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Have you ever wondered how to get value from data?
Estimated reading time: 3 minutes, 21 seconds
There are a lot of data and analytics companies (over 5,000 are listed on Crunchbase alone) that make a lot of noise about finding the value in your data. The fact is that, somewhat controversially, the best way to find the value is to look with a fresh pair of eyes and as it happens, a healthy dose of data science.
Working with a new data science client in the transportation and logistics industry, one of the points they have impressed on us was how our impartiality, combined with our methodology, has illuminated key areas of opportunity they were previously unaware of. In this case, some £300m+ p/a of unrealized revenue opportunity, and we’re still just getting started. Ultimately, the Chief Commercial Officer has a vision to 10x their share of the addressable market, and we’re all in to help make that a reality.
Why do I mention this? Well, as much as SaaS tools and technology can help drive digital transformation, it often comes down to this simple fact. An organization is so absorbed with delivering on its objectives that it’s difficult to have an unbiased and independent view of what the data is telling them. Known as cognitive bias, it is a major reason why, through not understanding the right data to analyse, analytics can generate false results. This inward focus makes for significant challenges when ascertaining the right mix of data, much of which can sit outside their domain. So the ability to have a complete 360 view is often a key element to unlock value.
And that’s what I believe makes the impartiality and experience that Brainnwave brings to an organization incredibly valuable. The ability to see the forest from the trees, enabling a 360 view of the situation providing objectivity, through a proven methodology. It begins with a complete picture of the data, and delivers insights with a “so what” approach to drive better improved tunderstanding of where the value lies.
Organisations have definitely woken up to the need for a data-driven approach to decision making at all levels, with 65% of global enterprises increasing their analytics spending in 2020*. However, the approach to addressing this has most definitely changed over the past few years. Today, with the available augmented capabilities like Data Science as a Service, it’s considerably less viable to implement an analytics platform, build an internal team, manage to hire scarce and expensive resources and then expect them to deliver a complete programme of activity in a matter of 12 months or less. This leads to unachievable expectations on a small team of skilled but often ineffectual individuals that can result in dashboards and data that isn’t useful or trusted. It often encourages the users to seek or create their own usable data, creating even more fragmentation – the complete opposite of what the CIO is trying to achieve.
Brainnwave offers solutions that enable rapid deployment and validation of data science to establish the “wheres” and “whys” of the opportunity. We figure out, on a small scale and without impacting BAU activities, how to identify, connect, clean and visualize data to support the necessary investment to drive a larger scale upgrade of data and analytics capabilities across the organization. We provide complimentary, parallel-processing capabilities that help de-risk the investment by applying a proven methodology, team and tech stack to help organizations quickly find where the value is – to see the forest for the trees.
We don’t stop there, though. We take these unique and valuable insights and create customs intelligence applications that drive data into the business systems – upstream and downstream, CRM, ERP and day-to-day workflows to put the power of the right data at the heart of where it’s most beneficial.
Whatever the challenge, market, product or service, our expert methodology is totally agnostic. If you’d like to explore how to unlock the value in your data and find your own £300m revenue opportunity (no guarantees, although it could be much more), let’s get started!
*(Microstrategy, 2020)
