Effective reporting and data management are critical for sustaining high performance for any company, but particularly in B2B tech and SaaS companies. The problem? With so many moving parts and data to be collected, its difficult to interpret the story the data actually tells. So most companies feel a bit…paralyzed.
Here's the thing: you can only control so much.
Understanding what you can and can't predict, what actually matters and asking the right questions is necessary to make actionable changes—and its just one step you can take to setting yourself up for long term success.
Peter Caputa, CEO at Databox, goes into more details about this process in our recent HubSpot User Group event: Predictably Improve Your B2B Tech Company's Performance by Leveraging Data.
What Do High-Performing Companies Do?
Databox revealed the state of business reporting in full detail here, and if you follow the practices of the high performers, you'll have an easier time predicting and promoting growth in your own company. Some things aren't always copy/paste, and that's okay too—adapt them to your needs and you'll be on the right track.
So what are some of the most important takeaways for B2B tech and SaaS companies?
Embrace Automation and Real-Time Data
High-performing companies significantly reduce time spent on manual data entry by investing in automated reporting tools. 70% of businesses are planning to enhance their automation technologies to reduce inefficiencies and improve accuracy. This is something we recommend pushing anywhere you can: from reporting to email drip campaigns to data clean up.
Automation doesn't need to be some big scary thing either, apply it to the tedious repetitive processes (*cough* *cough* pulling real-time reports), and you'll have more timely insights for informed decision-making.
Break Down Data Silos
Integrated reporting tools are essential for high-performing companies. If you have one tool to report on social performance, another for emails, another for sales, another for…you see how this can get out of hand fast?
If you can unify your data from disparate sources through platforms like Databox, HubSpot or otherwise, you get a much more comprehensive view of business performance. Overcoming data silos allows you to:
- Make more holistic business decisions
- Ensure that all departments are aligned and informed with company goals
- Find hidden opportunities that you can capitalize on
- Reveal pitfalls in processes or tactics that you can modify
Leverage AI and Data Science
Artificial Intelligence (AI) and data science are game-changers in a lot of realms, but particularly with business reporting. These technologies enable predictive analytics, helping companies foresee trends and identify potential issues before they become problems—and 55% of companies already use AI to enhance their reporting capabilities
AI can offer deeper insights and more strategic planning opportunities for those who can't see the forest through the trees, or make sense of trends or data.
5 Questions to Control the Controllables
To ensure sustained high performance, businesses must constantly evaluate and adjust their strategies. Here are five critical questions every business should ask to control the controllables and drive future success:
- What level of performance is possible?
- Understanding your potential performance level is crucial. This involves analyzing past data, benchmarking against industry standards and setting realistic, yet ambitious, goals. Using integrated reporting tools is critical to provide the necessary insights to define these benchmarks accurately.
- Psst…if you want to see how you stack up, join HubSpot Benchmarks for B2B SaaS + Tech Companies.
- What should we do differently (or more or less of) to improve our performance?
- Continuous improvement is key to high performance. Evaluate current practices and identify areas for adjustment. This could mean investing more in automation, training staff to leverage new technologies, or reallocating resources to high-impact areas.
- What can we do today to influence our future performance?
- Immediate actions can significantly impact future results. Implementing real-time data analytics and predictive models can help businesses make proactive decisions. Addressing current issues promptly prevents them from escalating and affecting long-term performance.
- How are we likely to perform in the future?
- Predictive analytics, powered by AI, can forecast future performance based on historical data and current trends. This helps businesses prepare for various scenarios, ensuring they are not caught off guard by market changes or internal shifts.
- What issues do we need to address right now to ensure our future performance?
- Identifying and creating a plan to tackle current challenges is crucial. Whether it’s integrating disparate data sources, upgrading reporting tools or addressing skill gaps in the team, resolving these issues promptly ensures that they don’t hinder future performance.