Right decisions through analytics
...for they know [not] what they do
Tackling the challenge of digitisation the right way and making better decisions in the process. Analytics can help – the article shows practical examples.
Index
Courageously rising to the challenge of digitalisation
In today’s fast-paced business world, we come across fascinating success stories of companies that are courageously taking on the challenge of digitalisation and redesigning their business processes. It becomes clear that companies of all sizes and from different industries often have to overcome similar hurdles to meet the demands of the modern VUCA world. VUCA here stands for volatility, uncertainty, complexity and ambiguity, and describes the unpredictable change that companies face today. In this ever-changing landscape, the call for digitalisation is becoming louder and more compelling.
Digitalisation as the cornerstone of success
The modern business world is like a constant dance on the high wire. Companies face the challenge of adapting to the dynamic changes while maintaining their own identity. Amidst these challenges, digitalisation is a cornerstone for long-term success. But what is the best way to approach this endeavour? Often, ambitious visions of comprehensive digitisation are dampened by the real costs associated with implementation. At such moments, companies tend to revert to their usual ways of working, such as using familiar Excel spreadsheets.
Business Process Digitisation with Analytics
It is precisely at this interface that business process digitisation with analytics software comes into play. Customers thus get a step-by-step approach that allows them to create transparency about their digital data and business processes in small, manageable steps. One of the outstanding features of analytics is the convincing ability to visualise data. A “wow effect” is created when historical and current company data is transformed into vivid graphics in a matter of seconds, and important insights are vividly presented in the form of 3D data cubes. This step-by-step approach often starts with the integration of core systems, followed by the integration of additional data sources. With sufficient existing internal and external data sources, it makes sense to build a data warehouse and establish a clean ETL (extract, transform, load) process to ensure comprehensive data enrichment. This continuous process of data enrichment acts as a catalyst for innovation, and enables the development of new products and services based on internal insights that create external value.
Remarkable success stories
Always remarkable are the success stories. These range from a leading employment law firm to family-owned photo-shops with three branches. Although the company sizes and industries are different, they still share similar challenges. Valuable data assets often slumber in the systems, but remain unused due to a lack of visualisation and analysis. With the help of targeted measures and the implementation of analytics software, clear and meaningful dashboards are created. These dashboards provide a visual presentation of billable hours, sales figures, invoices and incoming payments. In addition, deeper analytics, such as identifying top clients or evaluating the best hourly rates, provide deeper insight into business processes. A notable change is evident in the ability for staff to use individual dashboards to independently monitor their performance. This has led to a significant improvement in internal communication and decision-making.
A key turning point is the opening up of data to external stakeholders. In the case of the family photography business, suppliers were able to access up-to-date sales data, while the law firm provided real-time data on employment cases to its clients. This even integrated predictive analytics on expected costs. Such transparent approaches not only add financial value, but also strengthen client loyalty and the company’s reputation. The law firm used the insights gained to develop innovative digital business models, using AI and optimisation to optimise complex severance scenarios and offer employees affected by a dismissal suitable job offers based on their skills in the area.
Digitisation as an opportunity
These success stories convey a clear message: digitalisation should not be seen as a threat, but as an opportunity. Companies that boldly take the path of digitalisation can break free from traditional Excel spreadsheets and dive into the fascinating world of comprehensive data visualisation and analysis with eimer Analytics software. Companies should not view digitisation as an isolated project, but as an evolutionary process that leads to making data-driven decisions and constantly evolving. In an era where data is at the heart of decision-making, using tools like analytics software is key to successfully navigating change and staying at the forefront of the modern business world.
Authors
Lars Eberhardt worked as a technical consultant for ERP systems, founded a custom software company and, after 7 years at Inside, devoted himself entirely to high technologies at PDJ.
Peter Rother, co-founder and managing director of InfiniSafe GmbH, has been Lars’ business partner at PDJ since 2020. He was previously IT Service Manager at Linklaters LLP for 13 years, responsible for IT systems and services. He studied business administration at LMU Munich with a focus on operational research and statistics.
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