If you ever thought your business could do better, there’s still room to grow, or you simply haven’t achieved your company’s maximum potential yet, then you’re in the right place. With the right mix of data, insights, and action, you can kickstart your business and drastically boost revenue and results. However, the right “data cocktail” might be hard to find on your own.
So how do you know when to ask for help with your analytics implementation? Here are the top 5 signs you need help with your data analytics implementation.
1. Performance Is Lagging Behind
Maybe you already have a data analytics implementation in place. Maybe it even worked for you, and in the past few years, the company has been steadily growing. However, as you well know, trends are always shifting rapidly, along with the economic and business environment.
Strive to readjust your business constantly, if not quarterly, in order to stay relevant in your industry. You need to have clear, well-defined business assess your company’s performance.
Historical trends are not enough. You shouldn’t compete with only your previous results, but with your true growth potential and market competitors.
2. You No Longer Know What Is Relevant To Track
Setting realistic business goals is essential before starting to think about what you need to track. You need to know your goals before starting to measure.
But how are these goals defined? How do you know what to compare against and what the true potential of your business is? Only data can tell, and you need to know where to search.
You might even collect and store a plethora of data, but looking for specific insights to help you set realistic and forward-thinking goals might feel like searching for a needle in the haystack.
You also need to know what KPIs to track. KPIs are significantly different across industries, company size, departments, etc. For example, if you’re in retail, you’re more likely to choose KPIs such as average customer spend, sales per square foot, sales per employee, conversion rate, and average order/cart value. If you’re in the software development industry, KPIs such as product cycle time, velocity, flow efficiency, churn, and so on could be more related to your business.
KPIs should be dependent on the size of the company. For example, if the company is a startup, leaders will be more likely to focus on KPIs that relate to the core business, validating the business model and tracking short-term progress like daily sales, conversion rate, and site traffic. On the other hand, if the company is well-established, leaders are more likely to be forward-thinking and track KPIs such as customer lifetime value and cost acquisition.
3. Your Implementation No Longer Keeps Up With Your Data Needs
Many companies today run their digital experiences across multiple devices and platforms, ranging from desktop and mobile apps to self-ordering kiosks. This can leave most analytics practices in a state of panic. Even with all that data, businesses can lack a holistic view of the customer experience, resulting in digital experiences not working together.
When building a cross-platform measurement strategy, your end goal should be a cohesive design and experience across your different platforms.
For companies that are looking into a whole set of new tools to help them gain a competitive edge, optimize their business, and generate new revenue streams from insights off of their data, then asking an expert for help might be the answer.
When a business has that desire or is at least thinking about the kinds of questions data science can answer, it may be time to implement data science into the business.
4. You Want to Digitally Transform Your Business
Digital transformation has been one of the biggest trends in the last 10 years. Managers, executives, and entrepreneurs around the world have digital transformation at the top of their agenda.
As a result, it’s almost impossible to talk about the future without mentioning digital transformation. Every traditional business has been changed by the Internet, and more specifically by data.
Even if a company establishes a digital presence, is taking steps toward a data analytics implementation, or has already started collecting data in a meaningful way, the results will not be that impressive if data is not acted upon. This is what being data-driven is about: to collect meaningful data, leverage the data you have to generate insights and act on those insights to propel your business forward.
Companies need to understand their customers to optimize their user journey. A retailer must first know what their customers are searching for to accurately promote their products to them and ensure efficient conversions.
5. You Need to Implement a Measurement Plan
You first must know what kind of data your business needs in order to tell your story. It’s not enough to just have good engineers to collect all the data and analysts to analyze it.
A measurement plan is needed because it’s the solid foundation each business needs to build from. That way, the business can make good, calculated decisions for the analysis process.
Each company has a different story to tell though because each company has a different set of goals and KPIs to meet. These stories, when supplied with the correct data, are what lead to transformational insights.
With a successful measurement plan in place, you can build a solid foundation to help you analyze any business. Not only would you educate people within that business, but the consumers as well. This foundation opens up the path to deliver transformational insights and accelerate the path toward revenue growth through brand awareness. As a result, everyone involved will able to move forward in a more positive way.
Are you ready to take your data analytics implementation to the next level? Contact us today so we can help you create your story, set and surpass your goals, and digitally transform your business from the inside out.