Having a continuous monitoring strategy is helpful to make the best out of the process. Here are tips on how you can make the best continuous monitoring strategy for your business.
Continuous Monitoring Strategy
1. Determine your target audience to know what to monitor
You should determine if your application is for your employees, customers, or other stakeholders.
This will help you determine what metrics are important for them, which can be used as KPIs. KPIs are Key Performance Indicators that can help you monitor the right things. Monitoring the right things will give you an edge over the competition
2. Monitor relevant information
You should monitor information that is relevant to your business goals and objectives. For example, if you are running an e-commerce site that sells clothes, it makes sense to monitor the number of orders and conversion rates.
But if you are running business software, monitoring the number of orders is not necessary. You can focus on conversions, average revenue per order, or churn rate.
3. Know what to monitor
You should know what to monitor to make the most out of the monitoring process. For example, if you are running an e-commerce site, focus on product performance.
Monitor the number of orders placed for each product, conversion rate for each product, and performance of each product category. This will help you determine if your marketing is working or not.
4. Choose the right tools
There are a lot of tools available in the market to achieve continuous monitoring. You can choose from different types of tools that are suitable for your business.
You can choose from hosted or on-premise solutions, cloud or on-premise tools, open-source or commercial tools, etc. This will help you choose the most suitable tool for your business environment.
5. Decide on the frequency of monitoring
Monitoring your business daily will give you an edge over your competitors. You can learn about the issues early when you monitor frequently.
However, businesses can’t monitor their business at a daily rate. That is why most businesses monitor their business on a weekly or monthly basis.
6. Monitor what needs to be monitored
Monitoring everything is not recommended. You should monitor only what needs to be monitored. For example, if you are running an e-commerce site, monitor the number of orders and conversion rate but do not worry about the number of visitors on your website. Thus, monitoring everything will make you drown in data and lose focus on what is important.
7. Be consistent with your monitoring strategy
You should be consistent with your monitoring strategy to make the best out of it. If you are monitoring your website traffic, you should keep tracking the same metrics over time so that you can compare the numbers.
8. Measure the relevant information
You should measure relevant information to make the most out of it. For example, if you are running an e-commerce site, monitor the number of orders and conversion rate but do not worry about the number of visitors on your website.