpful, but even a group of individuals have limited networks. You might overlook a great candidate by relying on just a few people’s suggestions.

You could also look within the company, but in most cases, that’s less than ideal. You miss out on the opportunity to get an outsider’s perspective on the challenges the company is facing. That same person may also be a part of the problem, giving power to an individual who will only make things worse.

The best option is to consult with a business builders’ network of highly vetted, niche-specific, exact-fit options that are ready to hit the ground running.

When you work with BluWave, for example, we connect you with two or three candidates who are tailored to your particular situation in less than a single business day.

These are PE-grade individuals who have proven success in turnarounds and high-pressure situations. You won’t waste time scouring through generalized, unfamiliar recommendations.

“As you find yourself in an urgent situation, we can provide solutions really quickly,” Bellinger says. “A lot of times, the people we’re recommending could be the full-time CEO as well. It saves you time and money from going to an executive search firm. We’re way faster, and we get you someone with long-term potential.”

READ MORE: Interim CEO Job Description: Skills, Services

If your portco or private or public company needs an experienced interim executive to help an underperforming business, connect with our research and operations team today.

Before we even get on the initial scoping call, we already know the resource you need. We’ll get in touch with the most qualified individuals on standby in our BluWave-grade network and connect you with them as soon as you’re available.

“Our extensive network allows us to connect with PE-grade CEOs looking to support other businesses,” says Welsh, who speaks with these executives on a daily basis. “We meet, vet, and reference reputable CEOs before our clients even need them, so they are prepared to start as soon as possible.”

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Also See:
Hire an Interim CFO
Hire an Interim CHRO

Fast-Growing Company Needs Help Managing Transactions

Service Area: System Selection & Implementation

Client Type: Portfolio Company

Service Provider Type: Supply Chain Technology Firm

Industry: Waste Management

Need
System Selection & Implementation in Waste Management

A rapidly expanding outsourced waste management company had outgrown its accounts payable automation tool. With a modest-sized IT team, they needed expert help with greater depth and engineering to better handle their growth requirements.

Challenge
Tech service provider to ingrate their CRM with their AP tool

With an IT team of less than 10 people, the VP of Tech asked BluWave for help finding a service provider that could better integrate their CRM with their AP tool. As business continued to boom, they weren’t able to keep up with the transactions and needed guidance on not only getting the most out of the tools in place, but finding something more powerful for the future.

How BluWave Helped
The Business Builders’ Network

The very next day, we connected them with four experienced service providers that have done excellent work for other independent and portfolio companies, respectively. They landed on their top choice – a proven system architecture firm that understands their industry – and we continued to support the company by monitoring the service provider until the project was finished, and beyond.

Result
Connected with a best-in-class IT firm

The IT firm helped the portco reorganize its systems internally, better equipping them to select and implement a new AP automation tool. They were able to better integrate with their ERP and manage ever-increasing transactions more efficiently.

The work product we have seen is very good, both for documentation and quality of expected outputs.

They stayed involved from the discovery phase on through implementation.

The changes all look very good and were completed faster than expected. Additional input on changes were well received and follow up has occurred quickly.

-Vice President of Technology at the Company

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

Specialized recruiting firm

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.

Start Your Accounting Project
Technology Diligence

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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Offshoring Experts Sought To Save Time, Lower Portco’s Operation Costs

Service Area: Offshoring

Client Type: Lower-Middle Market Private Equity Firm

Service Provider Type: Business Process Outsourcing – Offshoring

Industry: Human Capital

Need
Business Process Outsourcing – Offshoring

PE firm sought offshore assistance with manual tasks to increase efficiency, lower costs and focus on higher order.

Challenge
Finding an offshore partner to free up resources

The PE firm sought an entity that could get them as close as possible to a turnkey finished product for several daily manual tasks performed by one of their human-capital focused portcos. Many of their work streams were labor-intensive, and the right offshoring partner would help them free up those resources to focus on higher order while lowering costs.

How BluWave Helped
The Business Builders’ Network

After the initial scoping call to understand the PE firm’s specific needs, we reached to a pair of exact-fit resources that we knew would be great matches for this project. The firm evaluated them both and engaged with a BluWave-grade service provider that has completed multiple successful projects for other PE firms.

Result
Lowered operation costs and freed up resources

We connected the private equity firm to a trusted, proven service provider that specializes in offshoring. They tapped into their network in high-growth emerging cities, allowing the firm to lower its operations costs and connect with tenured expertise in a less competitive environment. The manual processes were offshored allowing the PE firm to reinvest the time and money it saved its portco.

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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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

IT & Software Strategy Resources

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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List-Build Expert Needed To Grow Portco Contacts

Service Area: List Builds

Client Type: Upper-Middle Market Private Equity Firm

Service Provider Type: Business Process Outsourcing Firm

Industry: Life Sciences & Pharmaceuticals

Need
Life Sciences & Pharmaceuticals List Building Expert

A PE-firm’s portcos were wasting precious time manually building lists by going from website to website and scraping LinkedIn. They needed an experienced third-party resource that could create a contact map with shared customers across multiple businesses.

Challenge
Grow Portco Contacts

Multiple portcos were using different systems to work with many of the same customers in the life sciences industry. The PE firm wanted to not only identify overlap and consolidate efforts, but expand their database faster.

How BluWave Helped
The Business Builders’ Network

After a Vice President at the PE firm emailed us, we immediately got on a call to scope the specific outsourcing need. Armed with a better understanding of the situation, we provided for the client multiple industry-specific BPO shops that specialize in list builds.

Result
Connected a best-fit service provider

The firm quickly identified the best fit among the short-list of options we presented, and engaged them to build and consolidate their contacts across multiple portcos.

The service provider did great work. We will be using them again if something comes up. Ten out of 10 quality and service.

-Vice President, PE Firm

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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