How real-time data helps CEOs make smarter decisions

In our fast-changing world, chief executives need instant access to recent data to stay informed and make timely decisions. But when they request data from within the business, they’re often told it will take several days to pull everything together.

This delay prevents them from both responding rapidly to crises like the coronavirus pandemic and identifying new business opportunities. But there’s another way, which more than 450 CEOs have already discovered.

Domo is a cloud-based platform that provides real-time access to business data across the organisation. It integrates with multiple data sources, such as spreadsheets, databases, social media and other cloud-based or on-premise software programs. And in a few clicks you can create visualisations that tell the story of your business in a clear, engaging way.

Our platform also offers sub-second response times, even when using billions of rows of data, so when a CEO asks a team leader a question, they’re able to provide an immediate answer. 

Domo also certifies data sources so everyone can trust the data they’re using is recent, reliable and comprehensive. Because no one wants to waste time discussing whether data is accurate when you could be discussing what it means for the business.

With a tool like Domo, hunches become informed hunches; it’s an important distinction, particularly as there’s little room for error in the wake of COVID-19

Instant insight

Modern businesses generate and consume vast amounts of data, but all these data sources need to be brought together in a meaningful way. Bar charts based on a mishmash of data that’s three weeks out of date are no use to anyone. But instant insight into what happened across the business over the past 24 hours? That could give you a serious competitive advantage.

CEOs in the startup world have been using immediately available data to make strategic decisions for some time. But one thing they have in common with CEOs in all types of industries is they often make decisions based on a hunch.

With a tool like Domo, hunches become informed hunches; it’s an important distinction, particularly as there’s little room for error in the wake of COVID-19. 

As the world gets back to work, many CEOs will be thinking about how they can ensure the safety of their employees. We’ve given this issue a lot of thought too and we recently introduced our Get Back to Work Command Centre solution. It provides a collection of apps that will help you get back to business and protect your most valuable assets: your people.

Our tools allow you to see exactly how your workforce is impacted by concerns around issues related to COVID-19. Furthermore, given that any decisions you make could potentially affect people’s health, many of your employees will, quite rightly, expect these decisions to be based on solid data.

Many businesses have recently changed their channel investments too. Domo allows them to recognise immediately when spending on a particular channel is delivering sub-optimal results, allowing them to quickly switch to an alternative one. 

In fact, we’re already helping a large pharmaceutical company predict how, in a world where their sales agents’ ability to visit pharmacies and doctors has been massively restricted, they can maximise marketing opportunities for a specific drug line before the patent expires.

Real-time alerts

All our tools are designed to offer the same slick and intuitive experience people have come to expect from consumer apps. Think about it, the first device you check in the morning is your phone, so why can’t you view insights drawn from your data in between checking the news, weather and train times? 

With Domo, you can. Hundreds of CEOs use our app every day as part of their decision-making process. It gives them full visibility across markets, allowing them to identify interesting trends quickly and overlay them with other data sources, something that was once the preserve of data analysts. 

Alerts on your big customers, what’s happening with the sales pipeline, where your latest leads are coming from, all this information is available no matter where you are, allowing you to set your priorities for the day as soon as it begins.

In fact, one of my favourite alerts simply tells me that a particular project or business unit is running smoothly. That’s really handy given the proliferation of data CEOs have to deal with. They need to identify quickly what matters most and what can wait, and by setting parameters around what’s important and how frequently they want to be informed about it, Domo enables them to see what requires their immediate attention.

In other words, our solution allows CEOs to do more with data than they ever could before. It fuels their natural curiosity and inquisitiveness, which ultimately leads to better business decisions.

Collaborative data

Domo’s collaborative element also allows CEOs to share insights easily or discuss a specific line of data with other leaders across the business. This kind of digital collaboration has never been more important, given you can no longer guarantee you’ll be able to approach someone in the office, tap them on the shoulder and ask them something in person. 

With Domo, everyone in your organisation, at any level, can access the same datasets to help them make faster decisions. But are you ready for the accountability that comes with this level of access to real-time data? 

Putting high-value data in the hands of all your teams is a cultural shift that can unlock huge rewards. But CEOs need to ensure everyone is open to the new ways of working that go hand in hand with being a data-driven organisation.

It’s just one of the challenges CEOs will face in future. Indeed, their role is arguably more difficult now than at any time in recent memory. But the events of the past few months will also open up opportunities for reimagining how businesses operate. And CEOs who have access to real-time, accurate and easily accessible data can ensure their organisation is ready to embrace them.

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