Real World Application 3:
Analytics Optimization
For
Furius Stiles Music Group
Submitted to:
Professor Phillip Arlen
Full Sail University
10/19/2014
Executive Summary In order to gauge how well analytics have been working for the website at
Furiusstiles.com it is important to look at the past trends of the website to determine where improvments can be made and find out what is working for the company. Trends with SMART Goals and KPIs Trend 1
:
Customers are coming to the site, but are not following through with orders.
SMART Goal: Obtain 5 orders for compositions over the next month
KPI:
● At least 20 inquiries regarding compositions per
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This is to set a baseline of production on which to improve. Although the website was launched three months ago it has yet to make any sells. This needs to change. By adding specific milestones in which to reach over the next month a baseline of production can be established. Below are the SMART goals for this company. Definition of key performance indicators
Key performance indicators are metrics that allow an entity to recognize whether or not goals are likely to be met. They are benchmarks in the process of a project that indicate the estimated goals are on track Optimization Plan Trend 1
:
Customers are coming to the site, but are not following through with orders.
SMART Goal: Obtain 5 orders for compositions over the next month
KPI:
● At least 20 inquiries regarding compositions per month.
● At least 1 sale within the first 6 days achieved.
○ Trend 1 Action Item 1:
Create clear calls to action on website to let the customer know that items are for sale and how to purchase.
■ Challenge: call to action is ignored due to lack of incentive on part of customer
● Solution: Ensure other settle calls to action are included on the website. ● Trend 1 Action Item 2: Create a cart on website to let customer know what items are currently in their cart and that they can pay for items. ○ Challenge:
Thank you for the opportunity to assess your sales data in order to provide recommendations for increasing your sales. The analysis and recommendations below are based on the data you provided, which covers a period from May 2004 through June 2006. The analysis below is based on this data alone. Therefore, our recommendations should be tempered by your knowledge of business realities and your market. Please let us know if we can answer any questions concerning the analysis or the recommendations provided.
o Performance goals: Track the extent to which projects will have met/exceeded all applicable performance goals; notify grantees of performance deficiencies and demonstrate efforts to improve performance.
The company’s products are not selling in the market even after making several changes and reforms in the operation process i.e. experiencing difficulty in gaining traction in the market.
They must be specific, measurable, supported, and achievable. These goals will be motivators for the immediate time to come. Unobtainable goals are discouraging and provide no real way to achieve company goals.
In evaluating the outcome and measuring the success of the team, we went back to the objective that was established to determine if these were met within the timeline specified?
Method for measuring progress toward goals and objectives and how progress will be reported to
Describe goals and objectives as they apply to business. pg 181-182; wk 6 lecture, pg 1
Stakeholders will have several goals to fulfill to accomplish this mission. The goals will allow the stakeholders to complete the project on time, within budget, and with few problems, while providing milestones for a successful project. These goals are:
Goals are integral in helping the company set timelines for fulfilling their core mission (Balanced Scorecard Institute, 2014). The division will focus on goals that focus on the generation of new ideas and how long it takes for these ideas to become business successes. As such, long term and short term goals must be clearly outlined.
There are OBJECTIVES where we can identify what we want to be able to do or to do better.
Are the objectives realistic? The team realistically deliver the vision desired, for the goals we set? - Timely: We might have met all the criteria above, but do the team have sufficient time to do a competent job? Wherever possible the team is involved in the decision making process, when setting objectives.
The company has been functioning well in terms of generating profit and demand so far. However, there will be a 20% increase in demand for the next month of operations as predicted by management, and the production and supply management's problems may come as a problem they can no longer afford.
Goals within my organisation look at where we would continue to strive towards. They are long term aims. They are stated in our professional development plan stating:-
All goals must be measurable to then measure the progress towards the successful outcome, to measure progress is to monitor and access success and achievement.
The following sections will discuss the specific production schedule, the ranges in which the results apply, and how results may