VITAL MGMT Debuts Business Intel Service at ProSource
VITAL MGMT showed its operational Bi4Ci dashboard service this week, at the ProSource Summit in Orlando. The service allows dealers using QuickBooks (desktop versions) to access financial performance dashboards on their smartphone, laptop or desktop. With an initial feature-set of 18 color-coded graphics panels, the cloud-based service provides over 40 key metrics on the productivity, profitability, and financial strength of the user company.
VITAL co-founders Paul Starkey & Steve Firszt call it a game-changer for the managers of custom integration companies. “It cuts through all the reports and spreadsheets and puts the focus on the most powerful and meaningful metrics for improving a CI business.” The metrics range from common but important measures such as revenue growth, gross margin, and operating profit; to metrics unique to VITAL’s proven management system – GPP (Gross Profit per Payroll dollar), LRPT (monthly labor revenue per Tech), Coverage Ratio, and more.
Because the metrics are benchmarked against VITAL’s established performance thresholds, CI operators can see at-a-glance what is out of range in their business. A dozen trend graphs highlight run rates over the past six months. And with the click of a mouse (or tap of a finger), the dashboard values can be switched to display last month, last quarter, and even last year.
Perhaps most significantly, a dozen key metrics are collected in Bi4Ci’s COMPARE database. Each dealer on the system gets to see how their company performs relative to all other companies on the service, with an absolute ranking and a quartile rating for each metric. Such a database of comparable metrics has never before existed in the CI industry.
The system requires conformance to a standardized chart of accounts. VITAL believes users will become further standardized by adopting other key elements of the VITAL system such as production-based revenue recognition and customer deposit accounting. A monthly “town hall”- style meeting is included with the service to help users better leverage the system to improve their businesses.
Claims Starkey, “This is a way for managers to position themselves to make significant improvements in their business, regardless of financial expertise.” VITAL MGMT has worked with hundreds of CI companies and notes the impact of their system can be thousands and even tens-of-thousands of dollars a month.
The preceding press release was provided by a company unaffiliated with Dealerscope. The views expressed within do not necessarily reflect the thoughts or opinions of the staff of Dealerscope.