Foresee Measurable Outcomes using Data-driven Strategies: An Insightful Journey for CxOs
4 mins read
What does a CxO-led, data-driven business look like? Do CxOs need human + powerful business intelligence platform while making critical decisions for their organization? The answer is a big YES! BI insights and advanced analytics have the potential to uncover enormous gains in improving productivity and accelerating scalability. It also helps leaders to make better and more reliable-informed decisions truly based on facts. But who are CxOs?
Most businesses have increased the number of C-level positions during the past three decades, specifically CxOs in recent years. The CxO is the C-Suite executive in charge of reimagining and transforming the company’s growth. They oversee product development, empower employees, and handle any business challenges that may come up. In short, there are three significant functions they should take care of:
– Customer experience – Employee productivity – Product enhancement
Leaders who can balance the strength and impact of both human and business intelligence can well understand what’s happening around them. They can meet all the important company KPIs in less time by making accurate decisions. Especially when the power of BI and analytics is profoundly altering the business landscape. It’s apparent that these solutions influence key business decisions. This article covers how data-driven decisions can help CxOs and other C-suite executives in achieving the above-mentioned metrics in near real-time.
Improving customer journeys:
CxOs are primarily responsible for improving the customer experience and ensuring the products/services provided are convincing for the customer. It is challenging for a CxO to decide what changes to be made in the services offered and how to take customers and marketing into account. This is where BI insights can help with a unified data and analytics approach. Reliable BI insights can give them actionable information in the form of easy-to-understand visualizations. This helps in creating a better customer journey and go-to-market strategies. Several recent studies show that relying on a business intelligence platform plays a significant role in retaining customers with a positive feedback cycle. Unified big data with a layer of powerful business analytics can optimize customer journeys and improve customer touchpoints. Let’s get a better understanding of why these solutions should be relied upon: Having a better understanding of how customers are raising escalations and how fast are those getting resolved. Segmenting ideal customer profiles and targeting them at the right moment. Foreseeing customer trends or behaviors to influence future purchase decisions. Creating effective communication strategies for enhanced customer retention and downfall in customer churn rate.
Promoting a data-driven culture:
Organizations that drive employees to utilize data while making business decisions meet success at their very early stage. According to McKinsey’s study, high-performing organizations implement data-culture practices more frequently than others in the market. 13% of respondents at high-performing companies claim their organizations are highly effective at encouraging employees to utilize data to make choices regularly. Hence, CxOs are responsible for developing a data-driven culture and competencies rather than trying to close this gap all at once. CxOs must create a distinct culture, career paths, and recruiting strategy for data and analytics talent. They must articulate the specific contributions that can be made to drive data-driven insights for faster business growth.
Creating best-in-class products and services
Powerful insights derived from raw or structured data can help in structuring or modifying products
well. Unified BI and business analytics play a significant role in creating revolutionary products
and helping them penetrate untapped markets. With the help of predictive intelligence, CxOs and
other C-suite executives can foresee market trends and plan go-to-market strategies accordingly.
In the same research conducted by McKinsey, it was found that data and business analytics are
changing the competitive landscape across all industries. Around 47% of respondents claim that over
the past three years, data and analytics have significantly or fundamentally altered the nature of
competition in their industries. One of the major highlights of the research is that many new
companies have started relying completely on reliable business analytics to beat competitors. This
can help product owners to build products for the future.
- When seen from a product development point of view, some of the key factors to evaluate are: Details on less-performing products and market failures. It may include a lack of user interest, poor market fit, inappropriate pricing, and subpar execution. They can regularly analyze customer feedback often.
- Understanding social media trends and using them to craft a better product is essential.
- Learning more about the market, customer categories, and potential competitors.
- Assisting in the real-time identification of consumer behavior, preference, attitudes, and opinions about the product. By using this information, every C-suite executive, including CxOs, can determine which items have a higher market adoption rate.
A deeper knowledge of data and unifying it for reliable business analytics is essential for the future success of the business. To assist in identifying important business pain points, encouraging cross-functional collaboration, and developing new product features, CxOs require actionable insights derived from the unified data. To download a full report on what trends CxOs and C-suite executives should follow for immediate business outcomes, please click on the link here.
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