Organizations that invest in business intelligence solutions enable their key decision-makers to manage their business much more effectively than those that don’t. BI enables quick responses to daily operational issues and critical analysis for long-term planning purposes. However, with so many data points that can be tracked, it can be a challenge to choose the right metrics at the onset.
Start with an open mind and brainstorm with your team on what information would be most helpful without worrying whether or not it’s possible. Consider each department and think about how to correlate metrics to business goals. Factor in any urgent pain points the business is experiencing that need corrected in the short-term.
Take the time to review the business case that led to the BI purchase initially and slot it appropriately into your priority list. Start with the top three or four reports that will provide the most valuable and actionable data. It’s important to show measurable improvements from early on in your BI projects. To ensure proof of results, be sure to start with a benchmark so you can demonstrate a clear improvement over time.
Consider how you currently make decisions and choose metrics that will give you actionable data and get all departments on the same page. Aim for metrics that are clear and actionable vs. those that are insightful but require additional research. Various departments may want to drill down on certain aspects for additional detail later, but the primary goal is to gain insight into data that enables you to be decisive.
Every company has its own unique requirements; however, the four metrics below are typically considered the most relevant and necessary to understanding the overall health of your business.
4 Must-Have Metrics
Financial Reporting, particularly profit and loss data, which is at the core of determining how a business is operating and its trajectory for growth over time. This information enables decisions on investments, spending, hiring, profit sharing, legal reporting and more.
Employee Performance metrics are invaluable for evaluating progress to goal for employees in an impartial (and somewhat inarguable) way. When employees and their managers have access to the same tracking information and can freely look at it whenever they choose, it becomes much easier to have a conversation about progress and whether employees are exceeding expectations or falling short.
Customer Satisfaction reporting becomes so much easier to stay on top of with a BI tool. With all pertinent data entered into the system in a consistent format, understanding the output is infinitely more intuitive. Easy filtering options provide new ways of extracting valuable nuggets of information and identifying trends.
Marketing is one of the most difficult activities to track and tie to dollars both on the spending to budget side and the ROI side. BI ties data from multiple marketing technology tools together and calculates the results so there is concrete information from which to make decisions.
The key to reaping the benefit of using a BI tool is measuring and reviewing the reports and dashboards frequently, and collectively making decisions that will improve your business’ health.
Take control of your business today. Get started with BI experts that can walk you through the process and answer any questions that come up. ClicData has been leading the way in successful BI implementations for over a decade. Find out how we can help you improve your business with the power of BI.