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How do you handle reporting analytics data?

How do you handle reporting analytics data?

As more companies begin to focus on collecting, storing and analyzing a wider variety and higher volume of data, a wealth of best practices and common obstacles have started to surface across industries. Put simply, the types of tactics and policies that once worked for business intelligence strategies have gone the way of the dinosaur, and it is up to decision-makers to recognize the importance of overhauling their approaches to analytics when deploying modern solutions. 

Reporting analytics tools come with the promise of reducing the rate of error, driving the speed with which information can be analyzed and tailoring the approach to data management to the specific needs and objectives of each individual company. However, these types of benefits will not be achieved unless the firm is steadfastly focusing on developing more modernized policies and management frameworks, while also training key staff members in the best practices of use. 

Sometimes the greatest places to begin seeking out best practices and tips are contained within the businesses and industries that have had the longest and most comprehensive experiences with the technologies. One of the tightest examples of this is marketing, as business intelligence and modern reporting analytics have been primarily used for these types of purposes in the past, and only began to spread out to other functions in the past few years. 

Although the firm might want to focus on leveraging reporting analytics for matters that have nothing to do with marketing, the best practices among advertisers can be directly and cleanly connected to these other pursuits with an open mind. To begin any reporting analytics strategy or overhaul a new one, the focus should truly be on the governance and use of data, as well as how the company is handling these types of everyday procedures alongside their intelligence solutions. 

Drawing the line
Marketing Land recently listed some of the key ways in which business leaders can begin to get more from their analytics and data investments in the new year, building off of some of the successes of 2014 and avoiding the common problems. Again, while these recommendations are meant to be applied to the marketing department, they have clear and validated potential throughout the business regardless of which types of functions are being targeted by the reporting analytics strategy. 

According to the news provider, the first step is to develop a plan that will ensure customized data is the only information being collected by way of policy, as this will essentially deter waste and worthless files from entering the equation. This was also one of the main trends and themes in the analytics market throughout the past year, in that the quality of information is taking the front seat and quantity moving to the back in terms of importance. 

Businesses that simply collect as much data as possible – regardless of the relevance with respect to objectives and needs – will struggle to achieve and sustain optimal use of analytics technology. The source explained that user segmentation can further improve the efficiency and effectiveness of analytics strategies, with companies working to ensure that they are creating a strategy that simultaneously covers broad objectives and hones in on specific initiatives. 

Remember, though, that other experts have warned about the dangers of over-siloing data and analytics strategies, as this can end up reducing the value of insights garnered from the tools in the long-term. Finally, Marketing Land suggested that companies work to visualize their data – a trend that is expected to explode this year – and try to personalize experiences as much as possible to avoid wasteful spending or sub-par reporting analytics performance. 

Further bridging the gap
Many companies are beginning to leverage reporting analytics solutions in their human resources, accounts payable and other departments outside of the marketing realm, recognizing the benefits of doing so and acting quickly. In addition to the aforementioned suggestions, leaders will want to truly focus on the strategic and policy matters surrounding the use of these tools to perform more effectively and preferably in 2015 than in 2014. 

One of the greatest challenges of new technology is recognizing that, while modern solutions are more accessible and intuitive, there is still a significant need for comprehensive and targeted strategic oversight to guide employees through their responsibilities. Additionally, alignment of investments with core objectives and missions is critical to ensuring the highest possible returns both in the short- and long-term perspectives. 

As such, working with the chosen vendor to craft an accurate management strategy and line of policies that closely link the solutions to the needs and objectives of the business can lead to higher return on investment over time. By leveraging the expertise of managed service providers who have been around the block a few times, this can be a relatively simple and quick procedure. 

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