Tips for Using Data Analysis for Measuring and Improving Business Success
The work of a CEO is incredibly dynamic but there are quite a few responsibilities that will always remain an integral part of the job.
One of them is measuring business success and identifying the right metrics to track. This article will provide some useful tips on how to use the latest advances in data analysis and reporting to improve your results.
Have access to your data
You might think this is obvious, however, it is not always a given that organisations have immediate and direct access to their data. Efforts need to be made to ensure the right metrics are tracked and that systems are in place to provide you with access to the data you need. Of course, it is not enough to just record your data. You need to have quick access to it so you can easily pull it up when running analyses and it should be stored in such a way that it allows you to present it to different audiences as needed.
One other best practice to keep in mind consists of frequently creating backups of your essential data. Especially if you are relying on a third-party data provider, you need to have your copies or a very strong guarantee that your data is secure and easily retrievable at any time.
Pick your metrics and look for actionable items
Close attention needs to be paid to how you select the metrics to analyse and report on. These need to be aligned with your business goals so you can use the findings to improve your key performance indicators. If your end goal is to sell as many products as possible in your e-commerce shop, then you shouldn’t just look at how many visits you get, but also at how many conversions happen as a result. You might be getting a lot of traffic but if it is not turning into sales then that’s not a success for your business. When you know what your goals and targets are then it is easier to follow the corresponding success metrics. As such, you can derive actionable goals from your data. That should always be your target for analysing data related to your business.
Building complex reports and dashboards won’t have any value unless they inform your next decisions and action items that will increase your results. And you also need to frequently review your metrics so they are still aligned with ever-changing business goals.
Use tracking and reporting tools to your advantage
There’s a wealth of tools you can use to track your data, for example, Google Analytics is essential if you are active in online marketing. But the availability of the latest technologies is not limited to IT or marketing businesses. Take for example manufacturing, a fast-paced industry where you can use Katana for real-time tracking and end-to-end traceability of your products.
All these tools are built to save you time and cut down the need for manual or repetitive work on your part. When a good part of the legwork is done for you, then you can spend your valuable time extracting the findings. Costs for these tools may vary, but when you see them put to work you will be convinced of their value. In the end, it will be a small price to pay for the convenience and time-saving features you can get.
Hire data analysis specialists
While we can’t stress the importance of all items listed above enough, even the most powerful data analysis and reporting tools might not bring the desired results unless they get into the hands of highly trained specialists. Data engineers are relatively new to the workforce but advances were made quickly in this occupation.
These will be the people very familiar with the latest trends and top-notch tools so that you can leave your data analysis projects in the best hands. While your experience and exposure as CEO will contribute a great deal, you often need highly specialized people to handle your data projects. As this field is quickly advancing, the range and depth of skills needed can get extremely specialized. The costs of hiring very good specialists can be high but they will compensate by bringing in just that competitive edge the business needs.
So these are some of the tips that any new CEO will find helpful about data reporting and analysis. Even veterans might find something to learn in an ever-changing world marked by technical advancements.
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