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How DATA impacts CFOs

By now we all have easily established that organizations big or small, all need and also manage to collect overwhelming quantities of Data. They could garner it either from internal functions and operations or external customer interactions. With business analytics presenting a robust promise to evaluate data for competitive gains, real-time insights across the value chain has become critically important for Chief Financial Officers.

 

More often than not, CFOs need marketing data to run a tight ship and manage the strategic aspects of the business. Datakart offers ready and relevant data that not only helps CMOs but also other C-suite and helps them take their business to a new high.

CFOs can meet many a challenge using data wisely because:
Relevant data is unquestionable
Data from Datakart is relevant as well as actionable data and can easily be your “ace of spades”. But to use that card and win the game, you need to first have it in your deck. If your organization wants to make decisions based on facts, having actionable data on-hand empowers you to answer all the questions that begin with ‘why’? To make it easy to comprehend, we can safely say that relevant data which is reported correctly is indisputable. Actionable analytics and insights remove the subjectiveness in business.

Relevant data lends itself to unbeatable strategies
Once you have a hypothesis, paired with relevant data, you can create a strong, measurable strategy and put it to work! The structured criteria of a hypothesis, including data, is your foundation to base and execute the strategy. Compare results to the hypothesis regularly and make sure that the campaign is right on track. If it’s not, make amendments to reach your desired goal. Having the hypothesis, based on relevant data, allows your team to achieve more goals.

Relevant data can help you optimize
How can you empower and enable your team if you don’t hand them over the right tools? Just the same way, your team will not be able to optimize anything if you don’t have meaningful data to support making changes. Many a time, people blur testing with optimizing. Testing is a part of optimizing, but they aren’t one and the same thing. Testing is measuring to check the quality, performance, or reliability of something. Optimizing takes those measurements a step further. It means to make the best of or most effective use of something.

Relevant data gives you the purpose of work
As much as you’d like to ignore it, the numbers don’t lie. Data can prove that the projects you’re working on are where your limited time is best spent. It can also let you know what not to work on. For example, maybe you spend 15 hours on email marketing, and you put on quite a many per month thinking they’re driving leads. But once you look at the report, you realize the emails account for 25-50% of your time on the clock and only bring in 2-5% of leads. Maybe then, you will realize that your time might be best spent on a totally different lead generation campaign.

Key takeaways – Data and its analysis are still in their early stages of development, but that they offer endless possibilities for companies to use is beyond any doubt. Every single piece of information, inside and outside the organization can be employed to better structure the business on all levels. In this framework, it is likely to witness major shifts in the roles and responsibilities of CFOs in the years to come. Datakart with its ready marketing data is there to help the CFOs understand the opportunities better.

Data is the kind of universal resource that we can mould to provide new innovations and new insights. It’s all around us, and it can be mined very easily.

We’ve got to use every piece of data and piece of information, and hopefully, that will help us be accurate with our product evaluation. For us and anyone else in marketing, it is our lifeblood.

Tips to use data wisely

When analyzing your sales performance consider data for the following:
Pricing changes eg. price increases or discounting
Competitors entering or exiting the market
New product or service launch growing sales
New product or service cannibalizing existing product or service sales
Customers moving between products or services
Changes in customer demand eg. increasing or decreasing
The segments and distribution channels you operate in