Data (noun): facts or information used usually to calculate, analyze, or plan something. : information that is produced or stored by a computer.
In a world with so much data and so many options and variables, making a selection decision can be a complex and sometimes overwhelming task. Ever heard of FOMO? Data does not equal information. The definition tells us that acquiring data is only step one. You must then make use of that data by analysis and inspection – but how do you do that effectively and efficiently.
Sourcing timely and complete data
The first obstacle or issue with data is obtaining it in the first place. Useful data for any industry requires that you find it, compile it, organize it, refresh it or pay someone to do so.
Making use of data once you have it
Once you make the business decision to invest in data, whether that be buying market data, hiring someone to compile more precise operational metrics or keeping impeccable records of inventory and sales type metrics – what do you do with it after that? The next step is leveraging data to create information and insights.
Creating and promoting value
There is no doubt that data is valuable. That value can be exponentially greater when proper tools are applied to manage and evaluate that data. Once you have mastered that, it’s all about understanding that value to your market space and your customers.
Development of a Solution
We partnered with PhDs in Applied Mathematics and Computer Science to create an algorithm that calculates a score and ranks various attributes and criteria based on their importance to you or your customer. The algorithm is run on a secure, cloud-based server using R-code, a sophisticated analytical programming language. All you have to do is tell the simple, web-based platform what your preferences are and click “run”.
Whether you’re shopping for a new vehicle or home, researching financial investment options or simply trying to pick your next cell phone plan; there are a LOT of choices. Some companies offer filtering to help you narrow down your choices, leaving you with a more manageable (simply shorter) list. Some companies utilize spreadsheets and apply a series of filters or pivot tables in an effort to make sense of their data. All of this can serve some purpose but is missing a critical component of the decision making process – ranking. Filtering implies a linear approach to selection, either it is a match or it isn’t, the world doesn’t work this way.
Why does ranking matter?
Ranking of options based on best fit for the user is valuable for several reasons
- It doesn’t eliminate great options based on one criteria
- Allows you to find options you didn’t know existed
- Top of the list is best, bottom of the list is the worst – not so with a filters
When you filter, you eliminate options that may actually be best over all because one criteria wasn’t exactly right.
We now offer this as a custom solution for industry by compiling and uploading your company’s data and then configuring the platform to meet your objectives. This includes ongoing data administrative services, employee training, and more.
At BCS Management, our tagline is “Putting the Pieces Together”, which is exactly what we do in a variety of industries and in a variety of roles, this is no different. As with all of our projects, we create a plan based on stakeholder goals and industry mandates.
The diagram below is a visual representation of a common enterprise implementation program approach.
Learn more at bcs-management.com/analytics or setup a demonstration by emailing email@example.com
Lana is the Founder and lead Management Consultant at BCS Management. She left a program management role at a large defense industry supplier to take a risk, the first of many, and founded BCS Management to provide project management as a contracted service. Her first contract project was a large enterprise ERP implementation for a Fortune 100 client in Miami, FL. This provided an incredible learning experience in the private sector and multi-technology/location/language/currency project specific challenges. Since then, BCS has grown a project and technical staff staff, managed new building construction and product development, provided training, branched into marketing, and initiated several municipal projects in northeast Indiana.