Data You Can Use: Analytics for the C-Suite
(Room Ballroom D)
08 Jun 17
10:30 AM
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11:00 AM
Tracks:
Managing Technology
Most large retailers have digital analytics set up for tactical requirements, like tracking SEO and shopping cart abandonment. But senior executives may not be able to answer financial questions using analytics built for those purposes. Our brand speaker implemented analytics built for the needs of senior leadership. The goal: align digital performance reporting and financial system reporting to validate spending decisions. For example, if e-commerce analytics report $1 million in sales in a month, and $50,000 was invested in advertising to drive those sales, the profit margin calculated, based on total cost of goods sold, should match the records held by the finance department on actual dollars in and out for that activity and time period. Our speaker’s new analytics tool does that, with its results varying from financial reporting results by less than 5%--beating the industry standard of 10%. With two sets of metrics confirming the same information, the e-commerce team more confidently seeks budget for any specific activity, and the executive team can more confidently buy in. Our speakers will share best practices any retailer can use to move its digital analytics practice from the server room to the executive boardroom and into the hands of business decision-makers.