They’re not guessing anymore.
The most successful executives in the room know that custom data solutions are the only way to make faster decisions, predict problems before they happen, and create businesses that actually stand the test of time.
Here’s the issue…
Companies have access to more data than ever before and yet most of it goes completely ignored. Their executives are weaponising that same data to grow faster than their competition and plan for the next five years. Want to know how they do it?
Here’s What You’ll Learn:
- Why Executives Are Leveraging Data Like Never Before
- Exactly What Custom Data Solutions Do
- The Three Ways Successful Leaders Are Utilising Data Today
- The Number 1 Mistake Executives Make With Their Data
Why Executives Are Leveraging Data Like Never Before
If you don’t know, now you know.
89% of executives plan to increase their analytics investment this year than ever before. Businesses who have prioritised building a data driven culture see decision making occur 5x faster than their competitors. When companies make being data driven a priority, they leave everyone else in the dust.
The problem?…
Leaders are realizing how important data is at a rapid rate, but only 37% of executives say their organisation is truly data-driven. That means a crazy amount of companies are flying blind when it comes to data and executives who spend time and money towards becoming data-centric will blow their competition out of the water.
And that’s where custom data solutions come into play.
Exactly What Custom Data Solutions Do
Custom data solutions don’t just magically show you how your business is performing.
They take key data points that matter to your business – sales numbers, operation metrics, customer behaviour, market changes – and compile them into meaningful insights. Customised dashboards, reporting software and analytics tools all take the unique ways your business functions into account.
Building a data-driven roadmap with clear KPIs in mind is vital. Executives who want to implement custom data solutions that work for their specific business need to know every piece of data they track and analyse ties back to their business goals. It can’t be an out-of-the-box solution that your business sorta fits into.
Imagine two companies. Company A uses a generic dashboard that captures hundreds of metrics none of their executives care about. Company B builds a custom reporting solution based on their unique sales process, inventory fluctuation, and customer lifetime value. Who has more insight into how their business is actually performing?
Company B.
And they have a custom data solution to thank for it.
The Three Ways Successful Leaders Are Utilising Data Today
Executives using data aren’t waiting for profits to tank or revenue to dip before taking action.
They use data to identify these situations before they occur. Here are the 3 best ways they’re doing it.
Predictive Analytics
Predictive analytics is quickly becoming one of the most useful tools in an executive’s toolkit.
Not only are businesses that utilize predictive data analytics seeing a 15% rise in revenue, they’re using it to prepare for changes in demand, decrease customer churn and plan hiring cycles way before the need occurs. Decisions are made based on what could happen, rather than reacting to what already did. That kind of insight is priceless.
Custom Reporting & Intelligence Dashboards
One size fits all tools fit no one.
Forward-thinking executives know this and invest in custom reporting tools that aggregate data from sales, operations, marketing, logistics and more. Integrating all your data into one easy-to-read dashboard allows everyone in your organisation to access the same information at the click of a button. Instead of dedicating time and resources to collecting data from various systems your custom data solution does it for you.
Benefits of a custom intelligence dashboard:
- Monitor the KPIs that truly matter to your business
- Spend less time searching for data in different systems
- Easily be alerted to anomalies and upcoming trends
- Gives your entire organisation access to one source of truth
Notice how every benefit above ties back to the entire business? That’s because having an entire company on the same page is priceless. Data silos are some of the worst aspects of businesses today and custom reporting dashboards solve that problem.
Creating a Data-Driven Culture
Here’s a fun fact most executives forget…
Technology is only useful if your employees know how to use it.
Companies who leverage data don’t just invest in fancy new tools and expect everyone to magically use them. They prioritise teaching every department, from sales to logistics to customer success, how to utilise data when making decisions. Businesses that prioritise data literacy see a 35% increase in productivity and a 25% better decision making from their employees. That should be every executive’s goal.
Building a data-driven culture starts by:
- Leading by example
- Having clearly defined processes for how data is collected, stored and used
- Consistent training on how to digest your custom data insights
- Building custom data solutions that fit how each department operates
Culture takes time to develop. But once you create a data-driven culture, your employees will thank you.
The Number 1 Mistake Executives Make With Their Data
Investing in data without a strategy.
Businesses pour way too much money into data analytics platforms just to end up with dashboards no one uses and reports no one reads. The tech isn’t the issue. Executives buying data tools without a plan of action is.
The smartest executives have one (or more) business problems they need to solve. From there, they build the data infrastructure around solving those problems. Not the other way around.
Businesses that utilize data to make decisions are 23 times more likely to attract new customers, 6 times more likely to retain customers and 19 times more likely to be profitable. But only if the insights they gather from their data align with their business goals. Swiping right on every data tool out there won’t do any good without knowing how to use it.
And that’s the difference between a business that collects data and a business that leverages it.
That’s The Wrap
Data is powerful. When used correctly custom data solutions become one of the best weapons in an executive’s arsenal. The businesses that will stand the test of time aren’t going to be the biggest — they’ll be the most informed.
To quickly recap:
- Custom data solutions give you specific insights into how your business is performing
- Use data to anticipate business obstacles, instead of reacting to them
- Implement custom reporting tools your whole organisation can utilise
- Every department should be making decisions based on data
The difference between collecting data and using data separates the successful from the unsuccessful. Executives who start using data today can future-proof their companies for the next decade.
