Introducing analytics: don’t let misconceptions see you fall behind your competitors

Posted 11 February 2019

To figure out if it’s time to deploy analytics in your organisation, all you need is a single problem keeping your leaders awake at night and some data – however poor.

Our engagements at Modis Analytics have typically started with a small project where the catalyst for using analytics has been a persistent problem that no amount of human investigation or business intelligence has been unable to resolve.

It really is that simple.

Australia currently lags many other countries in its use of analytics and all too often misconceptions are to blame.

A common misconception is that an organisation needs to first undertake a large-scale data quality program before introducing analytics.

While quality data is great, even a poor data set and the capability to fill in the gaps can rapidly produce a proof of concept (POC) to justify deeper work.

Starting with the data you have, no matter what shape it’s in, also dispels another myth – that analytics is too time consuming and costly to get started.

You don’t need to boil the ocean – just get a toe in the water and see what analytics can do for your organisation.

The Modis Analytics approach

At Modis, we have been working with the large data sets of companies in Australia to deliver game changing insights since 2015. We have worked with companies of all sizes and from a wide range of sectors and industries.

Projects have also varied in size - from uncovering why there is an issue with a single piece of equipment to how to improve the operational efficiency of a large plant and much in between. The return on investment on our different projects has ranged from $1.4 million to $40 million.

However, our insights provide returns that continue long after the initial ROI has been met - insights that provide a new competitive edge and significantly higher revenues or a new process that will reap cost savings for years to come.

In most cases a Board or the C-suite brings us onboard to answer a question that starts with a “why?” This is a particular issue that the organisation has been unable to resolve using business intelligence and human inquiry.

To find an answer, Modis Analytics examines the organisation’s data using our unique platform and combination of technologies and processes.

Another one of our strengths is we always work from within the organisation. We either come in as a “swat” team or we lead a project team that includes existing employees. Within 12 weeks we can usually process the necessary data to answer the initial question, demonstrate how the findings can be implemented and articulate the ROI.

The time between establishing a POC and translating the findings into actionable steps is often fairly immediate.

While we usually start our relationship with a client by successfully tackling a single project – and often a small project – our results and ROI has typically resulted in our client then asking us to move onto a program of work.

Once a leadership team sees analytics in action and understands the art of what’s possible they invariably want to continue the journey.