For some years now, data’s prominence in the business world has been growing to a point where managers and owners feel the need to collect information from every source they can – but still don’t end up doing much with it. As predicted in Gartner’s research from 2019, “only 20% of analytics insights will deliver business outcomes,” which is less than ideal.
Today, technology and Business Intelligence (BI) make it easier than ever to collect, transform, and analyze mass amounts of data to power organizational decision-making processes. Besides this application, a thorough data strategy can also help improve and finetune operations throughout the company and even inspire new revenue streams.
The reality is that, while most SaaS businesses do have some data strategy in place, they fail at turning their analytics into actionable insights. The main challenge in this regard is to make the information accessible to non-IT team members. Let’s explore some strategies businesses can leverage to drive real action based on one of the most valuable resources.
Every Bit of Info Counts
Whether you are a B2B or a B2B2C SaaS company, you can develop actionable insights with any type of data from your customer-facing dashboard. Most analytics tools have historical records and real-time reporting on any data set. So, you can use these to keep track of a strategy’s performance or to do forecasting by layering extra information using an API.
For example, Verb allows you to connect different sources – like existing data lakes or warehouses – to your dashboard. Then, the system transforms, models, and segments that raw information into easily digestible reports, visualizations, and messages. And although these are primarily helpful to your end-users, you can also take advantage of the information they provide.
One of our customers, a digital communication agency, uses our dashboard to measure ROI on their services. This type of reporting is not only useful to prove to current users that their investment is worth it, but it is also an excellent resource for the sales team when approaching a potential client. After all, data-based selling is the best strategy for closing deals.
Make It Easy for Everyone
As stated in Harvard Business Review, one of the best strategies to generate actionable insights is to “build cross-functional teams capable of translating insight into action.” This means involving non-IT personnel who might identify, among all the data in the customer-facing dashboard, facts, and figures they can use to improve their processes, create new products or services, or simply use as a selling advantage.
The best way to achieve this is by making the information easily digestible so that non-technical teams can utilize it too. Unfortunately, most analytics tools or dashboards are very complicated to set up. Some of them even require a basic understanding of coding or programming, leaving them out of reach for most team members in a company.
In this sense, we strive to do things differently. For us, simplicity is fundamental – it’s one of our three pillars – and we’ve developed the Tile Actions feature with it in mind. Its primary purpose in our software is to allow SaaS businesses to save time when setting up their personalized dashboards and make them easy for everyone to use.
With Tile Actions, you can drag and drop any data set into the dashboard, exactly where you want it to go. You can also add or remove visualization options depending on your customers’ needs. Keep in mind that these will provide valuable information for every member of your team too, so remember to get other areas involved to make the most out of this resource.
If you’d like to learn more about how Verb’s platform works, set up a demo so you can start taking action on insights you get from your customer-facing analytics.