One out of every two websites is powered by Google analytics. The majority of remaining websites likely use some variant of metric tracking.
Why has data become so important to so many digital operations?
The answer is simple: Tracking metrics enables businesses to do more with less, faster. If that sounds like something that excites you and you’d like more concrete examples of how business metrics empower entrepreneurs to do their best work, we suggest you keep reading.
Below, our team shares great examples of how metrics could make your life better!
1. Goal Tracking
If you want to be successful in business, you need to set goals. Doing that is easy enough. What’s harder is tracking the progress you’re making towards those goals.
Therein lies one of the ways metrics can be helpful.
Metrics embody several things that you could keep an eye on, from revenue, to profit, to employee turnover, that’ll enable you to understand how your company is pacing against your expectations.
2. Strong Decisions
Should you go with the pink variation of your product or the baby blue? You could lean on your gut to answer that question. What would be a better justification for investing thousands of dollars though, if not more, is to look to business metrics.
Metrics can be generated from focus group testing which can empower your company to confidently choose between product variants. And decision-making doesn’t stop there. Metrics allow you to choose between candidates, lease sites, and much more.
3. Workflow Bottleneck Identification
Where is it in your chain that your business becomes bottle-necked? Is it when supplies arrive at your warehouse and need to get stocked? Is it when finished products need to get labeled?
By having the infrastructure in place to note touch-points, you can look to metrics to understand the time it takes for certain things to happen in your product’s lifecycle. That data can empower you to cut red tape, identify low-performing team members, and more.
You can click on this resource to learn about data tracking integrations.
4. Cash Saving/Acquisitions
Every business could use more cash flow. Metrics enable that end in several ways, chiefly, by helping companies identify slowdowns so they can eliminate them (as we mentioned in our last point) and by allowing companies to clearly communicate their success.
By communicating success you enable yourself to go out to investors and hopefully, get your hands on the money you need to continue expanding.
The Value of Business Metrics Extends Beyond This Post’s Suggestions
Business metrics enable an unlimited amount of possibilities when it comes to running companies better. If you’re not using metrics consistently in some portion of your business, or, if you think that metrics could be more deeply integrated into your practices, take the steps necessary to achieve that end.
If you do, we’re confident you’ll enable your ability to grow, ten-fold. For more information on company success, business strategy, or analytics, explore the newest content we have available on our blog.