Every business in the world is focused on improving performance. And as data gets richer and more accessible, and BI tools more powerful, the insights fuelling this process are piling up. But embedding these smart insights seamlessly into the operational management process and getting the right person to act on each of them measurably, is universally challenging.
Quorso harnesses all the data, then streamlines and amplifies the way people act on it, by consolidating the entire performance improvement process in a single tool. First, it merges disparate data sources and runs a fine-grained variance analysis on every line item in the business in order to surface improvement opportunities.
Then Quorso prioritizes and assigns each opportunity to the person directly responsible for acting on it, and helps them determine and document the action they will take through collaborative, turnkey SMART plans.
As actions are taken, Quorso tracks and measures the impact, calculating the exact performance improvement associated with each plan.
Finally, as effective actions are identified over time, Quorso learns what works and scales up success through the creation of a company playbook.
Mission to Accelerate Performance
Quorso’s Co-founders – Dan and Julian, both ex McKinsey – wanted to build a software platform to tackle one of the biggest and most ubiquitous business problems in the world – performance improvement, driven by continuous human progress.
The data needed to identify performance improvement opportunities has become infinitely richer, more abundant and more accessible in recent years. But until it is converted into truly measurable action that is then scaled up over time, it is just a lot of wasted energy with no real, let alone repeatable, impact.
Quorso combines the power of rapid and sophisticated computational algorithms, with the ease of clean, intuitive UI and mobile-first experience design – in order to augment the existing, exhausting, performance improvement process and make it efficient, effective and effortless.
The Influential Leadership
Before founding Quorso, Julian, Co-founder & CEO, was a partner at McKinsey & Company, where he was a leader in the Travel, Transport, and Infrastructure practices. He also founded and co-chaired the Global Infrastructure Initiative with Madeleine Albright, a gathering of the world’s most influential infrastructure leaders. Julian spent much of his childhood growing up on a remote Scottish island surrounded by sheep and holds degrees from Oxford University and Stanford University.
Before Quorso, Dan, Co-Founder & CPO, was also at McKinsey, delivering high-value transformational opportunities for global food services, travel, retail, and pharmaceutical companies, as well as the NHS. He’s a graduate of Oxford University, where he received a Masters of Engineering, Economics & Management. When Dan isn’t solving the world’s most complex problems, he’s doing things like cycling across South America – including the length of the Atacama (the driest place on earth!).
Enabling Businesses to Drive Productivity
BI tools watch the business. Quorso drives it.
While the ability for businesses to glean insights from their data is advancing rapidly, BI tools fall short because the performance management processes for acting on the insights that they generate remain archaic.
Quorso surfaces granular insights and converts them into prescriptive, measurable and scalable actions, all in a single tool.
Case study results:
Quorso’s clients have added US$24 million of EBIT this year.
Quorso combined nine disparate EPOS systems, analyses 1.2 million data points weekly and accurately measures the impact of actions taken. This has helped managers to quickly determine which campaigns are working and which are not, adjusting them accordingly and delivering 1.4x ROI after just five weeks.
The Restaurant Group:
Quorso shows restaurant managers personalized improvement opportunities each week. More than 80 percent of managers take 1+ action weekly in Quorso, of which 70 percent improve productivity.
Quorso seamlessly integrated with financial, payroll, maintenance, driver rota and ops systems, surfacing opportunities to help depot managers reach their cost reduction targets for the year. Monthly run-rate improvement of £141,000 to date (i.e. £1.7 million annualized),
Integrating All Aspects of Business Improvement
Quorso is innovative in the way that it handles all four components of the performance improvement process (surfacing opportunities, taking action, measuring impact and scaling success), whereas competitors in the space only deliver 1-2 of these components, requiring multiple tools and processes to be stitched together. As a result, performance improvement without Quorso is disjointed, inefficient, hard to orchestrate and unmeasurable.
Quorso is also innovative in the way that it combines an intelligent, powerful, data analysis engine behind the scenes, with a clean, frictionless user interface over the top – making it quick to grasp, easy to implement and rapid at delivering performance improvement results.
Example: The company conducts 30 billion separate analyses behind the scenes each week for a typical large retail client, yet on the frontline, 98 percent of all users require no training to start taking action in Quorso.
Disruptive Technologies Paving Way for Dynamic Performances
With the rise of “Big Data,” businesses now have access to more information than ever before. But merging, mapping and analyzing it remains a laborious and typically manual process.
BI technologies are paving the way for cloud-based, automated data analysis, but there is still a lot of time required to create custom analyses and the bigger issue is that the BI outputs – endless charts and dashboards – make insights very difficult to surface and convert into meaningful action.
AI and Natural Language Processing are being used by the latest wave of BI tools to help simplify the manual effort, but prioritizing and assigning the insights they generate to ensure measurable action is taken on them remains a significant challenge.
Quorso harnesses all of a company’s “big data” by merging, mapping and consolidating it in one place. It then uses the power of cloud-based computation to run a dynamic and granular variance analysis on all line items in the business. Quorso then automatically surfaces, prioritizes and assigns the best opportunities to the individuals responsible for them, without human effort being required. As actions are then taken, Quorso tracks and measures them, using artificial intelligence to learn over time what is working and scale it up across the business to expedite success.
Quorso was ranked #36 in this year’s Startups 100 – “best and most exciting new businesses in the UK.”
However, its greatest achievement to date is the stickiness of the product –
• 83 percent of all users take action weekly to improve their area of the business.
• +3 colleagues typically collaborate in Quorso on each SMART Plan.
• Improvement targets being set average 19 percent.
• And 86 percent of all improvement in Quorso is still sustained 3 months later.
It is this bottom-up design of the platform that means managers are genuinely interested in using Quorso to improve their businesses week over week, and in working together to take the measurable actions required to achieve this tangible progress.
Some Significant Client-Quotes:
“Quorso generates immediate, consistent, positive returns. And more importantly, the people at Quorso are genuinely a joy to work with. They take time to understand the issues and then deliver the right long-term solutions. We think of Quorso as a genuine partner; not just another supplier.” – Eddie Kerr, MD International, National Express
“Quorso is revolutionary. I think every company will be using it one day. It is a fantastically smart tool!” – Wes Richters, COO, Durham School Services
“If you’re looking to increase sales, cut cost, remove complexity, stop duplication – all in a super cool collaborative way that empowers your frontline teams – check these guys out.” – Mark Parker, Head of Operational Excellence, The Restaurant Group
“Quorso gives us the granularity and transparency to control and manage the business in a way that I think could be transformational over time.” – Dean Finch, Group CEO, National Express
“Quorso tells me exactly what to focus on, what others have done that’s successful, and shows me how I’m doing. You can see if what you’re doing is working. And it’s easy – it’s not just a bunch of complicated screens.” – Siva Ars, Finance Director, Edwardian Hotel Group
Overcoming Business Challenges
While performance improvement is not a new concept (all businesses of all sizes in all verticals are trying to do it), few businesses are fully aware of/focused on its current shortcomings. So, for Quorso the primary hurdle is to raise awareness of a problem that most companies don’t quite realize they have.
Then, these companies need to be prepared to change – and for that change to feel manageable. Fortunately, Quorso simplifies and streamlines existing performance improvement processes, rather than requiring fundamental shifts or new methods.
However, because performance improvement touches so many parts of any business, implementing Quorso still requires buy-in from multiple stakeholders and this can also be a challenge, regardless of the relative ease of implementation and ongoing usage.
Evidence of the fact that the company is doing something very new in an old space is made clear by the language being used by the likes of Forrester and Gartner, who as yet do not have categories defined that include the full breadth of Quorso’s capabilities, ie. our combination of BI analytics with performance improvement process workflow (Insights – Action – Measurement – Scale).
Insights into the Future
The company wants to change how businesses are run. It wants businesses of all shapes and sizes to be using Quorso to take intelligent, measurable actions, learning which ones work and automatically scaling them up. The company’s leadership wants continuous performance improvement to become easy, efficient and effortless – handled all in one place, in the Quorso platform.