MyData AG helps people in the business to get more value from their data. Value from data comes in three forms: Increase revenue, reduce costs and Peace of mind.
If you have data in the core of your business process – like e-commerce or IoT data from devices you sell or rent – you can use it to innovate your business model and increase revenue. But not many organizations have this – yet.
Data in support processes – like marketing, sales, finance, customer service – can be analyzed to eliminate redundancies and drive optimizations to reduces costs.
But in both cases, you need good data sets to base your decisions on. So you first need peace of mind that you can trust your data.
Peace of mind
Let’s take a closer look at the value of having peace of mind:
- Knowing you can trust your data to take decisions.
- Knowing you’re not exposed to unnecessary risk.
- Knowing you have your ducks in a row is incredibly valuable, but at the same time hard to quantify.
Look at it through the eyes of a potential acquirer.
If you can show very quickly that you are following up on your business with the right KPI’s for your industry and market, it immediately builds trust. It shows you know what you’re doing, and you have a reliable dataset to convince the potential buyer that you not only know where you are, but also where you’re going.
For example, if you want to steer your organization in a new direction, you want to be sure that the steps you take have the desired results. If you suspect your operations department to be too risk averse, this can lead to less production than they should be able to accomplish. More fine-grained insights in the different steps along their process can support their planning effort to come up with a tighter budget and a higher volume as a result.
Or you want to start using your data to drive costs down, but don’t know the exact costs of the different applications that you have to support different business processes. First, you will need to link the relevant data together to get the total cost of ownership to know where to look for optimizations.
Or you want to start using the IoT data your devices are generating to set up a predictive maintenance program and monitor the ROI of these devices. But the IoT data doesn’t contain the same SKU ID that is used in your other systems. Then you first have to make sure you can distinguish between the different devices by making adjustments to be able to link this data together.
These are possible issues that will come to the surface while trying to build a good KPI dashboard to follow up if you’re going in the right direction. Yes, a good dashboard is hard to build and not cheap, but do you really want to drive blind?