The reports you should be running will depend on your industry and company goals, but data collection and analysis is always founded on a solid plan.
Reports
People today are more focused than ever on collecting data and running reports, often to the point of information overload. Technically, you can collect an infinite amount of data and run reports that crunch the numbers in every way you can imagine, but that doesn’t mean it’s all going to be helpful.
The purpose of collecting data is to use it for insights that can inform your business decisions. If you don’t have a plan for the data you collect, your reports won’t necessarily give you any useful insights. For example, it’s nice to see how many followers you’ve gained on Instagram and Twitter for the month, but if you’re not actively working on a goal to increase your monthly followers, that data won’t do anything for you.
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So, which reports matter? Which reports are going to help you run a more successful business? The answer depends on your individual needs. There is no one-size-fits-all list of reports you should be running. However, there is a simple way to figure it out. It starts with pinpointing what you consider to be useful data.
For example, fleet managers rely on reports that detail warranty data from multiple suppliers, including all outstanding reimbursements they’re owed. Tracking warranties is how companies increase reimbursements, sometimes to the tune of tens of thousands of dollars each year.
Maybe you don’t deal with warranties, but your marketing team is responsible for growing your email list. In that case, you’d want to collect data to run reports regarding email subscribers gained, lost, and everything in between.
What data would allow you to take useful action?
To figure out what reports you should run, the first thing to look at is what type of data would give you the information necessary to take action toward a goal or to fix a problem. Some examples include:
Tracking customer satisfaction. This data will give your insight into what makes your customers happy and where you can do better as a company.
Collecting detailed information on web forms. When people sign up for your email list, you can collect any type of data you want, including small details, like whether they own a dog, cat, or both. If you run a pet store, this data will allow you to segment your audience and market different products to each list.
Return rates. When you track returns, you’ll get a good idea of why people are returning your product. It could be a defective product, your ads promised more than you delivered, or you’re just reaching the wrong market. Return data would be invaluable in this case.
Web traffic sources. Once you know where most of your traffic is coming from, you’ll have a good idea of what platforms are best suited for your business. If you’re running PPC ads on a few different platforms and find that you get more traffic from Facebook, you’ll know that’s where you should direct most of your ad spend.
Are you going to do something with the data you’ve collected?
The next question to ask yourself is whether or not you have plans to do something with the data you want to collect. It doesn’t hurt to collect some data for future use, but since user behaviors and trends change so frequently, it might not be relevant by the time you’re ready to put it to use.
Try to only collect data and run reports you plan to use now. Reports that give you insights you can act on will always be more valuable than an infinite amount of data that never sees the light of day. Don’t waste valuable resources, including your time and effort, going over reports that don’t support moving you toward your goals.
Useful reports are founded on useful data
Finally, the information you collect is the foundation of all your reports, so it’s crucial to collect the right data to generate useful reports.
While some businesses only collect a small amount of data, others amass large amounts of data that can be considered minutia. Don’t collect data indiscriminately. Not all data is useful, and useful data that you collect and never use is worthless.
The reports you should be running will depend on your industry and company goals, but data collection and analysis is always founded on a solid plan. Choose the data you’ll collect based on your company’s goals so that you can align your data analysis efforts in a meaningful way.
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