Business Lacks Analytics Adoption & Understanding of KPIs
Businesses often struggle to adopt analytics and gain an understanding of the key performance indicators (KPIs) needed to make informed decisions. Without an understanding of the necessary KPIs, businesses may struggle to define the right metrics, leading to poor decision making, misaligned outcomes, and a lack of visibility into operations.
However, with the right solutions, businesses can gain the visibility they need to make informed decisions, align outcomes to their desired KPIs, and maximize their ROI. By prioritizing the following solutions, businesses can ensure that they are making the most of their resources and addressing the most pressing needs first:
Establishing a report catalogue can help businesses create a holistic view of their data, as well as provide consistent definitions and standardization of metrics. This will ensure that all decision makers are working from the same baseline and that the right KPIs are being used.
Creating a business case for each KPI and aligning it to the desired outcomes can help ensure that decisions are properly informed by the right data. Additionally, understanding the impact of the KPIs on the business will help decision makers make informed decisions.
Decentralizing decision making can help ensure that decisions are made to provide the best possible customer service and maximize their profits. quickly and accurately and that the right KPIs are being used.
Defining use cases and aligning them to an analytics library can help businesses identify the right metrics and gain a better understanding of their data. This will help to ensure that the right information is available when decisions need to be made.
Train an AI on the reporting catalogue, metrics, KPIs, and even potentially the underlying data to provide real-time information to users. Whether to serve as a repository for business definitions, a glossary of sorts, or more broadly as an informed agent serving an operational capacity in the company, AI can unlock substantial value and time savings.
By leveraging these solutions, businesses can gain a better understanding of their data and make informed decisions that will lead to better outcomes and increased profits. Additionally, operationalizing analytics (demand sensing & shaping) can help businesses make more informed decisions and ensure that the right resources are available to meet customer demand. This will help to further optimize operations and maximize customer satisfaction. By tackling these solutions in order, businesses can ensure that they are making the most of their resources and addressing the most pressing needs first.