Are your analytics giving you the answers your business needs?
Modern information technology has made it possible for businesses to amass large quantities of data, but few of them really know how to put it to good use. While it's not rocket science and all managers can learn, the methods for producing reliable analytics are not obvious either.
Good analytics help managers tell the difference between "business as usual" and activities and events that make a difference in performance, be it sales figures, customer satisfaction or profitability.
MARKETING DECISIONS BASED ON EVIDENCE
With the right analytics, you will be able to tell which of your marketing activities lead to results. So you can make decisions based on sound evidence instead of being deceived by randomness.
Process behaviour charts will enable you to answer essential questions like:
Has a promotion made a real difference in sales? "A real difference" means a difference that is over and above routine variation (which is inherent in any process).
Is the popularity of a product or brand increasing, decreasing or stable? Process behaviour charts will help you distinguish reliably between changes that are significant and flukes.
Are your competitors' marketing activities making a significant dent in your sales?
Where will the current trend take you if your strategy and the market conditions remain unchanged? This will give you a solid foundation for assessing the impact of events that you have triggered (e.g. product improvement, better marketing and promotions), as well as events that are not of your own making (competitor moves, changing tastes in the target market etc.)
EXTRACT RELIABLE BUSINESS INTELLIGENCE FROM YOUR BUSINESS DATA