In the restoration business, you know what to do when the water rises and flooding occurs. Are you just as comfortable handling the rise of data flooding your networks? This data deluge requires a specialized approach to understand its full potential—and that’s where business intelligence reporting tools can help your restoration business.
Business intelligence (BI) reporting is the analytical process that transforms jumbles of data into relevant, actionable information. The purpose of business intelligence is to support better business decision-making, which includes getting the right information to the right people at the right time.
Real-Time Business Intelligence Reporting
Claims performance means not only responding quickly to prevent secondary damage and reduce claim severity; more importantly, it means better claims reporting. The days of turning in written reports that are illegible, open to improvised data, and take hours to upload into a system are over.
Instead, rely on bi reporting tools that offer real-time data synchronization as an accurate benchmark to success. As we continue to move further into the digital age, data mining with business intelligence is becoming the currency of choice for insurers looking to award program work.
Top 10 Advantages of BI Reporting Software for Restoration Companies
Next Gear Solutions’ BI Reporting for DASH is an advanced reporting platform that puts the power of data at your fingertips. Tailor business report templates and dashboards to easily track the performance of your restoration business with visuals and metrics that display trends.
BI Reporting has capabilities far beyond what’s possible in DASH legacy reporting, including:
- An easy-to-use interface that delivers complex results
- Real-time business intelligence reporting and dashboards for tracking performance and managing your restoration business
- Self-service reporting with the ability to create custom dashboards and reports that best fit your restoration business needs
- Calculated fields that get more out of your existing data with custom reporting fields
- The ability to easily add visualizations such as charts and gauges to your reports and dashboard
- Powerful pivot and drill-down tables
- The ability to schedule reports to suit your work processes
- The ability to create financial reports in a defined time period, such as an Aged Receivable Report or Work in Progress
- Ability to view trends—week-over-week, month-over-month, year-over-year, or over a custom period
- Specific dashboards and reporting personalized to each user’s role within the company
Easily Share Insights with BI Reporting Templates
While Excel is a useful tool for creating spreadsheets, it was not designed for tasks like data visualization and data analysis. Spreadsheets also make it challenging to share insights—and, of course, many people find them confusing.
To visualize data more effectively and make smarter decisions for your restoration company, your organization needs sophisticated business reporting software like BI Reporting by CoreLogic. With BI Reporting, it’s simple to share and schedule intuitive reports that can be viewed by multiple roles across the business. Also, custom dashboards and reporting to allow you to check your performance in real time and on an ongoing basis, saving you the hours you may spend manually piecing together spreadsheet reports.
The following insightful business report templates are standard with BI Reporting:
BI Reporting Template: Gross Profit Report
An essential measurement to determine the profitability and financial performance of an organization. This report will demonstrate how efficiently your business is running. The Gross Profit standard report shows high-level metrics followed by summaries for office, division, and participant levels.
The job details appear at the bottom of each report, allowing users to dive into the data. The Gross Profit report also includes a summary by referral source, which provides more details.
BI Reporting Template: Job Costs – Actual to Budget Report
Successful job costing can mean the difference between a profitable restoration business and one that struggles to stay afloat. With access to budget and actual-cost-to-date information, you can determine whether your estimates were accurate and prevent overspending.
The Actual to Budget report shows a summary of all open jobs that have job costs and whether they are within budget. Like other standard business report templates, the summary charts allow access to further drill down into the data.
BI Reporting Template: Jobs Lost Report
Are you losing jobs to your competition, or are your prospects choosing to handle restorations themselves? Understanding the reasons why your sales team is not closing business is crucial to improve your sales process.
The Jobs Lost report shows a summary by estimator along with the top-10 reasons jobs are closed, organized by the number of jobs and estimate amount. This report also displays high-level metrics and job details.
BI Reporting Template: Jobs to be Closed Report
Before closing a job in the system, it’s helpful to take a final opportunity to verify that all pertinent financial information is posted and make any necessary changes. The Jobs to be Closed reports highlight key information that may be missing on a restoration job before closing it. The result is jobs closed faster.
BI Reporting Template: Missing Job Documentation
Document management plays a fundamental role in disaster restoration contracts. The Missing Job Documentation and Missing Job Data reports are not only an easy way to avoid overlooking key project documents, these reports also help start jobs sooner and avoid delays, since the required information and documentation are available at the beginning of the restoration project.
The Missing Job Documentation report lists all open jobs where an Estimate Approval, Work Authorization, or Certificate of Satisfaction (COS) is expected but the documentation is missing. The report shows summary charts by office, division, coordinator, and estimator. The report also displays high-level metrics and job details like other NGS standard reports.
Business Intelligence Reporting Tools for Restoration Companies are Here
In 2014, DASH introduced real-time compliance monitoring called VPASS, the first performance scoring system that predicts future behavior by looking into the past. VPASS has become a critical tool for top-performing restoration companies looking to leverage data-driven business intelligence to compete and capture larger market share.
BI reporting tools from CoreLogic will help you understand where your restoration business is thriving and identify opportunities for improvement. We’d love to set up a demo of DASH so that you can see BI Reporting in action and learn how to manage performance and standards across your business.
Read more:
How to Mitigate the 4 Biggest Challenges Facing Restoration Companies
Restoration KPIs for Quality Compliance
5 Questions to Ask Before Buying Restoration Job Management Software
