Big Data is not a new concept, businesses have been gathering data for many years but it’s only in recent times that companies have found ways to make the most of their data. Data is everywhere, from every Google search and second spent on Facebook, to making purchases - everything is converted into data. The Centre for Economics and Business Research (CEBR) estimates that big data is set to add £322 billion to the UK economy between 2015 and 2020. Extrapolate this to Ireland and this would indicate over €50 billion in value to the Irish economy.
We all know that analysing data has great potential for business development. It has become prominent in all business functions as technology has made data more accessible than ever before. At RWA, we help customers realise the full potential of their data from their Patient Management Record (PMR), Electronic Point of Sale (EPoS), or Dealer Management System (DMS) systems and we do it all in the cloud. Our customer success team helps senior management to act on what their data is telling them about their business.
Data analytics is being pushed down to all levels of the business, so that everyone is working together to reach the same goal. More than half of businesses use analytics to enhance operations, strategy and financial planning. Here at RWA, we help businesses improve operations showing them all their main KPI’s sent directly to their inbox every week so that they can take action. We present the information that they need to make faster more informed decisions.
Problems with Analytics
The deployment of analytics can cause issues for businesses. It takes a lot of investment in tools and people, to develop analytic models. A lot of businesses don’t think strategically about the future and miss out on choosing the right models for who will need the analytics and when.
Many analytics tools then end up stuck in one department with no investment to make it run throughout the wider business and achieve its full potential. The aim should always be to get the framework set up quickly before scepticism sets in and people start backing out.
It can take a long time for a company to set up their analytic insights as it depends on their existing technologies and operating processes. The process for gathering, analysing and using data are all separate jobs and it can take months for the system to be complete for deployment.
“We are told not to play with matches; the same applies to data. Analysing data is a serious business and playing around can take time, cost money and have unintended consequences”
With Real World Analytics we have the solution set up in the cloud and it is already tuned to the specific sector, be it pharmacy, retail or automotive dealers. RWA pull the data directly from your EPoS, PMR or DMS system so that you don’t need to invest time and money in heavy software and there’s no extra costs. Based on the experience RWA Customer Success has attained, making the changes to operating processes is straightforward.
Business leaders need to convince their people of the worth of the analytics. If employees are expected to use the analytics because it’s mandatory the system will most likely fail. The systems need to be simple to use and the data needs to be easily accessible, or better still, they should be put right in their hands. RWA email the reports directly so that they are there waiting in the managers’ inboxes. RWA also does benchmarking reports which help create some healthy competition amongst employees and branches. Whether it’s benchmarking by branch, benchmarking dealership sales, or salesperson sales.
Employers need to show the value the Data analytics can make to their employee’s job and to their job. RWA help free up the time spent in head offices collating reports in Excel. This frees up a lot of time for people to get to the more actionable and exciting part of their job.
“When we describe how analytics empowers people to do great things, a data-driven culture starts to germinate. When colleagues understand how analytics can transform their work and its value they will use it daily and encourage others to do the same. This is how analytics spreads throughout a business, and these attitudes are vital for achieving a unified approach. When the use of analytics is democratised across a company, everyone enjoys the benefits.”
- Laurie Miles Global Director of Cloud Analytics.