6 Different types of stakeholders and the data they need

It turns out that most departments in your organization need data to perform their day to day responsibilities. Here are 6 different stakeholders inside an organization and the data they use on a daily basis.

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Finance Team

Given how important financial planning is, it’s shocking how manual financial reporting can be. That’s because financial reporting is given little priority in a company’s roadmap. Finance teams end up manually extracting data from source systems and while systems like quickbooks/xero might be sources of truth, reporting is usually done in Excel. Finance teams can benefit heavily from automation of standard reports.

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Product Managers

Product managers need data for their day to day jobs. The scope of how they use data can be broad. In general they are concerned with usage, engagement and adoption metrics. Understanding cohorts/personas/LTV, A/B testing features, defining product roadmap are typical responsibilities in a product managers job. Product managers tend to be the most data driven stakeholders in a company.

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Executives

Executives love talking about data. What many of them don’t understand is that data culture starts from the top. When you make decisions on hunches but expect teams to use data you send mixed signals across the organization. Great executives might look at a select number of core metrics daily but can go into the details of the metrics for their direct reports. Pro tip – check the usage of these dashboards to see what types of executives you are working with.

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Marketing Teams

Digital marketing needs to be extremely data driven today. Marketers need to understand the entire sales funnel to be able to better understand the quality of leads coming in. This means that when you are unable to attribute sales to a marketing campaign we need to tread carefully. Top marketing teams are constantly trying different strategies and just as quickly getting rid of strategies that are not effective. These teams require a lot of support from the data org.

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Sales Teams

The biggest use case of data inside a sales org is to see how the sales reps are tracking towards their quota. Top sales teams however are doing a whole lot more than that. Understanding how different sales reps perform in each vertical, using benchmarking data to be able to show ROI to customers and deep diving into the length of different stages in the sales cycle to remove inefficiencies are how top sales teams gain a competitive advantage.

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Customer Support

These teams are usually concerned with process and naturally can benefit from having additional metrics. Important metrics for these types of teams are usually around % of tickets resolved, categories of tickets, average length for a ticket to be resolved, efficiency of each customer support rep. Since most companies see customer support as a cost center it’s important for these teams to demonstrate efficiency.

What are the different stakeholders in your organization? What data are they using?

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