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Analyzing Data To Improve The Business
By Trent Miskin, CTO & Product Developer, Lendio
Data analysis at every level of the company. There isn’t one area of a business that can’t be improved by analyzing data better. We have made a concerted effort to expose as much of our product, fulfillment, and traffic data for everyone to consume. We have also recognized that it can’t simply be a hard to use data warehouse but something that is approachable for every business unit. Not just for a trained data analyst.
Manner in which data is used to head off problems and complications before they happen
Recently we have been working closely with marketing and product units to make sure we are providing the right products to the right customers. You can only do so much with surveys or questionnaires because of the answer rates. By looking at the data from many different directions we have found poor channels or incorrect assumptions in our product that has made an immediate impact. The biggest thing is that the entire IT team watches high level core metrics for issues and then approaches the proper department to correct it immediately.
The best teams and companies have innovation coming from every area of the business and are often cross departmental
It all comes down to knowing what makes you successful and measuring all the pieces that goes in to it, and that is an ongoing changing data set.
The areas in business environment where solutions do not yet exist or not up to the mark, and which if existed, would’ve made job easier
• More options for SaaS origination and processing software
• Easier access to business financial and tax information
Technology trends impacting enterprise business environment
In many ways we are past the honeymoon phase for these technologies and reality has kind of set in. Many companies were burned with large development bills and lots of wasted time with little value to show from their efforts in these areas. Businesses know they need to follow the usage patterns of their customers but the revenue and adoption models are far from mature. We will continue to see large businesses struggle to translate their core legacy businesses into something that can be consumed everywhere. I think most businesses need to look at mobile and social media more as tools to drive adoption and to supplement their customers experience than the end-all solution to all of their problems. When you do that there are some very powerful things that can be done.
Lessons learned and advice for fellow CIOs
Learn your business inside and out. I hear too many IT professionals refer all business related questions to others on their team even when it involves very simple business concepts.
Technology is just a hobby unless it solves specific business problems. The best teams and companies have innovation coming from every area of the business and are often cross departmental. If you feel uncomfortable speaking about any area of the business that ever touches technology then you have found an area you should become more educated on.