June 19, 2017
Do you remember the 1990’s when reengineering your workflows and processes was the new business norm? Today, it’s big data analysis to support key decision-making. And if you want to stay competitive in this new norm, you need to master data analytics.
A must-read on data-driven strategy
McKinsey & Company has an excellent article, “Three keys to building a data-driven strategy”, that is a must-read for a roadmap on how to fully exploit your big data and its decision-making power. Here are the highlights from the article:
- “Choose the right data” When you source your data creatively, you pull from external, non-traditional data that can offer new insights into a variety of areas like alternate methods of sourcing materials to the logistics of transporting goods more efficiently, and everything in between. This involves getting the necessary IT support to help you because legacy IT structures can inhibit this type of data sourcing, storage, and analysis.
- “Build models that predict and optimize business outcomes” McKinsey suggests you start not with the data, but with a business opportunity. Your foundation for the new model should be how to improve performance, and the simpler the model, the better the results.
- “Transform your company’s capabilities” Too often, management distrusts data analytics because they don’t understand it or it’s not aligned with how your company comes to a decision. McKinsey lays out 3 action steps to transform your company:
- “Develop business-relevant analytics that can be put to use” This simply means aligning your analytics model to the way your company makes decisions day-to-day.
- “Embed analytics in simple tools for the front lines” This is fairly self-explanatory. You want to give front-line management and staff simple tools that help them with what they do daily.
- “Develop capabilities to exploit big data” The best way to do this is by developing a data-driven culture. This could include “training, role modeling by leaders, and incentives and metrics to reinforce behavior.”
How an easy solution helps you develop data-driven decision making
There is one solution already on the market that can help you use your big data and external sources for a variety of management decisions, and that’s Evo Pricing. First, let’s go over what we can do for you.
We can help you create dynamic pricing strategies based on customer and competition analysis, costs, macro-economy, and even weather data. Evo Pricing also helps you manage your marketing ROI by solving your challenges around promotions, churn, and markdowns.
Using the power of predictive analytics, you can better estimate expected future demand, and determine your product range and its distribution with Evo Pricing’s comprehensive data-driven management platform.
Now let’s see how Evo Pricing answers each of the suggestions from McKinsey on how to exploit your big data’s decision-making power.
“Choose the right data”
Evo Pricing works much like your SatNav platform, taking data and information from a variety of sources to help create a comprehensive map on the best way to reach your goals and strategies.
“Build models that predict and optimize business outcomes”
We’ve already built the model for you. Evo Pricing uses powerful scientific methods and fully customized solutions that are centered on your business requirements and goals.
“Transform your company’s capabilities”
Evo Pricing is the solution to each of the three action steps for transformation in McKinsey’s article.
First, our analytics algorithms are enhanced by your own front-line staff’s knowledge and intuition about your customers and what works. Research proves that data supported by human intuition outperforms the data alone.
We’ve created simple-to-use software that one of our client CEOs stated was “actually built for the rest of us.”
And finally, Evo Pricing works hand-in-hand with your management and staff through unlimited support. We work out together the right questions, implement fully customized solutions, and much more.
Evo Pricing is a proven leader
Our clients are based in 6 countries and sell in 60+, with typical revenues from $100m to double-digit billions. We manage data from over 2,000 retail stores, but also of other complex sectors like insurance, transportation and hospitality.
Read through some of our client case studies showing how we’ve helped them achieve amazing results like 30% more accurate demand model.
Then give us a call to discuss how we can help you make the kind of data driven decisions to transform your business.
About the author
Kathy Edens is a digital content creator who enjoys writing about cutting edge technology and how it can disrupt and innovate the way a business operates.