How data insights can maximise your investment in new technology
Most technology platforms determine their effectiveness through user data. Many businesses continue to underutilise the data they already have. Many fail to understand how to use this data and the benefits it could bring to their business.
A primary driver for many organisations when onboarding new technology is to increase efficiency. User behaviour analysis and trend data from the technology can help businesses maximise their return on investments and find further efficiencies.
Three key data metrics for any technology offering are:
- Efficiency – identifying the reduction in the time and cost involved with a particular task or process enabled by the technology
- User satisfaction – creating an optimal user experience that will deliver improved productivity and repeat usage
- Return on Investment (ROI) – ensuring the benefits delivered by the technology justify the time and cost of onboarding it.
In this article, we explore data insights via reports, user behaviour and trends and use our document automation tool CC Dr@ft to illustrate how these help improve productivity and optimise ROI.
Data insights and reports
Here we are referring to the process of collecting, analysing and acting on the data related to an organisation/process. The goal is simple: to make better decisions. A good data management and analysis strategy help companies monitor the health of critical systems, streamline processes and improve profitability through strategic data analysis.
Data reports should provide the business with an understanding of how they are currently using the platform and use insights on the user trends provided to improve the ROI of the platform.
User behaviour and trends
Users' behaviour is a derivative of the technology's efficiency and user experience and is directly related to productivity. Critical analysis of user behaviour and trends can help businesses identify a platform's strong and weak points. This analysis can then be used to improve how the tech is used to achieve optimum user behaviour. Effective built-in system analysis and reporting will facilitate the derivation of these insights.
How we use analytics in our digital solutions
As part of our CC Dr@ft service, we can provide our clients with these data insights. Every client onboards our technology with the goal of becoming more efficient in their document drafting process. Providing them with an insight into the time taken for a document to be drafted, how often it is drafted and who is preparing the documents, offers our clients a clearer picture of time and cost savings. CC Dr@ft's reporting capabilities provide users with an overview of distributed data points over a chosen timescale, providing them with an average point of data.
Here are a few examples of what reports can capture:
- the number of documents created based on their status in the process, i.e. incomplete or ready
- the number of documents created based on the type of document, i.e. loan facility agreement, Board resolutions
- the total number of documents created by a user or group of users
- the average time it takes for a document to move from one stage to another in an approval cycle, i.e. from awaiting approval to the document being ready for signature.
There are many other potential benefits of using CC Dr@ft's reporting capabilities. Many CC Dr@ft users are sharing insights from CC Dr@ft's data reports with the broader business which is using them to inform decisions:
- A banking client is using the monthly Document Generated By Users report to get an understanding of user trends over time. This has prompted them to alter their internal messaging to encourage more desirable behaviours.
- Clients from other sectors have furthered their use of CC Dr@ft by reviewing the Documents Generated report. This data enables them to get the best ROI by analysing user trends and measuring user engagement.
By leveraging the data insights and reporting capability of the platform, CC Dr@ft users are optimising the return on their investment in this platform.