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How to Ensure Your Company is Making Data-Driven Product Decisions

by Josh Biggs in Tips on 30th July 2019

Every day new opportunities peek through into the business world. Many great scholars and tech geniuses continue to prove that as technology improves, so do your odds of being an ultimate winner within the marketplaces you serve. We live in a world where one’s imagination is the only limitation for anyone trying to further themselves.

For those who don’t know, big (and little) data has transformed how business works today and what can be done to deliver improvement across industries. Data hasn’t only changed the tools we use to conduct daily business but also updated how we use numbers to yield significant accomplishments.

You’re still reading so that must mean you’re interested in learning how to use data to bring about these successes. Here’s how you can ensure that your business makes data-driven product decisions as well as the approach you can take to make things as easy as possible.

 

First things first, it’s time to understand the power that modern tech holds within.

Technology is intended to make our lives easier.

In 2019, we have hands-free vacuums, refrigerators that can tell you what to add to your grocery list, and cars that drive themselves. These gadgets might not do more than keep your office fresh or let you safely practice your big speech on your way to work. However, they also show how we use modern technology in our day-to-day life.

But it doesn’t stop there. Businesses are using more than a bulky desktop and landline to operate. Today you might see companies using large machines to build products, software databases to hold millions of client accounts, or 3D printers to visualize product models.

No matter what piece of modern technology you’re using, you had to make a decision to get it. Most likely, it was a number-driven purchase, whether that be by cost or data. Thankfully, you don’t have to use paper invoices or reports anymore to make data-driven decisions.

 

There’s an app for that. Yes, even when it’s time to making data-driven product decisions.

Let product experience software make your product decisions more prominent and easier to make.

PX software is a smart option for other tech companies offering software or digital products. Most offer multiple beneficial features to aid in understanding users, but on top of that, they provide insightful data about users’ journeys by tracking their interactions with your product.

With access to in-depth data reporting and customer feedback provided by in-app surveys, you are set to make data-driven decisions about your products. You may find that users aren’t using features as you intended so that might spark a redesign. Or you may find that they are dropping off at a particular point, which may also spark further analysis.

Product experience software is still a stranger to many but can help craft unforgettable client success stories. Understanding how your users work with your product is the best form of feedback to utilize making changes.

Don’t let the lack of information or overabundance of information be something to detour you from the results you truly want to see come to the surface. There are many great companies offering product experience software to aid your product decisions. For example, Gainsight PX Software specializes in detailed analytics to spot trends and aid in user retention. Another option is WalkMe, which focuses on making product adoption easy.

Whatever route you take, never underestimate the power of documenting business processes or reinventing marketing with an enhanced roadmap. If you follow this tidbit of knowledge, you might find just how much it can benefit your brand while improving employee and client satisfaction.

 

This is where data comes out to play, and your business can unleash continuous profit.

Identifying flaws in your sales journeys, making operations leaner, and securing profitable users are just a few examples that come to mind of actions made from data. You can reduce operating costs, streamline employee training, and provoke new revenue streams to fund further growth for your brand.

What you find is dependent on your product’s current success. However, strategically investing in software designed to use data to pinpoint areas of improvement can only help your business.

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