Choosing the right mindset and tools for the work at hand dramatically improves the chances of success.
Let’s face it…
Novelty is neurologically valuable.
This can, however, quickly turn into a slippery slope where we are just trying new things for the sake of trying new things. And nowhere is this more prevalent than in the world of analytics.
If you want to pick the right type of analytics (the word ultimately comes from the word “analysis”), you first need to know what are the different types available for you. Let us therefore have a look at these, and decide what’s the best one for you specifically.
1. Basic analytics. This is where most companies should start. This phase is mostly about simple data mining, reporting, simple visualizations and typically monitoring. This is perfect for opening up the data stream, especially if it’s not very big. This will allow for feeling the pulse of the reality.
2. Advanced analytics. Especially people who have not yet had a taste of analytics at all tend to think that “any analytics” is advanced. Not so. In actuality, when you introduce more complex functions, such as predictive modeling and other pattern-matching techniques, can you talk about “advanced” analytics. This generally takes more computing power and consideration of the most important KPI’s and such. Predictive maintenance is one example of advanced analytics.
3. Operationalized analytics. Typically companies start out with basic analytics. Then, especially in the industrial world, they quickly move into predictive modelling and everything that promises. Then, over time, the analytics becomes a part of business processes. It’s not uncommon for different types of dashboards and other helpful interfaces to be introduced at this stage.
4. Monetized analytics. When all the previous 3 steps have been implemented, analytics can (and should) become directly tied into revenue-generating activities in the company. This is what most companies ultimately want.
In a perfect world you just plug in your analytics service, and it starts crunching out money for you right off the bat. In reality, however, this is a bit delusional. Modern production and manufacturing environments are complex, and you need to take all the previous commitments into consideration.
So, how do actually get going?
Here are our tips.
If you have never used analytics in your business, start small. Really, it’s okay. You have to crawl before you can run. Doing “basic” analytics does not mean that it’s somehow of lesser value, not at all. It simply means you can start getting something – anything – out of your processes in a reasonable timeframe.
If you have already been playing around with analytics, the next step might be to try out the advanced analytics. Like maybe you have been using basic analytics to speed up your reporting a bit. Well, how about creating predictive models now based on all the data you have? That might be logical next step.
And if you have already done both of these, it might be time to cement analytics as inseparable part of your business processes, preferably so that they are directly tied into commercial metrics and revenue.
While we can help you with all of these, the advanced analytics is really where it’s at for us. Creating predictive models and useful dashboards is where we can help you the most.
So, if this is for you, why don’t you drop a line, and let’s have a quick conversation to see if there’s something we could help you with?
COO, Service Delivery
+358 40 550 2524
Keilaranta 17, C-talo