Consultants, investors, accountants and bankers waste half their time chasing and formatting their client’s data, then looking for reference values to pinpoint problems before they can put their expertise to work. For the software businesses they support, this situation is equally imperfect, requiring time-consuming cycles to provide data and leading to less relevant advice and slower access to capital.
Today, Compass announces the first solution designed to give B2B service providers continuous access to key data across a portfolio of clients, along with the relevant benchmarks and industry insights we’re known for, launched in a new dashboard product we call Compass Monitor, allowing access to critical information for a portfolio of businesses.
“After launching Compass, we learned many of our biggest referrers were consultants, advisors and investors who found Compass an invaluable tool for serving their many customers,” said Bjoern Lasse Herrmann, CEO of Compass. “So we built the Compass Monitor product to provide an easy way to track a portfolio of businesses. Still, even we were surprised by the level of interest. Before any announcements, we already had 400 companies on the waiting list, including partners from almost every large venture capital, consulting, accounting and market research firm.”
Despite the growth of cloud-based systems, data collection for strategic service providers—including consultants, investors, accountants and bankers—remains a startlingly manual process of emailed spreadsheets, inconsistent formatting and delays. Once received, the data is still missing the context of relevant benchmarks, key to understanding rapidly changing sectors such as software.
Compass Monitor provides advisors with a simple way to access and monitor all of their customers’ performance results in one place, with real-time data collection and standardized formatting. B2B service providers can therefore focus their valuable time creating value rather than trudging through spreadsheets. Customized dynamic benchmarks will be added shortly, allowing advisors to provide more specific and actionable insights than ever before.
Easy data access. Compass integrates with more than 30 common SaaS business platforms—from Quickbooks to Salesforce to Google Analytics. Instead of time-consuming manual data dumps, it only takes a few clicks for a client to set up automated data collection and access. The advisor gets real-time information in the same format across clients, displayed in a dashboard designed to quickly spot issues and opportunities.
“In the cloud computing era, you’d be stunned how time consuming it is to stay on top of performance data,” said Phil Morle, Co-Founder and CEO of Pollenizer Global. “I see Compass Monitor not only as a solution for tracking, but also for board meetings. If we don’t have to reinvent the wheel collecting performance data and debating anecdotal comparisons, we can spend our time focused on strategic opportunities and solutions.”
Critical data context. While the first step is to see the data, it can be impossible to interpret effectively without contextually appropriate benchmarks. For a certain type of company at a certain stage of development, how does this growth rate compare to the median of similar companies? Bounce rate? Customer acquisition cost to lifetime value ratio? A few large data firms manually gather data for benchmarks, but these are too expensive, time-delayed and limited in scope to be useful for 99% of advisors. Compass is the number one software business benchmarking engine, with crowdsourced data on more than 30,000 companies, and the ability to provide customized peer groups for highly relevant comparisons.
“Looking at data without the context of benchmarks is like knowing you’re driving 100 miles an hour without knowing the speed limit,” said Richard Riedmayr of Emporias Management Consulting. “Compass Monitor will let me be far more effective at helping clients set appropriate goals, identify issues and allocate resources.”
Service providers who wish to register for the private beta of Compass Monitor can do so at monitor.compass.co.
As always, software businesses can get their own custom business benchmarks at Compass.co.