DATA IN DOLLARS

Intuition and vision are fine, but businesses that make strategic DATA IN DOLLARS decisions with data understand their market better and experience faster growth. Business intelligence (BI) data can help guide marketing efforts, innovations, and product focus, and the right numbers already exist at many action points throughout an organization. But collecting and reporting this data manually can be an expensive process. In order to shed some light on this problem, we've taken a look at just how much manual reporting can cost an average business. THE HIGH COST OF MANUAL BUSINESS INTELLIGENCE REPORTING THE REAL COST It should come as no surprise that manual reporting requires a team effort. It takes members from across all departments of an organization working together. This can often total THOUSANDS OF DOLLARS in direct costs. AVERAGE MONTHLY MANUAL REPORTING COSTS $1000 KEY 1=1 HOUR $100 TEAM MEMBER ACTION REQUIRED HOURS REQUIRED COST PER HOUR TOTAL COST MANAGE MULTIPLE 2 DATABASE ADMINISTRATORS $50 $2,000 DATA STORES TII 1O SALES REPS SALES FIGURES UPDATES $40 $1,200 I SYSTEMS ANALYST CLEAN DATA $50 $500 I CFO COMPILE DATA $100 $400 I VICE PRESIDENT FORECAST DATA $95 $380 I VICE PRESIDENT/MARKETING MARKETING/ADVERTISING $95 REPORTS $380 I VICE PRESIDENT COMPILE DATA $95 INTO 1 REPORT $380 I DESIGNER DESIGN PROFESSIONAL REPORT $45 $360 LIT VICE PRESIDENT COMPILE IT DATA $80 $320 I PROJECT MANAGER UPDATE ON PROJECTS $50 $300 THR MANAGER UPDATE ON HR ISSUES $50 $200 I BI ANALYST REVIEW DATA $45 $180 IN TOTAL, MANUAL REPORTING CREATES A $79,000 YEARLY EXPENSE. THIS IS ROUGHLY THE AVERAGE SALARY OF A NEW SOFTWARE ENGINEER. THE HIDDEN COST The cost of manual reporting goes deeper than just the up-front expense of paying the right people to compile the data into reports. There are also opportunity costs of these team members taking time away from their jobs to assist in reporting. COMMON OPPORTUNITY COSTS OF MANUAL REPORTING TOO LONG 90OHRS 88 Roughly 75 hours of lost time each Innovation and new product development slows. Delayed decision making occurs when data isn't instantly Potential sales Fewer design revenue is lost while sales reps are busy with the process. Projects take more time to plan and even longer to complete. resources are month totals 900 available for hours annually. available. advertising, website tweaks, etc. Clearly, manual reporting of business data is an unnecessary burden that an entire company must bear. But because Bl data is crucial to a business's growth and competitive edge, reporting is necessary. A better solution is automated reporting. Not only do these systems quickly perform all crucial data collection and reporting tasks, saving the business the many costs shown above, they also provide additional benefits that cannot be realized Better, faster executive insight into performance. The ability to capitalize on new opportunities as they come along. Insight into problems as they occur, rather than after the report is assembled. Fewer mistakes or misguided decisions made in ongoing using manual reporting, including: projects. SOURCES: SALARY.COM I DOMO.COM DOMO