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 analytical 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 businesses 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.