As an entrepreneur, you’re expected to continuously make serious data-informed decisions that will keep your business profitable. These decisions must be based on actionable insights derived from the available data. With actionable business insights, you’ll understand what needs to be done to deal with issues that arise in your business.
A common question every entrepreneur asks is: How do I get actionable insights from data? This article will answer this and other related concerns.
What Are Actionable Insights?
In business, actionable insights refer to inferences drawn from the available data that inform your next cause of action. To get useful insights you must follow the right data analysis process; you can analyze structured or unstructured, qualitative or quantitative data to get the knowledge you need to make informed business decisions.
You can either analyze the raw data alone or bring other people on board to assist you. The larger the amount of raw data, the more actionable insights you’ll get. Although the raw data can show you what’s wrong, it takes in-depth analysis to figure out what needs to be done. Fortunately, you can now use an external program like Synder to interpret raw data into actionable insights. With this program, you can get actionable insights in just a few clicks.
So, you don’t have to waste time manually analyzing large amounts of raw data. The program will analyze real-time data and give you actionable insights that will motivate you to take action. For instance, you’ll get insights that can be implemented across various platforms and campaigns. This allows you to automate your marketing and optimize multiple models to increase your sales and improve the customer experience.
How to Get Actionable Insights
In addition to implementing programs that can generate actionable insights instantly, you also need to learn how to acquire the right actionable insights. Here are tips on how to get actionable insights:
Determine Quantifiable Business Outcomes
Before you start analyzing your data, make sure you understand the key drivers of revenue, costs, and risks in your business. You’ll use these drivers to leverage your analytics so that they can have a significant impact on your investment. So, think about the impact the actionable insights will have on your business and how they’ll add to the results.
Understand that the outcome of implementing the actionable insights you gain depends on where you implement them. So, figuring out how the insights apply to your situation is the first step. For instance, you can use the insights to increase sales, improve your marketing campaigns, or understand social media engagements.
Understand the Source of Your Data
To get the best actionable insights, you need quality data. For instance, if you are relying on data obtained from customer feedback, make sure the people sending the feedback are credible. Additionally, you have to consider the best way to obtain the data consistently and quickly. This is where automation comes in handy. You need a program that will obtain data from multiple CSVs and Excel files and deliver it in the right order for faster analysis.
In this way, you don’t have to spend several hours going to every data source. Always ensure the data you are getting is clean and accurate. Also, it’s important to widen your scope by identifying new sources of data.
Know Your Customers
If you are looking for actionable insights to improve your SaaS business, know your target users so that you can figure out the most effective way to implement the insights. Have a clear picture of the actions you expect them to take after implementing them.
Want to know more about Actionable Business Insights? Read about it here!
Maintain Your Current Workflows
Your users should integrate your insights into their existing workflow. The idea is to have widespread integration of the insights for greater impact. You should also consider making the implementation of them easier for new users.
Lastly, the best and most reliable way to get actionable insights is to analyze clean and accurate data from reliable sources. You can simplify the analysis process by incorporating a reliable analytics program like Synder into your system.