In late Jan 2013, another article was presented talking up the focus and importance of data.
Roman Stanek, the founder and CEO of GoodData, stated; In the past, “big data” as it’s come to be called was mostly limited to big companies with whole business intelligence functions and massive investments. Now, it’s democratized to the point where you encounter it almost every day as a consumer, and tools are being developed for everybody from small businesses to individual salespeople.
Ok, so we get the fact all types of organisations need and should be focusing their business decisions using data. If we focus on the process of generating revenue, which infers customer (or buyer as we like to call them), then the problem is how does the plethora of data reflect the needs of the buyer, in particular those that are your ideal buyers. Meaningful data is often overlooked with the focus on BIG DATA, mostly spruiked by data vendors and is often managed in total isolation to an organisations overall focus. That focus can be best described as front end (revenue generation) and backend (revenue saving).
For those leaders responsible for generating revenue (frontend), data plays a huge roll but is often used adhoc. The best example is to consider how well an organisation can answer a few simple questions such as “how many leads does the company need to generate this month to help sales reach goal?”. The answer will be complicated… but it shouldn’t be. Data (numbers), offer the ability to measure something and if you can measure you can manage.
The question is what should you measure to manage revenue performance?
We’ve a few ideas which you can learn more about in our “Secrets to building a Revenue Engine“ paper