Businesses who leverage BI (Business Intelligence) outperform their competitors. It sounds like common sense to me especially when you start to look at performance in more detail:
- Financial performance is up 1.8X that of competitors
- Decision making is 5.3X quicker than competitors, and
- Data Driven Decisions are 1.8X more frequent than competitors
This is according to Digital Marketing Depot and IDG 2016 Data & Analytics Research.
There are still organisations, both large and small, who do not utilise the data they have available to help improve their business performance. Here are just a few opportunities where data can be used within organisations:
- Sales & planning forecasts – BI used by 57% of companies.
- Customer behaviour analysis – BI opportunity realised by 40% of companies.
- Unified Customer View – BI utilised by 32% of companies.
- Quality Assurance – BI realised by 28% of companies. and
- Supply Network – Less than 20% of companies use BI to optimise.
In most organisations, there are vast pots of data, from various sources, be they web analytics, CRM systems, Advertising impression data, Call volumes or many others, that can and should be used to drive better business decisions.
- 31% of organisations have no plan to deploy or implement data driven projects.
- 43% of organisations are in the process of using data.
- 26% of organisations already make smarter decisions with their data.
In many instances, the reason the data is not being used is due to lack of knowledge of what is being tracked or purely no understanding of what the numbers are saying or which numbers should be used.
They key to utilising available data to make smarter business decisions is to ensure that your organisation is all using the same numbers, that they understand what the numbers mean and that there are a manageable number of metrics to monitor and act upon. There should always be the ‘So What?’ sanity check of a metric which should be verified by ‘Can we make changes based on this number?’ If not, why are you even looking at it.
Communication is key across an organisation to ensure that there are no silos of data or conflicting data sources used by different people within the organisation. In both these cases a level of distrust is quickly developed when the numbers are not the same and confidence is lost.
So in short…If you don’t use the data you have available, how can you make improvements on both conversions, spend and overall efficiency.
Use your data to drive business improvements and stay ahead of the competition. If you want to find out more about how to do that, then please get in touch.