Business Metrics & Analytics
Almost half of business owners and managers have difficulties in using the analytics tools they have installed in their company. The main complaint is that the interface is very complicated to parameterize and data grouping and analyzing is problematic.
The truth is that there is an extensive lack of knowledge as mathematics and higher statistics were the subjects that business related students fail or perform poorly. Actually if we take the US as an example, only 25% of marketing managers and business owners have the knowledge to analyze data, retrieve meaningful results and take justified data driven decisions. Combining the availability of metrics and analytics tools with the required knowledge and experience needed a terrifying result came out. The research revealed that only 17% of managers and senior managers across all industries globally can actually be benefited by data analytics.
The Irish market is very fortunate to have excellent managers in multinational companies working on their global strategies. Unfortunately small and medium companies could never afford to employ any executive from this elite group. The only available solution and viable option for SME’s and start-ups in Ireland is to outsource their data metrics and analytics to an external agency with one of those few top level executives. This is the only way to generate useful results and be able to decide about their future based on unquestionable facts.