For both analytics and future prediction, data must be organized, compared and otherwise interpreted. The information in itself is not enough.
Though our Metrics and Klips can be used to help with analytics, Klipfolio provides, above all else, a reporting and monitoring tool. We provide real-time information that helps people in a business view what’s happening from moment to moment, with the ability to track metric history and take visual snapshots for reporting.
Potential clients have to understand that – and they have to understand their own needs. That’s why one of the first things we ask potential clients is: “What are you using the information for?” There is a right answer to that question: It’s ‘monitoring’ metrics and KPIs that need to be shared throughout the organization.
Analytics and predictive tools are generally between expensive or complex, and need to be bought and run by a firm’s IT department, so smaller firms don’t really go for them. Historically, smaller firms were left with less expensive tools on the market such as the popular Excel, which really don’t provide the best value in terms of monitoring, analytics, or prediction. Nonetheless, these tools continue to be much of the backbone of how companies are gathering business intelligence.
Real-time monitoring was not part of the business intelligence equation at first, because it took computer horsepower – the capabilities to ingest raw data, perform calculations, and visualize it all within seconds.
But with the cloud, things changed. The cost of monitoring dropped, so it became possible to do it on a large scale and ensure data-driven insights are much more easily shared whether its done by dashboards, email, PDFs, Slack messages and more.
Connect and communicate better with Klipfolio
Data is about more than just tracking your performance. It’s about using numbers to communicate with your team.
Performance metrics such as key performance indicators have a key team-building and learning element. Everyone knows what targets they’re trying to reach. Everyone knows where their priorities lie.
Many organizations these days fail in this regard. They think that establishing multiple general objectives is enough.
Adopting simple qualitative goals without a corresponding metric is an open path to employee frustration and disengagement. What are the goals? What does success look like? Where are we going?
These are all questions that data-driven leadership can help answer with a flexible business intelligence tool.