The CFO Dashboard: KPIs and Analytics for Government Contractors
When we set out to build the CFO dashboard for Government Contractors, we began by talking to Government Contractor CFOs to get their perspective on how they use information and what types of information were most important to them.
We asked each CFO we talked to the following questions:
- What does your typical workday look like?
- How do you get your information?
- How much detail do you get into when you review data?
- What keeps you up at night?
- What do you think is the difference between dashboards and analytics?
- What are the key metrics essential for you to track?
We got a lot of great feedback which we documented and examined for consistency. Through the process we gained insight into how CFOs consume information and what data was most important to them. All of this insight laid the foundation for the CFO dashboard. (Although it’s called the “CFO Dashboard” it is intended to be used by CFOs and other executives.)
A Typical Day for the CFO
To give you some background, let’s look at the typical day for a CFO. On a daily basis, CFOs spend a lot of time in meetings – both regular meetings and crisis meetings. What we heard is that much of the information presented to them in these meetings is the same; but it is displayed in different ways and sourced from different systems. This makes it difficult for them to get a clear picture of where things actually stand.
The CFOs we spoke to also said on a daily basis they consume much more than just financial information. They interact with all areas of the business and need to weigh in on a wide variety of strategic and tactical issues across the organization. Often they have to review massive amounts of information in very little time in order to make critical decisions. To improve this process, they said it would be valuable for them to be able to see information from all aspects of the business in one place in a consistent, interactive format. They also wanted complete visibility into key business and operations information all the way from pipeline to cash collection. In addition, they said it’s important that this information includes a forward looking view of the business.
The CFO Dashboard for Analytics and Insight
After considering the feedback we received, we developed the CFO dashboard to enable businesses to transform all of their Excel spreadsheets, homegrown reporting applications, and other data sources into a single dashboard for fast, accurate, actionable business intelligence. We wanted to provide them with a cohesive and real-time view of the business. We also wanted to build analytics capabilities into the CFO dashboard to enable them to do on the fly, real-time point and click data analytics through a visual and interactive interface and have the ability to explore trends in the data to get the insight and answers they needed.
See the Big Picture: the Summary View
The summary view in the CFO dashboard provides CFOs and other executives the daily insight they need to do their jobs quickly and efficiently. It includes a wide range of key performance metrics including: Cash Balances, Financial Statements, Project Performance, Indirect Rates, Labor Utilization and combined Pipeline and Backlog Analysis. Real-time data is displayed as charts and trends for easy consumption. Dashboard data can be filtered for various views and customized to business needs.
Digging into the Detail for Answers and Insight
Each of the key performance metrics included in the summary can be explored in more detail to provide further insight as to why results are trending up or down in particular areas, and to help identify potential risks and opportunities.
Real-time, data analytics capabilities help CFOs and other executives answer the following types of questions:
What does the future look like? Are we meeting our targets? What is the volume of business we are pursuing and is it the type of work that will be profitable for us.
What does the future look like when we combine the two? If we win this new business what does it do to our backlog? Will we be able to successfully execute on the projects we win?
What are the balances? What is coming in and going out? How is this trending over time?
Are we keeping all these low enough to improve our cash flow? Where are potential problem areas? Where does most of our unbilled work reside?
- Project Performance:
What projects are at risk so we can take action? What are our top 15 contracts? Who are our most profitable customers? What types of projects are most profitable for us?
What is my headcount, turnover, utilization, revenue per employee? (Users can drilldown and filter by organization, location, and more.)
- Indirect Rates:
What are our indirect rates and how are they impacted by various “what-if” scenarios?
- Financial Statements:
What does my actual performance look like against budgets and forecasts? (Plus, the CFO dashboard will let CFOs view the balance sheet and income statement from a whole new perspective for additional insight. They can analyze anomalies as they occur, and drill down to identify the source of problems.)
NEW to Deltek Costpoint Analytics, the Deltek Costpoint CFO Dashboard was designed to provide executives the insight and answers they need to run the business smarter and faster.
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