If you company is not data-driven… could it be that it is not really tracking the data that matters?
A study from MIT Sloan Management Review and Think with Google finds that, in many companies, decisions are still being made more on the basis of intuition than data.
The survey – conducted among more than 3,200 senior executives around the world, roughly half of whom are marketing executives – found that 38% describe their organization as intuitive in its decision-making, compared to 27% who describe it as data-driven. (The remaining 35% say their organizations are equally data-driven and intuitive.)
When your customer base is made up of hundreds of thousands of transactions spread over a dozen or more retail points, intuition is not your friend. It is downright dangerous.
However, read the study and one thing that becomes clear is that, for many companies, just finding their way through all the different KPIs might be overpowering. After all, complex KPIs require complex tracking of results and analysis to see if those KPIs really do drive the business.
Can we suggest a simpler more direct KPI? Love. At CEO Analytics we unearth what your customers really love, and are eager to pay money for. Call us for a demo or even for a very unpressured, no-hard-sell conversation. When it comes to decision-making, love is the answer.
Send us an email at firstname.lastname@example.org
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What really matters to your customers is the only thing that should really count
According to a new study by Snowflake Computing and Harvard Business Review, companies that make data-driven decisions have the best chance for longevity.
Yet across industries, they found that only 5% of retail and CPG enterprises qualify as data-driven, half of the survey average (10%).
This stands in opposition to stated goals. The retail industry had the highest number (89%) that placed great importance on getting better insights into customer needs and expectations. Faster decision-making was also a priority (79%) as well as improving process and cost efficiency (68%).
What is holding retailers back? The biggest challenge cited was human in nature;
CEO Analytics can help you overcome all three obstacles:
CEO Analytics will unearth what your customers really love… and are eager to spend their money in. We will increase your retention, generate incremental sales and increase your revenues from 3% to 7%. Email us at info@ceo-bi-analytics or go to our site: www.ceo-bi-analytics.com
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CEO Analytics unearths what your customers really love and are eager to pay money for. Our basic promise is simple. We will: increase retention, generate incremental sales and increase your revenues by 3% to 7%