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Anand S, CEO/Co-Founder of Gramener, and Ganes Kesari, Head of Analytics/Co-Founder of Gramener, conducted a webinar.<br><br>Pain points discussed are :<br>-Which elements of your business could benefit the most from a data-driven solution?<br><br>-A method for determining which use cases will give the best return on investment.<br><br>-How to find new business opportunities and clients by using data in innovative ways.<br><br>Full Webinar link: https://info.gramener.com/recession-proofing-your-business-with-data<br><br>Visit our official website: https://gramener.com/
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‘Recession-proofing’ your Business with Data Ganes Kesari S Anand
How data can empower you? What Are the Key Challenges? How YOU should prioritize?
Introduction • Insights as Stories Ganes Kesari Co-founder & Head of Analytics S Anand Co-founder & CEO • 100+ Clients /gkesari /sanand0 @sanand0 @kesaritweets Help start, apply and adopt Data Analytics & Visualization for Business impact
COVID-19 has impacted every industry, leaving some in deep shock Source: BCG Covid-19 report, Apr 2, 2020
We are heading towards a slow, long economic recovery Executive expectations about the shape of coronavirus crisis in the World Survey of 2,079 global executives; % of respondents Most likely scenarios Rapid and effective control of virus spread Virus spread and public health response Effective response, but (regional) virus resurgence Broad failure of public health interventions Ineffective interventions Partially effective interventions Highly effective interventions Source: McKinsey Article: Executive expectations about the shape of the coronavirus crisis, Apr 2020 Knock-on effects and economic policy response
But, the pace of recovery will vary by industry and organization Source: Bain & Co - Ample Data, often free, can predict consumer behaviour through the Covid-19 crisis, Apr 9, 2020 Takeaway - your industry / function. Connect to next slide
Your response must be dictated by the stage of recovery you’re in Stage 3: Strategize Stage 1: Survive Stage 2: Stabilize • Disrupted business, impacted operations in an uncertain economy Deepening impact, unsettled operations in a sluggish economy • Challenges scaling up, lost opportunities in a recovering economy • What are the top challenges? • What should you prioritize? • Survival. Address the immediate challenges and ensure business continuity Stabilization. Address near-term operational issues & lay groundwork for recovery • Strategy. Prepare your business to grow stronger & compete in the ‘new normal’ How do I know where I am?
In your function, here’s what you should solve for • “What threatens your survival the most?” • “What can destabilize you the most?” • “How can you eliminate competitive threats?” • Increase collections effectiveness Increase control over discretionary expenses • Leverage cash to acquire market share/competition Stage 3: Strategize Stage 1: Survive Stage 2: Stabilize • Finance
In your function, here’s what you should solve for • “What threatens your survival the most?” • “What can destabilize you the most?” • “How can you eliminate competitive threats?” • Increase collections effectiveness Increase control over discretionary expenses • Leverage cash to acquire market share/competition Stage 3: Strategize Stage 1: Survive Stage 2: Stabilize • Resolve employee collaboration and productivity issues Reduce health risk for employees at offices when resuming work • Help employees adapt to ‘new normal’. Balance flexibility with demands • Finance • People
In your function, here’s what you should solve for • “What threatens your survival the most?” • “What can destabilize you the most?” • “How can you eliminate competitive threats?” • Increase collections effectiveness Increase control over discretionary expenses • Leverage cash to acquire market share/competition Stage 3: Strategize Stage 2: Stabilize Stage 1: Survive • Resolve employee collaboration and productivity issues Reduce health risk for employees at offices when resuming work • Help employees adapt to ‘new normal’. Balance flexibility with demands • Finance • Supply • Customer • People • Impact to production due to shortage of raw materials Remote delivery of services • Ensure supply chain health; support vendors • Assess customer impact, assess change in behaviour & monitor churn Rationalize discounts to minimize margin impact, while building trust • Assess customer health, expand offerings and recapture share of wallet Data can be a powerful enabler to solve your use case
Here’s a short & simple poll to help you reflect. Poll What’s your stage of response?
Focus and prioritization are your most powerful responses when using data Where to focus depends on your data maturity
Focus and prioritization are your most powerful responses when using data Where to focus depends on your data maturity You can easily determine this with one question: Which of these is your biggest problem? DATA INSIGHT ACTION We don't have the right data to solve the problem well We analyze the data. But the analysis doesn't reveal much Our analysis does not suggest clear actions For example, let’s take a finance use case. Increase collections effectiveness DATA We don’t have sales transaction data & collections merged or readily accessible INSIGHT We know our sales outstanding by client, and our top dues. But that’s how it’s always been ACTION We know that significant changes in orders delay collections. But this hasn’t translated to action On any use case, one of these will be your top problem. Focus & prioritize within that area.
Data Insight Action Prioritize data collection for the best actionable initiatives The biggest mistake teams without data make is collecting all data required to solve a problem. There are many datasets that may help solve a problem. You don’t need most of them. Sales transactions Client financials Increase collection effectiveness Collections transactions Client analyst reports Team timesheets Team incentive payout
Data Insight Action Prioritize data collection for the best actionable initiatives The biggest mistake teams without data make is collecting all data required to solve a problem. Instead, start by listing specific actions that solve the problem. Team incentive payout Increase collection team variable incentive Team timesheets Sales transactions Reduce days sales outstanding Increase collection effectiveness Collections transactions Client financials Focus on customers at risk of default Client analyst reports
Data Insight Action Prioritize data collection for the best actionable initiatives Data collection is effort intensive. Prioritize effort. Hypothesize which actions solve the problem best. The biggest mistake teams without data make is collecting all data required to solve a problem. Even simple exploration on new data can lead to useful results Instead, start by listing specific actions that solve the problem. Collect data for those actions first. 1 Sales transactions Top 10 clients by days sales outstanding Reduce days sales outstanding Collections transactions 2 Client financials Focus on customers at risk of default Increase collection effectiveness Client analyst reports 3 Team incentive payout Increase collection team variable incentive Team timesheets Collect and explore data for a known purpose – which should be your best action
Data Insight Action Focus your analyses on insights. These are big, useful and surprising (BUS) Teams that have data have often already explored it and are generating analyses. Here are the results of analysis to reduce days sales outstanding.
Data Insight Action Focus your analyses on insights. These are big, useful and surprising (BUS) Teams that have data have often already explored it and are generating analyses. Here are the results of analysis to reduce days sales outstanding.
Data Insight Action Focus your analyses on insights. These are big, useful and surprising (BUS) Teams that have data have often already explored it and are generating analyses. Here are the results of analysis to reduce days sales outstanding.
Data Insight Action Focus your analyses on insights. These are big, useful and surprising (BUS) Teams that have data have often already explored it and are generating analyses. Here are the results of analysis to reduce days sales outstanding. Such analysis typically have more noise and less signal. It’s a dump of everything we can do with the data. It’s not insight. Not all analyses are born equal. Some of them are not useful. Some of them are already known. Some of them are insignificant. Insights are analysis that are big, useful and surprising
Data Insight Action Focus your analyses on insights. These are big, useful and surprising (BUS) Teams that have data have often already explored it and are generating analyses. Here are the results of analysis to reduce days sales outstanding. Not all analyses are born equal. Some of them are not useful. Some of them are already known. Some of them are insignificant. Rate each analysis on 3 criteria: • How big / impactful is it • How useful / actionable is it • How surprising is it
Data Insight Action Focus your analyses on insights. These are big, useful and surprising (BUS) Teams that have data have often already explored it and are generating analyses. Here are the results of analysis to reduce days sales outstanding. Not all analyses are born equal. Some of them are not useful. Some of them are already known. Some of them are insignificant. Rate each analysis on 3 criteria: • How big / impactful is it • How useful / actionable is it • How surprising is it
Data Insight Action Focus your analyses on insights. These are big, useful and surprising (BUS) Teams that have data have often already explored it and are generating analyses. Here are the results of analysis to reduce days sales outstanding. Not all analyses are born equal. Some of them are not useful. Some of them are already known. Some of them are insignificant. Rate each analysis on 3 criteria: • How big / impactful is it • How useful / actionable is it • How surprising is it Focus and prioritization are your most powerful responses. Focus on insights
Data Insight Action Communicate insights as personal, actionable messages Teams with insights typically share them as they discovered them. Here are the results of an insight – that calling clients after 30 days of invoice (instead of 90 – the current practice) reduces average days sales outstanding to 55 – a 30% reduction in days sales outstanding. This proves the insight well. But it doesn’t help users act on the insight. Days sales outstanding is 30% less for clients who received a call in the last 30 days DSO First call is on 90th day 30th day call reduces CSO 30% Average DSO 19 d # days since last call Prioritize actions over proof when sharing insights
Data Insight Action Communicate insights as personal, actionable messages Teams with insights typically share them as they discovered them. Here are the results of an insight – that calling clients after 30 days of invoice (instead of 90 – the current practice) reduces average days sales outstanding to 55 – a 30% reduction in days sales outstanding. This proves the insight well. But it doesn’t help users act on the insight. Days Sales Outstanding Dashboard for Eliyahu Montgomery Focus on these accounts to improve collections. These are ordered by importance Teams need inputs on what they should do. Design your dashboards to communicate specific actions. An actionable dashboard tells each person exactly what they need to act on. No more, no less. Communicate to allow your entire team focus on prioritized actions
Solve the right problem by focusing on your stage of recovery & data maturity Know your stage of recovery Stage 1: Survive Stage 2: Stabilize Stage 3: Strategize 1 Pick the use case most critical for your function “What threatens your survival the most?” “What can destabilize you the most?” “How can you eliminate competitive threats?” 2 Know your stage of data maturity DATA INSIGHT ACTION 3 Collect and explore data for a known purpose – which should be your best action Filter your analyses into insights by checking if they are big, useful & surprising Communicate insights as personalized actions for each team member Focus on the most critical aspect there 4
Here’s a short & simple poll to help you focus. This will identify the data maturity stage for your chosen use case. We conduct workshops to help clients solve problems on data, insights & action. Tell us if you want us to contact you. Poll Your data maturity stage?
Thank You! /sanand0 /gkesari @sanand0 @kesaritweets Get in touch to explore how your business can benefit from a data-driven response