Three Reporting Mistakes that are Costing You Time and Money

 

Ma9dots_Reportingny organizations are slow to change their reporting practices, even when they know they aren’t benefiting the way they could be. In business as in life, it’s hard to be sure that moving out of your comfort zone is going to propel you forward. Taking risks, making changes — it’s almost always a little scary.

It’s easy to say things like, “A new reporting system would be nice to have, but what we are doing here is fine.” But a strong reporting system is not just something to window shop for; it is a necessity. In 2015, F1F9 conducted a study based on research with over 1,200 senior managers. Out of these 1,200 managers, “17% of large businesses suffered financial loss due to mistakes on spreadsheets” and 78% said that key financial decisions were supported by the data in their reports and spreadsheets. Even the smallest mistakes can redirect precious resources and cause decisions based on incorrect information. Why be at a competitive disadvantage? There are powerful solutions out there that can strengthen your company.

BPM named these the top three reporting mistakes that could be costing you your hard-earned time and money, and we agree:

  1. Excessive resource requirements
  2. Decision making without adequate or trusted information
  3. Missed opportunities

Excessive resource requirements

Many companies today still use spreadsheets or another basic reporting function. While these functions are useful, they do not easily include all of the data you may have. It may take a highly trained individual to get you the most out of your information. If employees or managers have questions, they then have to get through each different step until the correct person can answer them. It takes more resources to get information, which even further lengthens the process of receiving data. A reporting solution creates simpler processes, uses less of your resources and leads you to more answers and stronger data. Spend your time analyzing data and gaining profit instead of looking for data and wasting your resources.

Decision making without trusted information

If you could have all the information you need to support a decision, you would take it. This is another benefit of a management reporting system. Without a reporting process, you may not even know that your data has a mistake int it until it’s too late. If you don’t have all the tools you need, you will quickly move down a path of educated guesses instead of informed, confidently made decisions. PwC & Iron Mountain released a study at the end of 2015 that showed a pretty staggering statistic: “4% of businesses can extract full value from the information they hold.” And “36% lack the tools and skills they need to extract the data in the first place.” Even with that lack of information, decisions are still being made, with no way to know if it is the best, most valuable decision for your organization.

Missed opportunities

Without a solid performance management reporting capability, it is more difficult to spot opportunities as well as rapidly adapt to market changes. This is not just about having ready access to reliable reports, but how these reports can help you intuitively focus on what matters.

All three of these reporting faux-pas feed into one another. By using your resources for multiple different tasks, and taking them away from what they need to be used for, you introduce a possibility for human error, and a lack of efficiency. This makes information difficult to trust, and you will lack the necessary data you need to feel confident in your decisions. Mistakes in data, or educated guesses, lead to missed opportunities.

Enhanced reporting solutions can reduce cost, lead to better decision making, enhance your organization, and more. So what’s stopping you?

 

ORIGINAL ARTICLE APPEARS @SMARTCEO.COM

Legal Firm Statistics Will DRIVE YOU to LPM: Beat the Best!

49f62b3258d94d6d4ac269834a99e685_1424395469_cropped.jpgJim Hasset is the founder of LegalBizDez, which helps law firms increase profitability by improving project management, business development, and alternative fees. He recently wrote a chapter in the book by the Ark Group entitled 2020 Vision: The Future of Legal Services., and a lot of it is really important to note to those law firms out there that are reading out blog. The entire chapter of this book is really interesting, but every point he makes surrounds one clear-cut fact, “firms that improve LPM will have a competitive advantage because its growth is being driven by clients.”

Hasset quoted a statistic that is what drew me in and pretty much called on me to write this blog post. In a 2014 Chief Legal Officer Survey, Altman Weil asked a question: “Of the following service improvements and innovations, please select three you would most like to see from your outside counsel.” There were about six concepts listed. The three most chosen were “greater cost reduction (58%), more efficient project management (57%), and improved budgeting and forecasting (57%).”

In Atlman Weil’s 2015 survey, he asked another question of managing partners: What are your opinions on which of fourteen current trends are more likely to be permanent. The answer? 93% put an increased focus on practice efficiency as number one. Legal Project Management leads you to each one of those trends and improves them exponentially for your law firm–greater cost reduction, efficiency, and improved budgeting and forecasting.  But when the same survey asked “Has your firm significantly changed its strategic approach to efficiency of legal service delivery?” only 37% said yes. 

If you are a law firm that wants more clients (and what law firm doesn’t?) than you have to be better than your competition. There are still so many law firms that have yet to get on the LPM bandwagon, even though we KNOW that law firms that have started down the LPM path have the best opportunity to get ahead compared to those who haven’t. Law firms, if you want to beat the best, you have to be the best! What is stopping you?

“You are Only as Good as Your TEAM”

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Insight into your business is a gift you benefit from every minute of your work day, and it is truly priceless in it’s usefulness and its efficiency. There is a need for Business Intelligence solutions from a team that thinks outside of the box, like 9DOTS. I post blog posts every week about 9DOTS and our comprehensive product…

BUT, do you really know 9DOTS or our CEO John Florio who is passionate about our products, solutions and team? The inception of 9DOTS and the years that laid the foundation for 9DOTS have led to our success today. The history of how we became this team of like-minded thinkers is relevant in getting to know who we are!

We are passionate about being a team with our employees and our clients. As John says when he talks about the growth and continuous success of 9DOTS, “you are only as good as your team.”

Watch this TV Interview with Main Line Connect & Jennifer Lynn Robinson to GET TO KNOW 9DOTS!