In today’s business world, those with access to the most dependable, real-time data that enables them to make fast, informed decisions have the greatest competitive advantage.
And there’s one question that any business leader can ask and answer in order to determine whether or not their business is built for long-term success.
Is your business built with analytics at its core?
It’s a seemingly straight-forward question. But nothing worth answering is ever that easy. Think about what it actually takes to make analytics a core part of your business, and you’ll find this question contains multi-layers.
Analytics at the core means more than just thinking about what drives your business forward. Specifically, there are 5 main components that must be in place before you can answer “yes” to the question above:
1. You must establish clear metrics and analytics by which you can define success at every level – employee, departmental, executive, and overall business success.
The more easily you can evaluate the performance of different areas within your business, the more quickly you can identify your weaknesses and take corrective action. This also requires constant re-forecasting of your business goals.
2. Analytics must be available across departments.
Getting everyone to understand what truly drives business success ensures your entire workforce is operating as a cohesive unit. Therefore, key analytics need a centralized home through which they’re easily accessible.
3. You must have a tool that helps you to efficiently and accurately gather key analytics.
The less time you spend on gathering data, the more time you can spend on analyzing and understand what that data is telling you. That means finding intuitive tools that workers can use on their own, without depending on IT.
4. You must be able to easily share analytics across departments.
It’s the best way to ensure that all departments are regularly kept up to date. Evaluate whether or not you have a collaborative system in place through which you can share valuable data and information.
5. You must USE your analytics!
Chasing the right data can be so challenging that we treat it as the end goal. In fact, gathering analytics only completes the first half of the process. Use your analytics to consistently re-plan and re-forecast based on changes within your business and/or your business environment. Make it a habit, and you’ll be able to create and maintain a business that’s built for success.