A recent study by MIT and IBM indicates that companies with analytics in place vastly outperform their non-analytics-using counterparts by a margin of more than two to one. What’s not to appreciate about such decisive, startling results?
In a world where Big Data takes on an increasingly large role, many companies, particularly small and medium-sized companies–with fewer resources on hand–are concerned with how to effectively ‘see’ the infinite amounts of information stored in their various ERP, CRM, front-end, and unstructured systems.It’s hardly surprising that many find the topic of analytics daunting. Indeed, producing useful metrics to create actionable insights for companies is usually easier said than done.
In this age of information overload, it’s easy to miss the helpful tools that we already have at our disposal–namely the data that our existing systems already capture. The best way to start approaching that information is to stop, step back, and start with the basics. Rather than letting the data manage you, ask yourself what business outcomes you hope to achieve through your engagement with analytics, so you can effectively manage and leverage the data. What is important to your business? What added value can metrics add to your organization?
From here, the next major hurdle is to put together an action plan. Reports and dashboards are helpful, but if no one delves into the information provided, tracks progress or devises actions in response to those reports, you may be missing key opportunities to improve business performance. Keep in mind that you may need to establish new teams to oversee the data you uncover, produce timelines for actions, or set up schedules for the frequency of report outputs. Creating a plan of attack ensures your continued attention and direction as you begin to collect and assess new information.
As a sense of the data begins to take shape, more sophisticated analytics can follow. Every analytics project is unique, and the end results will reflect your business needs. Most companies will ask a variety of questions of their data, and look to set corresponding metrics as a result. There are a number of solutions that SYSPRO can use to help you expose the data you are looking for–once you have a clear idea on what types of insights into your business you are seeking.
The key here? As you and your organization start out on your analytics journey, it is essential not to get overwhelmed. A measured approach, in a fast moving world, helps us pause to ask the right questions, ensure repeatable processes, and gain a better assessment of the results. Naturally, your analytics techniques will evolve and develop as you gain those, but don’t worry about that at the beginning. You have to start simple, and - if you need help, that’s what we’re here for. Contact our helpful Customer Success team to get started today.