Business - Markets Reports and Financial News

Making data-driven decisions

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The Fourth of July is a federal holiday in the U.S. when the citizens commemorate the adoption of the declaration of independence. As the celebrations about freedom go on, businesses are also not left behind as they are celebrating the freedom to make informed decisions based on analyzed data.

Formerly, companies had to rely on a team of data scientists that would do the analysis to help top executive make decisions, but this was a costly affair. It meant that the decision makers had no opportunity to analyze data on their own to answer pressing questions.

Now the high level executives have a reason to smile; there is the possibility of putting the power of data into their hands. And this is important since they are the people who are responsible for the growth of the business.

For example, as a marketing manager addressing a group of executives on a recent launch of a product, the executive may not be so much interested on how exited the customers were, prospects and how the launch generated interest. Instead they will want answers to questions like how the launch brought in qualified leads, increased web traffic, increased revenue or closed more deals.

When you have the right tools to answer these questions, you will be able to fulfill the corporate goals, exceed the expectations of the executives and also expand business frontiers.

There are tools to do this already in the market and others are still being developed. These tools speak the business language and allow you to make sense of data.

These analytic software taps into a uniform library of key business performance indicators and automatically bring data sources together before providing answers to these pertinent questions.

The large library of data provides the software with a wide scope that helps to select the best solutions. When mid-level business users or the executives have information about year-on-year revenue growth or lead-conversion rate, they will be able to make decisions that move business forward.

These tools also allow users to answer questions on the financial impact of generating leads and on the costs and benefits of marketing campaigns; duties that in the past would require you to hire data scientists, an army of analysts and other IT support staff.

The top management should encourage their employees to seek these data-driven answers by offering them incentives. Give them a bonus if they can discover how to raise the conversion rate.

Providing them with these tools will save a lot of time since they will not have to go to IT experts whenever they have a question. Providing them with clear incentives will encourage them to use these tools so as to find new efficiencies, and with time their independence will increase, and they will start to enjoy using these tools all to the benefit of the organization.

Next is to look for cloud applications that offer easy-to-use and affordable solutions. Cloud tools have the advantage of totally eliminating the need for a consultant or an IT expert. They will therefore reduce the operation costs in the organization thereby increasing the profits.

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