Are you using the same tired KPIs as your competitors? Have you forgotten to tie metrics back to the customer? Are you waiting until later to calculate ROI for your latest analytics projects?
If you answered yes to any of these questions, you might be measuring the wrong things. Read on for advice from six leading analytics experts who also happen to be speakers at the upcoming Premier Business Leadership Series.
We asked them, “What one thing should businesses be measuring or analyzing that they probably aren’t already?” Here are their answers.
Measure the effectiveness of the KPIs used to monitor your business. The real value lies in finding those KPIs that truly explain your business. A significant opportunity is lost when relying on industry standards or the attitude that, “Because company x is using KPI y, we should use it too.” – Jacob Kuijpers, Senior Manager, Information Management and Analytics Technologies, Deloitte
Understand whether your data gathering efforts are focused on uniqueness and relevance to organizational goals. – Daryl Morey, General Manager, Houston Rockets
Too much of business analysis is about metrics (average ticket, cost per click, cost per thousand), but even today most marketers aren’t measuring enough at the CUSTOMER level. All metrics should be reported based on customer movement, and customer value. – Arthur Sweetser, CMO, 89 degrees
Consistent, incremental ROI on all of the new initiatives through rigorous testing. Are we better off today than we were 12 months ago because of all the new developments that we have put in place? Often times it is not easy to answer this question, if appropriate tests and KPIs were not designed upfront. – Tamara Gruzbarg, Sr. Director of Analytics and Research, Gilt Groupe
The least-analyzed, most important data in most companies is in human resources. Just as sports teams do, companies should take a much more analytical approach to their talent. – Tom Davenport, Author, Judgement Calls, Analytics at Work and Competing on Analytics
HR analytics to understand the attributes that can predict good employees, reduce recruitment costs and improve hiring decisions. – Jeremy TerBush, VP of Global Analytics, Wyndham Exchange and Rentals
For more useful tips and advice from analytics experts, make plans to attend the popular conference in Las Vegas or follow along with the conference coverage starting October 9.
