3 Best Practices for Decision Analytics

Decision analysis is critical for any business. You must be able to make the right decision right on time. Decision analytics require you to look at your data in the decision-making process. Being able to rely on your data can make this process easier and you can rest assured that you have made strides to better your organization.  We have three best practices when it comes to decision analytics that will help you along the way. Intuition Analytics can be the opposite of intuition sometimes.

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A lot of people want to trust their intuition, especially when it comes to business. But try this – listen to your intuition but verify it by looking at the data. Backing your intuition with facts is a great way to make sure your decisions are solid and in the best interest of the organization. Options When we set out to make a decision, we can be focused on choosing between ‘A’ or ‘B’.  It’s very simple to think of things in this binary way. Challenge yourself to take a moment or two and you might find you have an option ‘C’ or maybe even ‘D’. Creating options for yourself while making decisions will lead to higher satisfaction with your choice. You will make the best decision possible because you have laid everything out on the table. Communicate Data is best communicated visually. This is the best way to communicate your analytics because it give the numbers more meaning and relevance. A great example is that anyone could tell you what the Grand Canyon looks like. It has browns and reds and it’s beautiful. But until you stand there on the edge of the canyon you don’t have a real sense for what it’s actually like. Visualizing your data is the most powerful way to communicate it.

Creating Effectiveness in your Company

Many companies get in a groove, get comfortable and go with it. Your employees know what to do to get the job done and everyone knows what to expect. We have all been there, we get comfortable and fall into a routine. However, there may be room for improvement. Are there inefficiencies you are letting slip? Is your company staying adaptable? Are your numbers being tracked, and if they are, what are they telling you? These are all factors you should consider regularly to keep your company performing at the height of its ability. Make sure your company is as effective as it can be by auditing your effectiveness.

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Remove Inefficiencies If each step of your workflows do not directly add value for your customer, they need to be revised. Being systematic with the necessary changes to your workflow is the best way to make sure each issue is properly addressed. Any gaps between what needs to happen on a daily basis and what actually happens need to be closed. Any wasted steps that are duplicate or create delays are important to eliminate. Allow your company to have sustainable long-term value added to workflows by making them as effective as possible. Adaptability Ask yourself this question- if yours sales doubled, would your team be able to sustain maximum service levels? If you aren’t sure of the answer, your adaptability and ability to respond to rapidly changing market factors may not be where it needs to be. Mistakes and adjustments should be anticipated in your master plan. Adaptability is more than being agile, you also need to anticipate unexpected expenses and build room into your budget for these situations. Track the Numbers If this is not something you’re doing already, you need to start. This is where you can see if what worked on paper is actually working for your company. The numbers will tell you without a shadow of a doubt areas where errors can be corrected. Take this opportunity to truly test your process.   Creating effectiveness in your company is all about being informed. You need to intimately know the way your company works and how it will react. Knowledge about workflows, your ability to adapt, and the numbers will ensure you will make necessary adjustments to stay ahead of the pack.   [button size='' style='' text='Link to Full eBook' icon='' icon_color='' link='https://ryvit.com/wp-content/uploads/Fundamental-Elements-of-a-Successful-Software-Company.pdf' target='_self' color='' hover_color='' border_color='' hover_border_color='' background_color='' hover_background_color='' font_style='' font_weight='' text_align='' margin='']

In-House Development: Is it Worth the Cost?

When you look into building integrations, there is much to consider. One of the first decisions a company needs to make, once they have a picture of what the integration will be capable of, is to develop in-house or not to take the project outside of the company. The next order of business: the cost. Your first instinct might be that developing in-house will be the most cost effective way to go about it. Taking a holistic look at what an in-house integration will take, could change your mind. Let’s look in a little more detail at what it will take. When looking strictly at the integration there are a few things to consider: the integration’s deadline, the number of integrations and their complexity, updates and new releases the integrations will need.

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Missing an integration’s deadline can cost your company time, money, and reputation. If the integration is very complex, this could be easy to do. There is also a lot of upkeep for integrations once they are out the door. This can be a lot of added stress on your team and building integrations is impossible without the right team. Now, to consider your team. Do you have the developers in place? What is their current workload? With a seasoned team of developers, you will avoid recruiting, hiring, and training costs for starters. Let’s say you have the team, the hardware and software they need and your team has the time to create your integrations, you are off to a great start. Ryvit estimates it costs $50/hour for in-house developers. With a team of three to create 10 integrations it will cost you $1200/day. Over the course of a year that is $288,000 for the developers alone. If it is their first time, however, it will take them an estimated 4 times longer than an established team to create the integration, and as they say, “time is money.” Ryvit’s team of experienced developers will be able to create quality integrations in a timely manner for your company at a fraction of what it will cost you to develop in house. Our estimated cost of the same 10 integrations is $150,000, less than the cost of the three in-hose developers for one year. We have the capacity, hardware, and software to keep your integrations updated and running smoothly. We make quality integrations worth the cost with less stress on your team. Want to run your own numbers? Use our calculator to see the estimated return on investment for your company. [button size='' style='' text='Calculate Here' icon='' icon_color='' link='https://ryvit.com/roi' target='_self' color='' hover_color='' border_color='' hover_border_color='' background_color='' hover_background_color='' font_style='' font_weight='' text_align='' margin='']

More bang for your buck: Cloud vs On-Site backup

The debate between cloud backup and on-site hard drive backup has been ongoing. There are pros and cons to consider for each including speed and reliability. Each of the solutions has its own vulnerabilities and risks associated with putting your company data on them. However, if we set all of those aside and only look at the bang for your buck, which one would win? For the hard drive option, when it comes right down to it, the larger storage space you want on your hard drive, the more you will pay.

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According to PC World, it breaks down to about 10-50 cents per gigabyte. This cost covers the vast majority of hard drives, but there are always going to be a few that lay outside of this average on each side. Although this is a range, it is a pretty small range in comparison. A hard drive should be guaranteed to last at least three years. The overall cost of a cloud service is determined in a completed different way. There are many options for cloud backup that have different features and benefits. Paying top dollar in the cloud space will often get you the benefit of quality file encryption, and customer service, and multiple restore points meaning if your data is lost you can revert to your data settings a few hours ago, a few days ago or a few months ago. At the lower end of the spectrum, you will get you basic needs covered- your data will be backed up on the cloud. With this wide of a range in perks, the price per gigabyte varies widely too; the price per gigabyte for cloud backup can range from a fraction of a penny to $10 or more; meaning for the same size of storage, you could pay a very different price depending on what perks you want and need. As you can see, this isn’t comparing apples to apples. There is no true price comparison that lays it out precisely per gigabyte and tells us the most cost effective solution. If we take a look at the range in sizes of storage and look at the average, we can start to make some comparisons. Smaller storage, under 20GB, doesn’t store much, but sometimes that’s all you need. If you are just wanted to back up a few pictures and documents, this is all the more storage that is needed. Cloud-based solutions in this category include Dropbox, which is widely used, and for the basic package, free. When looking at storage that is still pretty small, but larger than 20GB, it is still cheap, but up charges may apply. When your Dropbox is full and they ask you if you want to upgrade, it will cost you. These solutions can be anywhere from $1-$4 per gigabyte. Cheaper solutions such as OpenBox Home come in at a lower price tag, however. This small category still falls under the 10-50 cents per gigabyte for hard drive backup solutions. Moving up in storage size to 100-500GB, a standard size meeting many needs, hard drives are more competitive per gigabyte. They are practically dead even at 41 and 42 cents respectively on average. If we look at large storage, 500GB- 1T, it is also a very close race. Per gigabyte, the external hard drive is about 10 cents cheaper on average. This, of course, depends on the features you select for you cloud-based backup. When your storage needs exceed 1T cloud-based solutions are cheaper at a mere 4 cents per gigabyte. When dealing with this much data, an external hard drive lasting only three years is also something to consider. Cloud-based solutions take the cake for the bang for your buck category even though it isn’t an apples to apples comparison. You get comparable storage size or more for the same money when you choose the cloud across the board. Online backup services are also becoming cheaper each year as more and more providers enter the market. As cloud-based solutions continue to gain popularity for good reason. These solutions are reliable and open up many opportunities when it comes to integrations and business intelligence.

The Tech Review all CEOs should do

Whether you are the vision creator of a startup or leading the charge of an established corporation, technology is changing and with that, your business practices around technology might need a refresh. Leaving all of your company’s tech-related decisions up to the CIO or CTO isn’t enough anymore. Creating a strategy around technology is essential to define your company’s path forward so as the CEO, get involved. To make sure you are starting in the right place and heading in the right directions, take a look at these 5 areas of your technology.

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  1. Your current strategy

That is the place to start. If you don’t have an expressed strategy yet, take a general survey of what tech updates have been made recently and the impression of where your company was headed with technology. If you do have a strategy currently, gain an understanding of what department heads and employees need from their technology and where the current strategy is falling short. Making sure your strategy is well-defined will create fewer technology distractions as you move forward.

  1. New Projects

As a CEO, how do you want to approach new technology projects in the coming years? Different tech issues can be solved by a number of existing solutions or by custom-coded solutions. Each has their benefits and drawbacks, but as the CEO it is up to you to decide which way your company will head. Make a decision and be consistent. Take into account the opinions of subject matter experts at your disposal. Many projects in the coming years will be shaped by this decision.

  1. Efficiency

Isn’t efficiency why we invest in technology? Your technology should be helping your employees make the most of their time each day. Take a look at efficiency in your data centers, support centers, and IT systems. You want all of these systems to be as efficient as possible to increase profitability. If your employees are not selling and working in the most efficient way, your tech strategy needs to encompass changes that will help them do so.

  1. Consider your customers

If your customers don’t have the tools they need, work this into your technology strategy to stay competitive. Create a survey and listen to your customers’ feedback about your technology. What preferences do they have in communications they receive from your company? Is your website meeting their needs? What’s not easily accessible? They drive your business so they should be considered in key technology decisions. Building a great customer experience is worth the investment.

  1. The right team

During this process, you will need to have the right team in place to help you understand your current state and what changes are needed. Make sure this goes beyond senior management. When you have this team, set parameters to communicate what can and what cannot be done when it comes to your technology assets. Communicate your company’s risk profile to these individuals. This will allow your team to make the right decisions for your organization.