Advancing through the data maturity model
Like many companies, Infoverity’s clients are acquiring and creating massive amounts of data about their customers, products and industries. However, according to a recent study by BI-Survey*, less than 50 percent of data collected is ever analyzed or used for decision-making, rendering half of the data an unnecessarily costly endeavor. Furthermore, most data analysis leads to reactive rather than proactive decisions, costing clients time and money.
With many customers “drowning in data,” companies don’t just need more data, they need the right data and the tools to yield insights and enable outcomes.
Creating effective predictive models from the right data improves productivity and business performance. Not all companies are in the same stage, however, so expertise is required to assess, inventory and plan. When transitioning between stages in the data maturity model, clients are faced with many challenges:
- Data Quality: Understanding whether data is fit for operational usage.
- Data Governance: Managing availability, access, integrity and security of data.
- Platform and Architecture: Optimizing the tradeoff between the flow of data to the end users, the cost of new infrastructure, and fit with current tools and skills.
- Modeling and Predicting: Creating the right models for scenario planning, risk analysis, and integration with strategic business planning.
Infoverity offers customizable solutions to support organizations in their transition to becoming a data-centric organization. Regardless of where an organization begins this journey, Infoverity can provide the tools and support to simplify and accelerate the process. The end objective is for clients to make impactful business decisions using real-time predictive analytics, monitor key performance indicators, and understand how to continuously improve their data acquisition and creation strategy.
Two recent examples of Infoverity’s Next Generation Analytics at work:
- A professional services firm presented a business problem to Infoverity: Although they had visibility to their current sales pipeline it was difficult to predict future revenue and resource utilization beyond the current month. As a result, hiring decisions, forecasting financials and any long term capacity planning were challenging. Infoverity analyzed this client’s historical and current data and built a predictive model to describe the most likely revenue and utilization outcomes in the short and longer term future. Infoverity used Informatica Cloud Services to integrate the historical data from disparate systems and create a data lake to fuse the data together. The results of the predictive model and management dashboards were implemented Microsoft Power BI.
- A Healthcare supply chain client had an issue with vendor performance: Vendor contracts with specific terms and conditions were locked up in a document repository making it impossible to know if vendors were complying with the terms of the agreement. Vendor performance reporting was manual and not trusted internally or externally. Infoverity collaborated with the company to collect data from the client’s ERP, inventory, contract and financial systems, and built a scorecard to easily track, compare and report on each vendor’s performance. Some of the metrics Infoverity used to track vendor performance included: 1) order accuracy, 2) on-time delivery and fill rate, 3) lead time variance, 4) the percentage of products with marketing collateral and 5) contract compliance. The results were dramatic and actionable: Infoverity discovered that every one of our client’s vendors was in the red – non-compliant with the original terms of agreement. Infoverity saved the company millions of dollars in vendor payments and performance has improved each month since the analytics were implemented.
Founded in 2011, Infoverity is a leading global professional services organization focused on solving business problems caused by the proliferation and diversification of data in large enterprises. Infoverity provides Master Data Management (MDM), Product Information Management (PIM) strategy and implementation, next generation analytics, managed services and hosting solutions that help clients in the retail, consumer goods, manufacturing, financial and healthcare sectors to simplify and maximize the value of their information. Infoverity is on the Inc. 5000 list and #11 on the Columbus Fast 50. Infoverity is also named among the Best Places to Work in IT by IDG’s Computerworld, is recognized as a Wonderful Workplace for Young Professionals and was named the #1 Best Place to Work in its category by Columbus Business First. Infoverity’s global headquarters is in Dublin, Ohio, and additional service and support teams are located in Spain, Germany and Russia. For more information on Infoverity solutions, visit Infoverity.com, follow @Infoverity on Twitter, and contact us today.
For more information, contact: Joe Leithauser, Director of Next Generation Analytics at email@example.com 614-397-4907 or visit Infoverity.com/contact.
*Data Maturity Model: BI Survey, Top Business Intelligence Trends 2018