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Why Does analytics matter to my business?

Why does Analytics matter to my business?

Regardless of the size of your business, or position you are in, analytics is involved in one way shape or form. Analytics is used to find value within data in order to make decisions to minimise risk and maximise return. This can take the form of statistical modelling, forecasting, visualisation and much more, all in order to help with your strategic or operational decisions.

Businesses under review

The Harvard Business review’s research evaluated 5,000 employees at 22 global companies breaking them down into three groups; analysis over gut feeling; gut feeling over analysis; and the informed sceptics who balance analytics with gut feeling. The latter group being the best in regards to making the best, informed decisions as they were willing to not only look at the analytics, but the opinions of other people. Despite being recognised as being the best to make informed, critical decisions, only 38% of employees, and 50% of senior managers fall into this group.

How to tell if your business is analytically challenged?

Are your analytical decisions coming from a select few employees?

Usually when there is a skill gap within a company an outside consultant will be brought in, or a select few employees will be pushed towards training. This is an important task for bringing in new ideas and skill sets to your business. However, a lot of companies don’t encourage the spread of this wealth of knowledge. This often results in a select few employees having all of the knowledge and skills.

Biarri looks to promote education and training for key decision makers and users within your organisation so that your new software can be taught at different levels.

Are your systems focused on features rather than the benefits?

In a lot of companies the IT department is pushed away from the decision making process. This often results in building and organising things in a way to cater for the computer savvy, or IT expert rather than the general user. What this means for your business is that other employees and decision makers are hesitant to start using new systems and programs.

Biarri designs custom software for you, with you. We bring together IT, and operations staff so that design choices can be made from people using the tools!

Do you have data but don’t know what to do with it?

Many organisations get into a stage of collecting so much information that it becomes a mess and difficult to deal with. Or, someone else has told them to collect the information but they have no idea what it means. The implications this can have on your business is that it can cause clouded judgement. The Harvard business review found that less than 40% of employees know how to find the information they need for their work.

Biarri can help develop specific dashboards and input fields for your data and hosting this in the cloud means you can access your software, anytime, anywhere on any device.

Do you know who’s in charge of the data?

Historically data was considered the responsibility of the IT department and as a result a lot of managers and executives gave away this responsibility. However, it is important that managers, and executives champion data and analytics in their decision making. The right decision at the right time will help across your whole business.

Biarri can help by giving you the power to make the right decisions at the right time. We help to make Business analytics accessible to everyone.

How do I make better business decisions?

There are a bunch of ways in which you develop your analytics skills within your business.

  • Workshops and Training, Find a select few employees to champion new skills and abilities. However, make sure that you don’t fall into the trap of not spreading the wealth of knowledge. Make sure those employees spend time training and mentoring others within your business
  • Get someone in to have a look at your data, By getting an external perspective on your data, you will have a better understanding on how you can go about making better decisions
  • Get on top of your IT and software, Make sure that you have software that everyone can use to make better decisions. If you can make data easier to use then employees will be able to make faster, profitable and risk adverse decisions.

Where does Biarri Fit In?

Biarri Is an Australian Software company that uses the power of mathematics to help business make better decisions. We use the latest Operations Research tools and techniques in order to find you the best solutions. Coupled with simple and easy to use design we can build you bespoke solutions within 90 days.

Find out how we can help you across Advanced Planning and Scheduling, Workforce Management, Supply Chain Optimisation, Business Analytics and throughout different Industries.

Or, Contact us today to see how we can help you!

Can Analytics help fight Ebola?

The issue facing many countries that are both directly and indirectly effected is, how can we prevent the spread of Ebola?

The use of analytics in crisis and natural disasters is not a new phenomenon. In 2010 during the Haiti Earthquakes a research team made up of staff from Karolinska Institute in Sweden and Columbia University managed to map the spread of Cholera by mapping out mobile phone data.

What is happening in Africa?

Orange Telcom has handed over data from 150,000 mobile devices to a Swedish organisation in order to determine where people are moving. BBC found that this allowed authorities to see where to best place treatment centers and plan where to restrict, and prevent travel.

Nalini Joshi is a Professor in the School of Mathematics and Statistics at the University of Sydney. She stated during her appearance on Q&A that,

”The latest mathematical models from the CDC show that if you can isolate or hospitalise 70% of the infected patients by December, then the epidemic will be over in January. “So, it gives you a measure of what you can do to finish, to make sure that the epidemic doesn’t become a pandemic across the globe.”

She went on to say,

”It leads to a decision-making process, where you have to decide what resources you need to be able to hospitalise the 70% of infected patients that are expected by December. So it leads to all kinds of other branches, how many volunteers should you be sending, how many blankets and gowns and all of that should you send? So it gives you a measuring tool. It’s a ruler for deciding how to make the action happen.”

So, what does this all mean?

At the end of the day analytics within disaster control is a tool that empowers authorities to predict and properly plan. By providing quantitative analysis that is supported by data it reduces the need for spur of the moment gut feeling. This initiative and innovation used by authorities shows how analytics really can be used everywhere, and can help with disaster control.

Is it time for you to start using analytics?

Analytics for a Competitive Advantage

Analytics for a Competitive Advantage

Are you serious about using analytics for a competitive advantage?

Based on a global executive survey with 2,000+ respondents and interviews with more than thirty executives, MIT Sloan Management Review and SAS Institute Inc. report that analytics has become a common path to business value and through proper use, businesses can drive analytics for a competitive advantage.

Companies that incorporate analytics into their culture are finding success in the new digital era

The report discusses how organisations are now being challenged to step up their use of analytics, whether they are just getting started or are seasoned practitioners. The implications for industry competition are coming into focus—companies that incorporate analytics into their culture are finding success in the new digital era.

In new research released by MIT Sloan Management Review and SAS managers surveyed, report that an analytics culture is the driving factor in achieving competitive advantage from data and analytics, more important than any of the other capabilities measured in the study.

Companies must continuously innovate with analytics to maintain the edge

The new report, “The Analytics Mandate,” based on results from a global survey of more than 2,000 business executives and personal interviews with over 30 senior managers, also finds that companies must continuously innovate with analytics to maintain the edge it affords.

“We found that in companies with a strong analytics culture, decision-making norms include the use of analytics, even if the results challenge views held by senior management,” said David Kiron, executive editor for MIT Sloan Management Review. “This differentiates those companies from others, where often management experience overrides insights from data.”

The research also indicates that companies with a top-down mandate for fact-driven decision making are experiencing gains with analytics to a far greater extent than other organizations. Executive support, leading by example and evangelizing “a lot of little wins” helps to both push and pull employees towards an analytics culture.

This study, now in its fourth year, suggests that analytics is no longer a new path to value; it’s a common one. Access to useful information continues to increase, and the vast majority of respondents are investing in their analytical capabilities to leverage their data.

Biarri helps to turn your data into a competitive advantage

Biarri can help to take a repository of data and knowledge and turn it into a greater competitive advantage for your business. By taking a snapshot of your historical data, we can create custom software within 90 days which gives you the power to make better, data driven decisions. We develop bespoke solutions to Advanced Planning and Scheduling, Workforce Management, Supply Chain Optimisation and Business Analytics problems, across multiple Industries and value chains.

Contact us today to see how we can help turn your data into a competitive advantage!

On The Blog

Is your decision making based on Analytics or Gut feeling?

Despite the proliferation of data and the constant drive to adopt innovation to achieve competitive differentiation; many businesses continue to make critical business decisions that are a product of intuition and haste rather than fact and rigor.

40% of major decisions are still based on your Manager’s gut feeling

The question as to why companies continue to rely on ‘best-guesses’, despite the availability of advanced business analytics, quantitative models and optimisation methods is confounding. Using data and quantitative analysis to support decision making, removes ambiguity and improves speed and accuracy. Decision making is more likely to be correct and the process has more rigor due to the application of the scientific method.

Read more

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