How Custom Data Reporting Analytics Can Help Your Brand

There is perhaps no other word that occupies as much mind space as “analytics” in today’s world of business. It is the buzzword that drives decision making in today’s competitive market. Businesses that have excelled in interpreting data and deriving information have been able to place themselves ahead of the competition. In fact the role of business analysts has only grown and become important over the last two decades. From product launches to entering new territories analysts offer vital information to aid decisions for businesses leaders in enterprises. 

Data analytics itself is moving forward on an evolutionary journey. The fact is what was considered path breaking reporting a decade back doesn’t offer much of an edge to enterprises anymore. Before we delve further into custom data analytics reporting we must see it in comparison to standard reporting.   A standardized report is one which offers you an overview of the market, your customers and the general trends that are shaping your industry. While this may be good enough to have an overall idea about which side the industry is moving, it doesn’t necessarily answer all the ‘how’s’, “whys” and “what’s” that decision makers usually have in their minds.

Custom data analytics reporting takes you deep inside the raw data. It helps you read more than what a standardized report would offer. For instance a 40% jump in traffic for an ecommerce store would seem like success. But has this increase in traffic led to increase in sales? Where is this traffic coming from? Who are the new people who visit the store? These are some of the answers that custom data analytics reporting can offer. It looks at data and information from a more objective point of view. This brings us to the most important question – how can custom data reporting analytics help your business? Let’s take you through some incentives –

Business Needs/Challenges Are Unique      
The needs of your business and the challenges you face in the market are unique. These would be different from even your nearest competitor. This is where standardized reporting won’t help you as we have highlighted earlier. You need a tool that would help you go deep into the tons of data that are being generated from different channels. Whether it is the sales figures, the constantly shifting market share or data generated from your customer service desk is concerned.

Informed Decision Making 

Some of the world changing business decisions have been born out of ‘hunch’. But the very ‘hunch’ factor was necessitated by the lack of concrete information. What isn’t perhaps stated in as many words is that many more decisions based on ‘hunch’ has been regretted by decision makers when things didn’t quite go as expected. In the world of business, decision makers always prefer to keep the word ‘hunch’ out of their decision making process. With custom data analytics reporting tools your organization will be able to make informed choices at crucial juncture. All the decisions would be based on hard facts and figures instead of relying on assumptions that can put lot at stake.

Targeting The Right Markets/Channels          

As far as marketing products in any market is concerned there are two things that decide success – identifying the right markets and secondly identifying the channels use to reach out to the customers. Getting either of these wrong can severely dent the prospects of any business. At the heart of making the right choice is information. When you have in-depth knowledge about your sales and other external data you will easily be able to choose the markets that offer maximum growth opportunities along with the channels that allow you to penetrate into the market deeper and faster.

Different Teams & Different Needs                

While most enterprises work towards common goals the smaller goals and targets of different teams tend to vary and are often independent of one another. For instance the customer support team in an organization is often tasked with offering support for products that may no longer be part of your sales’ team target or even be those from another company that you had acquired back in time. With custom data reporting analytics all the arms in your organization would be able to work independently where they have a common goal of improving the overall productivity and equity of the brand.      
To sum up custom data analytics reporting tool can be a game changer for your organization if you haven’t tried one previously. It will offer you meaningful insights into several areas as far as tracking opportunities and identifying the challenges are concerned. You need to be careful in choosing one though as there are several custom data analytics reporting tools that available in the market. Not all are made alike and you need one that enjoys patronage among its users and can be tailored to meet the niche requirements of your business.

Summary – In this write-up we talk about the need to try custom data analytics reporting tools and how this can help your brand in a competitive business environment.

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