Analytics are all too often dismissed as of limited effectiveness – or only useful in website design or digital marketing. In fact, analytics have a much broader purpose that goes far beyond the way that an online presence is managed or in creating digital strategy. Not only can they drive transformative change in these areas but a data integration strategy that fully utilises analytics can help to inform better operational decision making and enable greater organisational growth too.
Start by looking at outcomes
When you begin working with analytics to grow your business it can be all too tempting to invest a few resources and then hope that some shiny new technology will take care of the rest. However, the reality is that analytics need to be properly utilised if you’re going to achieve real growth with them. This means planning how to integrate analytics as a tool for driving business outcomes. It’s essential to start with these end goals for your business and then use the technology to create a pathway to those objectives if you want to get the most out of analytics investment. Insights from analytics can then be channelled to the part of the business where they are most likely to drive progress towards those goals.
There are no half measures
Two thirds of those users who achieve a lot with analytics dedicate around a quarter of their IT budgets to it. So, if you want to fully utilise analytics to grow your business it’s important to be aware that there are no half measures. Simply dedicating a few resources to the use of analytics so that you can check it off a ‘to do’ list isn’t going to produce the desired results. In order to generate the kind of results that will drive growth within your business the use of analytics needs to be a serious investment. This is not just an investment in technology but also the strategy, people and business planning that will enable the analytics you use to really begin performing. Starting small with analytics is fine but there should always be room to grow otherwise ROI is going to be difficult to generate.
Integrate analytics across the entire business
The reality is that analytics can deliver insights that are valuable right across an organisation. Limiting that benefit to one or two departments where analytics are viewed as the more traditional choice will reduce the impact that they can make. From improving employee productivity to enabling better executive decision making, analytics have value across a business – and fully utilising their benefits means aiming for organisation-wide integration.
Keep everyone involved
The decision to use analytics is often made at executive or management level and then daily use falls to those further down the chain. This is a mistake as those businesses that benefit the most from analytics ensure that the upper levels of the company remain involved. There are some very good reasons for this, from the perspective that senior staff can provide in terms of where best to apply insights, to ensuring that budgets are properly allocated and remain on track to deliver ROI.
If you want to fully utilise analytics to grow your business these are the basics. It’s also important to ensure that you have the right technology to help you get the most from these insights.
Get in touch with CFM Systems today for all your Financial Solutions requirements.