Most organisations understand the need to harness data and extract value from it. But many still do not fully appreciate how data analytics can revolutionise the way the C-suite performs its duty.
Why is data analytics important and how does it help the C-suite?
Relying on your guts still has its place when you are a C-level executive. But what matters today is data-driven decision-making. While data is widely considered the currency of the future, most C-level executives today still struggle with how to utilise it to the fullest.
Here are ways data analytics can make the jobs of C-level executives much easier.
Data analytics helps CEOs make insightful decisions
Businesses today are facing uncertainties like never before. Agile reactions and quick decisions are needed. Therefore, making the right decision at the right time is critical to any business's success.
Traditional ways of dealing with performance data and decision-making do not enable CEOs to respond fast enough in these highly dynamic scenarios. What they need is access to tools and technologies that can provide real-time and reliable insights that can drive growth.
Data analytics helps CFOs streamline financial planning
Collecting and analysing financial data is a prime role of CFOs. So, data analytics is understandably an essential part of the organisation’s financial planning.
CFOs should have a firm grasp of not only all relevant financial information but also its underlying data. On one hand, they have to have the big pictures. On the other, they have to be able to drill down to granular levels. These are the reasons why advanced analytics software is what all CFOs should have.
Data analytics helps COOs optimise processes
As someone responsible for the organisation’s overall efficiency and productivity, a COO must be equipped with all available tools needed to ensure all processes are running as smoothly as possible. And data analytics is an indispensable part of a COO’s toolset.
When a COO has access to accurate and timely insights into their processes and uses them as a basis for decision-making, improvements in quality and productivity are much easier to achieve.
Data analytics helps CMOs avoid wasteful campaigns
Data is the lifeblood of every marketing initiative. When used right, it can help companies target the right customer group in the most personalised way possible.
From pricing to website traffic, buying journeys, email open rates, etc., all are valuable insights for CMOs and the entire marketing team to analyse and better understand their customers' behaviours, which, in turn, help build lasting relationships.
Combined with the right digital tools and platforms to interpret data and attract new customers, companies can identify the right metrics as well as success indicators and gain back profits.
Nurturing a data culture
Even though data may have the ability to transform a company’s performance, it sometimes forces C-level executives to confront tough and unpopular opinions. To fully embrace data-based decision-making, C-level executives need to foster a culture that trusts data and its ability.
A way to address this issue is for C-suite to consider using people analytics to enhance employee wellbeing. By pinpointing employee engagement and satisfaction levels, and then categorising findings into specific locations and departments, managers can quickly identify trends and respond to any emerging issues in real-time.
While data can improve employee wellness, energy, and performance, managers should also pay attention to the causes of employee attrition. Managed sympathetically, employees can fully recognise the power of data at both personal and organisational levels.