When deploying a new fiber network or upgrading an existing one, managing expenses carefully is key to ensuring the project stays within budget. To prevent potential cost overruns, it is important to identify and prioritize the most vital components of the build, negotiate favorable pricing with vendors and contractors, and continuously monitor costs throughout the project.
Expanding your network and deploying fiber for a new build is a major undertaking, and expense tracking is vital because it allows project managers and stakeholders to monitor the project’s financial status and ensure that it stays within budget. By keeping track of expenses, project managers can identify and address any cost overruns early, which can help to prevent them from becoming major issues later on. Additionally, expense tracking can ensure that all expenses are properly documented and accounted for, which is critical for auditing and compliance purposes.
Business intelligence (BI) reporting is a powerful tool that can help Internet Service Providers track and manage expenses. By leveraging BI reporting, companies can gain valuable insights into their spending patterns, identify areas of waste or inefficiency, and make data-driven decisions to reduce costs and improve overall financial performance.
When deploying a new fiber network, you can leverage business intelligence software to extract insights from disparate datasets, provide analytical capabilities, and connect all departments of an organization.
The insights gained can give you a better picture in several ways:
Budgeting and Forecasting
Business intelligence tools can help you set up budgeting and forecasting capabilities, allowing you to project future expenses and compare them to your actual expenses. Business intelligence tools can help you identify areas where you may be over budget and take corrective action.
Real-time expense tracking
Many business intelligence tools offer real-time expense tracking to see exactly where your money goes as you deploy your fiber network. Identify any unexpected expenses or potential cost savings opportunities with business intelligence.
Analyze historical data
Business intelligence software can help you analyze historical data to identify trends and patterns in your expenses. Make more informed decisions about future expenses and help you identify cost-saving opportunities.
Reports and dashboards
Business intelligence tools can generate reports and dashboards that provide a clear and concise overview of your expenses and help you better understand where to allocate resources. Generally, the larger the job, the more data there is, and the higher the risk of unplanned expenses. Using Business Intelligence can increase efficiency and profits.
There are various business intelligence reports that can help manage expenses efficiently for a new fiber build. Here are some samples of reports that could be used to track and manage expenses:
Cost Analysis Report: This report provides an overview of the budget for the fiber build, including actual costs incurred to date and forecasted costs for the remainder of the project.
Cost breakdown: This report shows the costs associated with different elements of a fiber build, such as labor, materials, and equipment. It can help managers identify areas where costs are higher than expected and make adjustments accordingly.
Budget vs. actual spending: This report compares the budgeted costs for the fiber build to the actual costs incurred, allowing project managers to identify and address any discrepancies.
Vendor performance: This report tracks the performance of different vendors and suppliers, allowing managers to see which vendors provide high-quality goods and services at a fair price and which are not.
Change order analysis: This report tracks the costs associated with change orders (changes made to the original fiber build plan) and can help managers identify patterns in the changes and the associated costs.
Earned value analysis: This report tracks the progress of a project over time and compares it to the budgeted costs. It lets managers quickly identify whether the fiber build is on track to be completed on time and within budget.
Resource Report: This report provides information on the allocation and utilization of resources (e.g., labor, equipment, materials) for the fiber build.
Customer Demand: This report analyzes the feasibility and profitability of new service areas by providing information on customer demand.
Risk Assessment: This report provides an overview of the risks associated with the fiber build project, including potential risks and how they are being mitigated.
Progress Report: This report provides an overview of the progress of the fiber build, including key milestones, tasks completed, and tasks that are currently underway.
Performance metrics: This report tracks key performance metrics such as schedule and cost and can be used to identify trends and patterns and make decisions to improve project performance.
By leveraging data points specific to your project, you can create a number of valuable reports. Regularly reviewing these types of reports can help you stay informed about the progress and performance of the fiber build so that you can make any necessary adjustments to ensure that the project is on time and within budget.
Using Sonar BI, you can build custom reports to track expenses, take rates according to the number of homes passed, product adoption trends, and more. Schedule a demo and see how Sonar BI can help you analyze finances objectively and make informed data-driven decisions.