Unleashing Profit Potential: How Laurel's Revenue Operations Levers Supercharge Your Firm's Profitability

Every second without Laurel is lost profit. Don't just track time; transform it into profitability with Laurel's Revenue Operations Levers. Here's why your firm needs to measure and grow them now. While the Laurel team has identified 30 metrics that improve revenue operations, here are our top three that drive immediate profitability.

Timely Timekeeping Index

• What Is It: For a given timekeeper, this metric measures the ratio of unique days worked to unique days in which timekeeping was performed. This index gives a sense of how many days are building up before a timekeeper logs their work into a timekeeping system. A higher index indicates that timekeeping is happening less frequently, potentially leading to missed billable hours and unrealized revenue.
• Why You Need It: Identify areas where entries are held back, preventing prompt billing. Minimize revenue loss by taking action on timekeeping delays.
• How Laurel Improves It: Drives timekeepers back into the experience using high-touch, in-app guidance, improving the promptness of their billing.

Revenue Lag Impact

• What Is It: The Revenue Lag Impact metric assesses the potential financial loss resulting from revenue that's held back due to timekeeping delays. It quantifies the monetary impact of revenue that could have been billed but is stuck in a non-released state. A higher Revenue Lag Impact underscores a significant revenue potential being unrealized.
• Why You Need It: Understand the financial impact of held-back revenue and the potential loss due to timekeeping delays. Realize the opportunity cost of delayed time entries.
• How Laurel Improves It: Proven to increase velocity, moving stagnant time and revenue onto bills.

Write-Down Insight

• What Is It: We analyze the difference between hours of work completed, work in progress (WIP), and what makes it onto the client bill. Write-Down Insight helps identify which timekeepers, groups, roles, departments, offices, etc., are attributable for write-downs, providing a clear view of revenue impact.
• Why You Need It: Understand the sources of write-downs and revenue loss. Pinpoint areas for improvement to ensure that billable hours translate into revenue.
• How Laurel Improves It: Intelligent capture assists timekeepers in making granular, defensible time entries, reducing write-downs; additionally telemetry and analysis enables the leadership group to understand, target, and improve the metric.

Understanding these Revenue Operations Levers is not just an operational consideration; it's imperative for driving business growth and profitability. Delays in timekeeping and revenue capture lead to unrealized revenue potential. With the Timely Timekeeping Index, you'll pinpoint areas where entries aren't being released promptly, giving you the power to take action and minimize revenue loss.

The Revenue Lag Impact metric further emphasizes the need to address timekeeping delays. It highlights the potential financial impact of held-back revenue, showing how much additional revenue could have been captured and billed if not for delays. This metric serves as a wakeup call to the substantial opportunity cost of delayed time entries.

Combined with the Write-Down Insight, Laurel's suite of Revenue Operations Levers provides a comprehensive view of your firm's revenue health. Faster time entry release, reduced lag, and enhanced precision in billing lead to tangible revenue growth.

"The metrics and data we deliver to our customers aren't isolated; they directly shape how we [Laurel] operate as a company. By internalizing our product philosophy and output, our decision-making becomes strategic and insightful. What we do for our customers, we also practice ourselves, leveraging data to maintain a lean headcount, automate manual tasks, and enable each team member to focus on their highest and best use of time. This approach helps us do more with less, ensuring that we're not just delivering data but transforming it into a living strategy that propels us toward efficiency and innovation."

- Ciara Dinneen, Head of Operations and Culture

Contact our Time Consultants (sales) to understand how we can make you more money today.