Being data driven means promoting fact-based decision making, driving user adoption of an analytics solution, and ensuring staff can gain insights from data. While this may look like a big managerial responsibility, it does not need to be a resource intensive task. During disruptions like Covid-19, data literacy pays off and enables confident whole-of-business responses, and helps people understand the big picture.
Read moreTopics: Job Role - IT, decision-making, data analytics
Being data driven means promoting fact-based decision making, driving user adoption of an analytics solution, and ensuring staff can gain insights from data. While this may look like a big managerial responsibility, it does not need to be a resource intensive task. During disruptions like Covid-19, data literacy pays off and enables confident whole-of-business responses, and helps people understand the big picture.
Read moreTopics: Job Role - IT, decision-making, data analytics
Gold Medal International (Gold Medal) is a premier apparel supplier to leading department stores and sporting goods retailers across the U.S. As COVID-19 has taken center stage around the world, the team leading the third-generation family-owned business has relied heavily on its reputation with retail customers and the industry to instill confidence in the future. Data analytics has helped it understand its situation and move fast.
Read moreTopics: Business Intelligence Basics, Industry - Wholesale Distribution, Job Role - Executive, Industry - Retail, decision-making, data analytics
This Phocas blog highlights how one of our customers in wholesale distribution is coping with the new challenges of the COVID-19 crisis. The purpose is to outline specific issues, different strategies and to share knowledge. Team Medical Supplies is supporting its loyal customer base, who need its products more than ever to carry out essential health services during the crisis. Past purchasing data helps equitably distribute the highly sort after products and underpins the commitment to ethical decision making.
Read moreTopics: Case Study, Business Intelligence Basics, Industry - Wholesale Distribution, decision-making, data analytics
The COVID-19 pandemic puts risk management and disruption strategies under the spotlight as companies experience limited supply and others are battling cashflow shortages. For businesses who move and sell products, inventory management can be a never-ending battle. During the shock of COVID-19, when supply and demand are volatile, managing stock presents further challenges. Strong visibility into your operations using data analytics principles can help manage inventory levels and keep cash flow steady.
Read moreTopics: Business Intelligence Basics, Industry - Wholesale Distribution, Job Role - Executive, Industry - Retail, Job Role - Inventory/Operations, decision-making, data analytics
Phocas creates data analytics software. We have been helping businesses control and leverage their data for nearly 20 years, but for many people, data analytics is a new tool. Companies create information in the form of data. This information is valuable if you can translate it into useful insights. Data analytics software uses statistical techniques to cluster, segment and score what scenarios happened and then presents them in a simple format so businesspeople can make better decisions.
Read moreTopics: Business Intelligence Basics, Industry - HVAC/Plumbing, Job Role - Executive, decision-making
Want to live the future backwards? A lesson learned during my course at Stanford is how intuition affects our decision making, positively and negatively. And the need for strategies to manage these feelings. Stanford Professor, Hayagreeva 'Huggy' Rao, introduced me to Gary Klein’s brilliant tool, called the premortem. The idea is to discuss all the things that can go wrong with a project before getting started. Effectively you 'put all the underground doubts above the ground.’
Read moreTopics: Job Role - Sales, Job Role - IT, Job Role - Executive, decision-making
My fascination with the psychology of decision-making continues. My latest sage is Daniel Kahneman, a leading psychologist and winner of the Nobel Prize in economics for prospect theory. Kahneman has dedicated his life to researching human judgement – especially under uncertainty and whether people are susceptible to flawed intuition. His book, Thinking, fast and slow summarizes much of his research. The book explains why humans make errors of judgement, and the role of systematic bias. It has many examples of the way people ignore general facts if they conflict with personal experience.
Read moreTopics: Business Intelligence Basics, Strategy, Management and Performance, Job Role - Executive, decision-making
