As a company grows, it becomes increasingly challenging for senior management to answer key questions about the business’s health, progress and customers. Paradoxically, much of the data required to answer these questions will already be held by the business. However, this data is usually stored in multiple locations, making it challenging to ‘knit together’ and draw insights fast.
As a business grows and becomes more complex, the kinds of reporting that senior management require will naturally become more complex too. Headline figures about revenue are of course important, yet business decision makers will increasingly need to access more in-depth data to make strategic decisions about investment and processes. However, in many growing businesses, it can be very difficult to quickly generate reports that answer complex questions. All too often, the data needed to answer these queries is held by different departments who store it in multiple systems, both on-premises and in cloud-based platforms. Because data is stored in so many locations, it becomes very challenging to collate.
Five examples of complex questions senior management may need to ask:
Can your growing business rapidly answer these types of questions?
1. Which of your recent marketing campaigns had the highest impact?
2. Can you segment customer lifetime value by region and demographics?
3. Is there a difference between the kinds of business your salespeople are winning?
4. Are customer retention costs less than customer acquisition costs?
5. Are you getting a fair deal on your outsourced services?
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