So, you’ve deployed data analysis for your business. And now want to use the results to understand the health of your business and make more informed, strategic decisions. You’re on the right track! To successfully utilize the results and get the most out of your business’s data analytics, make sure you direct your usage in the right direction. Follow these practices to ensure you get the bang for the buck and your effort:
1. Get the right reporting tools
Spreadsheets can be helpful but they are prone to human error, have fewer insights of the business and limited predictive power. There are so many tools that you can use to do all that for you. Choose the right reporting tools to do all the work, like ArboHQ, so that you can fully focus on growth.
2. Focus on the right metrics
Facebook likes and Instagram followers do matter to analyze your business’s standing. But understand your business and analyze the metric that gives a clear picture of your business’s position. Set key indicators based on what your focus is. So, if Marketing is your focus then set customer engagement and marketing qualified leads (MQL) as your KPIs. For operations, focus on absenteeism rate, cost-per-customer, error rate and so on.
3. Pay attention to patterns
Patterns explain your data performance over time. Over time, there can be upward, downwards or even flat shifts in your metrics. The goal is to predict what the future metrics may look like. Using this tool regularly, you can take actions to support the desirable and fix the patterns that drag you down.
4. Monitor your actions
Make sure you know the metrics that and the time period for any strategic action’s results. For example, when you launch a new marketing campaign, your sales and customer inquiries may be impacted after a certain number of weeks. Make sure you monitor the actions and their consequences on your business performance.
5. Always question your data
Never stop asking questions about the reports you see. If there is a big bump or slump in any metric, ask why? Even if the trends are stable, ask why and if that is how you want that indicator to continue performing. Understand what actions made the metric perform better or worse and use it for future decisions.
Any business will benefit from a good analysis, if done right. An expert, like our team at ArboHQ or Finsight CPA and Analytics, can help you decipher the meanings in your data to take your business where it has the potential to go. Sign up here, and we’ll help you every step of the way.