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The Deep Dive on Value: Tracking Money, Time and Assets

Adding financial tracking tools to a productivity solution provides your business with a detailed map that leads to faster and better informed decision making and more innovative campaigns.

Technology vendors are springing up constantly and new digital solutions for enterprise teams are being released every day. While there are some great tools out there, most of them are siloed, out-of-the-box solutions. You might get a tool to manage your tasks and projects, a system for digital asset management, and yet another platform to manage your team’s financial performance. But what if you could manage all these facets of your team’s work from a single dashboard? Let’s explore the benefits of adopting a single platform like Workgroups DaVinci for productivity, asset management and financial reporting.

Revenue Attribution

Revenue attribution enables organizations to assign values to every touch point throughout the customer journey that leads to a purchase. These touch points might include email, social media, pay-per click ads, organic search results and website visits. Which assets contributed to a sale? Which assets moved a consumer more effectively along the journey to a purchase? By integrating financial results with assets deployed, you get a clearer picture of the performance of those assets. When you're looking to make informed budget spend decisions, connecting financial outcomes to digital assets is a critical practice. You can make those decisions more quickly when you can seamlessly attribute revenue to assets within one platform.

Productivity Attribution

Productivity attribution, on the other hand, pins value to project activities. How did workflow impact sales? By integrating a financial reporting interface with a productivity app, you're given the ability to generate summary reports for insight into labor, materials and miscellaneous tasks that have been charged by individuals or groups of employees.

By applying productivity attribution to your management practices, you can determine how much the creative workgroup contributed to an online ad campaign. Or you can view data that show which production cost center had the greatest impact on margins. Productivity has a huge impact on pricing, revenue generation, profit margin and so much more. If it would be beneficial to understand how your workgroups impact sales, an integrated financial management and productivity platform is the answer.

Budget Forecasting

How easily are you able to align budget forecasts and actual spend? If you're able to match previous forecasts with historical spend, for example, could team leaders forecast more accurately? Sure! With an integrated solution, productivity data like labor, materials and procurement can be linked to budget forecasts, enabling more effective financial management practices.

Productivity data is catalogued and linked to customer jobs in an integrated solution. Time recording capabilities allow employees to record time and materials while budget forecasts can be updated as new jobs begin, enabling you to track budgets in real time and instantly compare actual vs. estimated. Also, you can capture and distribute customer change requests by recording them in real time, allowing team leaders to adjust budgeting and immediately invoice for costs associated with customer changes. Having the ability to reconcile estimates, quotes and proposals against actual costs each day through one interface keeps projects on track, on time and on budget.

Time & Cost Tracking

In order to truly understand how day-to-day activities impact sales, margins and expenses, an integrated solution has to have the capability to capture, organize and serve data in real time. A fully integrated platform allows workgroups to easily record their daily activities and expenses. From there, team managers can measure productivity with predefined or ad-hoc reporting, so they can quickly measure productivity and identify barriers to efficiency. This information allows them to make informed decisions on how to improve business processes and reduce expenses.

Procurement

If you've ever had to submit multiple RFQs across various vendor segments, you know the challenge of doing it efficiently. With an integrated platform, you're able to seamlessly generate a dynamic request for quote with detailed specifications and, once awarded, sync the financial details into the productivity analysis capabilities of the workflow solution.

Enterprises that contract significant parts of their business to vendors appreciate the capability of Workgroups DaVinci to present to multiple vendors and receive bids back through a vendor-accessible web portal. Through an automated process, vendors are awarded bids and notified, purchase orders are created, production files transferred to vendor, and costs charged back to the project or job.

Clearly, there are powerful reasons to implement an integrated financial management and productivity solution. Workgroups Davinci clients report increased reporting efficiencies and deeper business insights that lead to better planning and data-driven decisions and ultimately, stronger financial performance. If your team is working with an array of siloed software solutions, perhaps an integrated solution like Workgroups Davinci is what your team needs to level up.

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