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What is your startegy for data and analytics?

samurijv2samurijv2 subscriber Posts: 3 Member

This has been a buzzy field for a while now, but I'm curious to learn how actual startups are using data/analytics in their day-to-day ops to drive decision making. Is this a big focus area for you? Or do you feel the emphasis on data/analytics is overstated? 

Do you have a set of KPIs you regularly measure progress against? How useful/reliable are your metrics? 

Have you been able to automate your approach to data gathering/processing? Or is this something you're doing manually by hand? 

If you plan to make improvements in the area of data/analytics over the coming months, what kinds of changes do expect to drive the greatest ROI? 

Would love to hear a few perspectives on how other business owners are approaching these kinds of questions in the real world. 


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    Tuah BaoTuah Bao subscriber Posts: 176 Silver Level Member

    Hi @samurijv2

    Indeed, you need accurate information to make sound decision (no doubt). People who possess more and accurate information will win. How do you make decision if you know nothing about your business and customers?

    KPI is a big topic, you can measure anything under the sun, you can measure efficiency (production), sales, human resources, customer satisfaction....etc. I suggest you buy a book (or pay for an online course). I have read a book called, KPI (bernard marr). You will find a lot of KPIs measurement, and how to measure them (formula provided). Perhaps, a good start for you.

    I am a chartered accountant, I never use any special software to measure KPIs. What I need is just Microsoft Excel. You should already have a sales/accounting software. Just export the data into Excel, and develop formulas/templates and start measuring and monitoring your KPIs. That's it. =)

    Tuah Bao
    100+ done for you courses to immediately start running your own profitable e-learning business

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    rocking-mrocking-m subscriber Posts: 11 Bronze Level Member

    Great question!

    My thought for most small businesses is to stay focused on the big picture to start with in regards to KPIs. Year over year and monthly top line, bottom line, total payroll, direct and indirect spend is a good starting place.

    My opinion is most startups don't spend enough time focusing on their PnL and really understanding how their business operates financially on a day to day basis and how their decisions impact their finances.

    Those numbers will show you trends that need more attention and depth or research.

    It's easy to fall in love with data and end up in analysis paralysis!

    Focus on growth! Stay simple to start with and let the customers and the trends tell you where to focus your time.

    Hope that helps!

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