Businesses often struggle to adopt analytics and gain an understanding of the key performance indicators (KPIs) needed to make informed decisions. Without understanding the necessary KPIs, businesses may struggle to define the right metrics, leading to poor decision-making, misaligned outcomes, and a lack of visibility into operations.
However, with the right solutions, businesses can gain the visibility they need to make informed decisions, align outcomes to their desired KPIs, and maximize their ROI. By prioritizing the following solutions, businesses can ensure that they are making the most of their resources and addressing the most pressing needs first:
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Establishing a report catalog can help businesses create a holistic view of their data, provide consistent definitions, and standardize metrics. This will ensure that all decision-makers work from the same baseline and that the right KPIs are used.
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Creating a business case for each KPI and aligning it to the desired outcomes can help ensure that decisions are properly informed by the right data. Additionally, understanding the impact of the KPIs on the business will help decision-makers make informed decisions.
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Decentralizing decision-making can help ensure that decisions are made quickly and accurately to provide the best possible customer service and maximize profits and that the right KPIs are being used.
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Defining use cases and aligning them to an analytics library can help businesses identify the right metrics and better understand their data. This will help to ensure that the right information is available when decisions need to be made.
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Train an AI on the reporting catalog, metrics, KPIs, and even potentially the underlying data to provide real-time information to users. Whether to serve as a repository for business definitions, a glossary of sorts, or more broadly as an informed agent serving an operational capacity in the company, AI can unlock substantial value and time savings.
By leveraging these solutions, businesses can better understand their data and make informed decisions, leading to better outcomes and increased profits. Additionally, operationalizing analytics (demand sensing and shaping) can help businesses make more informed decisions and ensure that the right resources are available to meet customer demand. This will help to further optimize operations and maximize customer satisfaction. By tackling these solutions in order, businesses can ensure that they are making the most of their resources and addressing the most pressing needs first.
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