We've previously posted about topics like master data management, data integration, and other key processes that ensure accurate data. However, we haven’t really talked about analytics and information management. Data analytics is crucial to data driven decision making. Remember, though, analytics are only as good as the accuracy of your data. If you’re confident in your data, then this post will help explain analytics at a very high level, and illustrate how to implement those analytics into your business.

Figure Out What Data KPIs You Need

The old saying, “Go with your gut,” is a great for those times when you can’t decide between choice A or choice C, like on a fifth-grade math test where you don’t have to show your work. But it’s not necessarily a good decision when making decisions that affect an entire company. If you were presented with the following two options, which would you think is a more responsible response?

1. Go with your gut

2. Analyze the data outlined in the report and then make your decision based on the numbers

Chances are, you’re going with Option Two. Sure, there are some decisions that require you to go with your gut. However, you should be going with your gut after you’ve done your homework. When considering a strategy to provide better data analytics and information management for your company, it’s important to know what you need to know.

1. Return on Investment

2. Customer Acquisition Cost

3. Lifetime Value of a Customer

4. How the Customer Found You

5. How Many Similar Customers Do You Have?

The five bullet points above are just quick examples of information you might need when making an informed decision. For example, let’s say you’re trying to decide whether you should hire another salesperson, spend more money on marketing, or do nothing at all. You can’t make that decision without understanding the return on investment of your marketing dollars, the average revenue a sales rep generates, or the customer acquisition cost. It may sound like a good idea to run a $50,000 television ad, but if you only yield three customers with an estimated lifetime value of $10,000, then that may not be the wisest way to spend those dollars. Business analytics helps decision-makers make informed decisions.

Get the Whole Team Involved

Different departments want access to different metrics. If you’re developing an information management and analytics strategy, it’s important to involve your whole team. The more you are able to track, the more informed your decisions will be. These decisions will aid in customer acquisition, customer retention and, perhaps most importantly, a competitive advantage to improve the company’s overall performance.

How Aspirant Can Help

Our Microsoft Cloud Solutions team specializes in designing and securing business intelligence programs tailored to each client's unique needs, preferences, and goals. From systems integration to organizational adoption, Aspirant's Integrated Expertise ensures that every component you need to be successful will be in place.

Use the form below to request a no-strings-attached discussion about how a data analytics program would revolutionize your business.