Today, companies process and store more data than ever before. A typical digital analytics tool can give users over a hundred standard reports, with the option of creating many more custom reports. Analysts are often not sure about which report contains the specific metric that they are looking for. The problem is compounded when the metrics are spread out in multiple tools such as the web analytics tools, campaign management tools, testing and optimization tools, etc. In such situations the business team may not be able to get answers quickly or may never get an answer, or worse, get a wrong answer, even though the answer is hidden somewhere deep within data stored by the organization.
Nabler's KPI Workshop
Even big budget BI and analytics tools cannot give you the right reports and dashboards, if you do not plan your KPIs well. Nabler's KPI Workshops can help organizations get through this challenge and ensure that analysts are able to efficiently respond to questions.
The objectives of Nabler's KPI workshop are:
- Understanding the business questions that need to be answered
- Building consensus on metrics to be tracked and reported
- Standardization of KPI definitions across the organization
- Establishing KPI benchmarks and defining responses to deviations
- Aligning the analytics processes with the requirements of the business teams
NABLER'S KPI WORKSHOPS — AN EFFECTIVE WAY TO PLAN YOUR DIGITAL ANALYTICS SOLUTION
Nabler's team starts with a KPI discovery session that is conducted with key decision-makers across the organization. The session is facilitated by one of Nabler's consultants and brings together budget owners, business function heads, and support function heads. During the course of these meetings, all participants express their concerns around data, their operational challenges, their current reporting, their monthly and quarterly goals and most importantly, what do they expect from their web analytics tool. The information gathered during the workshop is then grouped and organized as per the REAN model. Using this process, we draft the KPI Manual which becomes a key reference document for all users of analytics data.
The KPI Workshop
During the workshop facilitated by Nabler's experienced consultants, we discuss about the current reporting infrastructure, operational challenges, monthly and quarterly goals, and business expectations from the online data. The outcomes of this step are classified using the REAN framework. We then identify the various metrics that meet the requirement of each scenario and work on standardizing the definitions of these metrics. We also peg each metric against a benchmark and explore the actions that have to be taken by different teams when there is a variance. The process ensures that the group arrives at a broad consensus on metric definitions, measurement sources, the frequency of reporting and the target group to whom it has to be communicated.
The KPI Manual
At the end of a KPI Workshop, Nabler drafts the organization's KPI Manual. This manual demystifies the KPIs that have to be used to measure and report the performance of the business. It also includes the metrics that are needed by various business users and clearly defines each metric. In cases where a metric is derived from other metrics, available in different sources, the manual explains the formula to be used for calculating that specific metric. Finally, the manual describes scenarios in which the metric becomes a critical input for decision making.
The KPI Workshop starts by identifying the key people who must be a part of this exercise. A typical list of participants includes:
- Budget Owners
- Chief Marketing Officer
- Ecommerce Director
- Business Function Heads
- Digital Marketing Manager
- Content Manager
- Merchandising Manager
- IT Manager
- Support Function Heads
- Digital Analytics Manager
- Web Development Manager
- Content Specialist
- Solution Architect
- Information Architecture Specialist
- Online Merchandiser
- Web Analyst
KEY BENEFITS OF NABLER'S DIGITAL ANALYTICS KPI WORKSHOP
- Greater clarity across the organization about what is to be measured and reported
- The right KPI is communicated to each level in the decision-making chain
- Enhanced acceptance and use of metrics by various business functions
- Focused responses and efficient processing of requests for ad hoc analysis
- Quicker and appropriate responses when KPI values deviate from benchmarks
LEVERAGE NABLER'S EXTENSIVE EXPERIENCE
Over the years, Nabler has conducted several KPI Workshops for online businesses across industries. Our clients include both lead generation and e-commerce websites. As a company that has worked with some of the leading brands in the industry to streamline their web analytics processes, we can help your organization to get the best out of your digital analytics investment. To know more about our KPI Workshop service, and how it can benefit your organization, contact one of our consultants now.