Data plays a significant role in measuring and monitoring the fall or rise of a venture. Most software-as-a-service (SaaS) enterprises invest a considerable portion of their annual budget in data gathering and evaluation. However, analyzing the outcomes to churn profitability rate is crucial. To get real-time performance indication, use artificial intelligence (AI) data analytics.
Verifying other data sources and customer procurement patterns reveals a new set of variations in the churn rate. You can use these insightful analyses for a better customer engagement strategy. Such developments reflect in the form of recurring revenue growth.
Despite its ever-escalating demand, only 54 percent of SaaS companies’ C-suite executives use data analytics for better decision-making. Limited use of data to resolve emerging business growth problems is the root cause of delay in success. Organizations can evolve their operations with an efficient data analytics team.
Senior management not asking for follow-up reports is yet another reason for not getting the necessary insight. By using a digital reporting system, executives can control and manage regular data updates. Inconsistent data formatting also leads to a delay in analysis.
Swift responses from executives is the key to enhancing your team’s productivity. Data-generating, gathering, and reporting already take about a week. Moreover, if the C-suite takes another week analyzing, it may weaken your customer engagement.
Customers are apprehensive and have a range of options available to them. Deliberate efforts to improve the churn rate are possible only when companies fix the existing gaps. Identify the problems and look for a solution to maintain consistency. Data analytics is the key to resolve multiple issues at once. Do not let delays in processing and reporting affect your business. Click on the following link to read the original article: https://www.cfodive.com/news/companies-said-to-need-deeper-data-dives-to-improve-metrics/597572/