How To Profit from Analytics
and Big Data Insights
By: James Ward
Director, Strategic Analytics April 2013
Powerful Ideas Awaiting Your Implementation
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Strategic Metrics Pty. Ltd. trading as Insight Data ABN: 82 150 985 381 Head Office and Data Centre Sydney, NSW, Australia Telephone: (02) 9546 3248
Email: [email protected]
www.insightdata.com.au
Material in this presentation is Copyright © Insight Data 2013 unless otherwise indicated. No reproduction or other use of this material is permitted without written authorisation from the authors. Figures and graphs used in presentation material are for demonstration purposes only and do not represent real figures or relate information about actual entities.
More profit, reduced costs, and satisfied customers.
Successful Enterprise Projects follow a simple formula: more profit, reduced costs, and satisfied customers. So why can enterprise business decisions sometimes appear so complex, uncertain and difficult?
• “Are we pricing our product competitively,
or more competitively than we need to?”
Usually because the right information is not always at hand. Are these questions familiar in your executive meetings?
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• “Where can we find the greatest
concentrations of potential customers?“
• “Which customers and which product lines
are most profitable?”
• “Are our operations optimally sized? Are they
organised efficiently for the volume of work we deliver?”
Analytics can now answer many of these questions
These questions and more can be answered, often in a very detailed way, using
quantitative fact-based analysis, together with evidence based reasoning, which brings a level of knowledge and confidence to the decision making process which was
previously unimaginable.
The mechanics of analytics activity are repeatable, and often able to be updated in real time to respond to the latest market movements or competitor actions.
Results appear natively in digital format, and so can be presented instantly through digital media channels, such as websites and corporate
knowledgebases, intranets and enterprise social media platforms, in the form of interactive data visualisations, which are easily shared,
discussed, compared to plan, and acted upon. Greater collaboration and confidence
fosters additional enterprise momentum, which in turn leads to greater activity levels, contagious optimism, and even greater
enterprise success.
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Price Optimisation
Price optimisation is the single most powerful lever which an enterprise has at its disposal in its mission to maximise shareholder returns
while ensuring deep penetration of target markets and strong competitive positioning.
Where pricing structures remain predominantly flat, where pricing formulas are based on costs, or where prices are uniform regardless of B2B customer profitability
or B2C consumer usage profile, then opportunities are being missed to extract greater returns from
the value delivered to customers, and other customers are being turned away unnecessarily that would otherwise provide marginal incremental profit.
An Analytics based assessment of the relationships between value, consumer behaviour operational logistics, competitor action, and pricing can serve to re-capture these
two sources of profit which are otherwise forgone.
This type of Analytics project can be extraordinarily effective – as it offers high and immediate impact while requiring minimal organisational or process transformation to realise benefits.
Customer Insights
Even in commodity markets, no two customers are the same. This basic insight has the potential to shed light on the many complex issues and decisions surrounding customer experience engineering, product promotion, channel optimisation and distribution logistics.
Consumers may be identified and differentiated based on a wide range of digital footprints which are created whenever consumers interact with physical agents and sales channels, with your points of Internet presence, and with the Internet at large (including social media interaction) – footprints which can profitably be
tracked to yield actionable insights.
Data may be combined to form a whole of Customer view across the enterprise - the basis of deeper one-on-one customer relationships.
SEGMENTED NET PROMOTER SCORE
Complex Logistical Scheduling
Fielding large scale productive or service capacity in any industry requires the orchestration of complex and expensive large scale assets and a highly skilled labour force to operate, maintain, track, protect and manage them – in order to produce the financial returns on assets (ROA) which shareholders expect.
Using sophisticated Analytics techniques, it is possible to optimise and automate core elements of logistical operations, such as production scheduling, rosters for machine operators, maintenance planning,
replenishment ordering, inventory levels and distribution hold points for optimal stock and service availability. Together these drive operational efficiency, especially under conditions of heavy load, and complex and unpredictable demand.
Social Media Trendspotting
These days we all use social media to stay in touch with our friends, and to share our likes and gripes with the universe.
Marketers can use Big Data and social media to learn which topics are popular, who the primary influencers are and how they are gaining traction, what size audiences they command and their capacity for delivering cut-through messages to targeted niche demographics.
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While social media has the potential to be every marketers dream, effective use of social media in the enterprise is still far from ubiquitous.
An effective big-data approach to social media is essential when targeting the higher wealth and higher disposable income demographics, who typically spend more time (and money) online. Accordingly, Big Data based social media analysis tools are now a key component of every successful forward-thinking channel strategy.
Access the Commercial Benefits of Major Government Grants
Each year the Australian Federal Government awards millions of dollars in direct research grants to institutions working for the benefit of Australian industry and commerce.
Recently, the fields of Data Science, Analytics and Big Data receive a dramatically increasing share of this investment.
The results and other benefits of this research activity are often targeted toward, and available to, industry (for example - analyses of consumer preference, or of the structure and dynamics of the Australian economy).
Leveraging our longstanding relationships with leading Australian research institutions, Insight Data can perform a scan of research teams working in areas of interest to your enterprise, and can help you to rapidly commercialise
research findings and technology best practices.
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The paradox of choice: Unravelling complex superannuation decisions
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Agribusiness
Financial Services
Education
Manufacturing
Strategy
FMCG
Engage in conversations with consultants already
working in the fields of Analytics, Customer Insights,
and Big Data.
Get your hands on some good reading.
Email James Ward to express your interest in Analytics and Big Data, and he will hook you up with a copy of “An Introduction to Data Science” by Jeffrey Stanton, to help start you on your journey.
Contact James at:
www.insightdata.com.au An introduction to the
discipline—along with a sampling of what a data science education is like—is the crux of a new eBook, Introduction to Data Science. Professor Stanton offers a resource for a range of interests and audiences, and was originally designed specifically for use in two iSchool courses, IST 718 (Advanced Information Analytics) and IST 719 (Data Visualization) at Syracuse University
If you are looking for a local collaboration partner,
then speak with us:
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Insight Data (Strategic Metrics Pty. Ltd.) ABN: 82 150 985 381
www.insightdata.com.au
Head Office in Sydney, NSW, Australia: Sydney Office: (02) 9546 3248
Executive Contact:
James Ward, Director of Strategic Analytics Mobile: 0408 673 511
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Further Information from Insight Data:
(for continued reading)
Insight Through Data Visualisaiton
(click through thumbnail to read)
Benchmarking Survey Online and Mobile Banking (sample only)
(click through thumbnail to read)
