29 10 / 2015
What’s the true cost of a bad estimate? Considering lost time, added cost for additional materials and pushing back other activities, it can be very high. A decision based on poor information is expensive, but decision-making also has implications for profitability. A study featured in Harvard Business Review of 760 large global firms found a strong correlation between the most profitable firms and their ability to evaluate and execute decisions quickly. Conversely, the lower performing firms in the group were also the ones that struggled to make informed, timely decisions.
Today’s businesses have more information available to them than at any other time in history. You can run regression analysis on a seemingly limitless number of factors in your business based on metrics, but there are still areas that are stuck in slow, tedious processes. When scouting a location for a new retail store, for instance, the current process of evaluating a potential space involves examining floorplans, producing renderings, evaluating and editing those renderings until you get a “close enough” estimate. It can take weeks to know if a space is even physically viable for the requirements of the business.
Seemingly straightforward business decisions are also complicated and slowed down by a lack of efficient technology to visualize a proposal. The decision to employ digital displays in corporate offices or retail stores may at first seem as simple as putting a display on a wall, the sales decision process requires answering a myriad of questions. Vendors working with clients on smaller engagements often go without a visual representation of what is proposed which slows the sales process and increases the likelihood of missing the target of what the client really needs. While customer and sales rep can agree verbally on what will be delivered, without a visual to review, the process relies on both parties envisioning the same thing.
See how SpaceView helps sales teams better meet customer needs during the evaluation and purchase process.