endeavit

Decision Science

At endeavit, we use decision science to help our clients make better business decisions. Decision science uses data and analytics to make decisions. Decisions can be made with intuition, gut feeling, call it what you will. Experience also plays a role. This has its drawbacks and limitations. Decisions based on data however elevate the decision-making out of opinions, egos, and advocacy biases, unconscious or otherwise, and leads to discussions based around the data.

Data leads to insights – and in most cases not immediately obvious ones. Applying insights from the data to your decision making, together with a decision quality framework, makes actionable decisions that will transform your business for the better. This is the power of data. Data should be at the core of strategic decision making in business, whether you are a huge multinational or small family-run operation.

Business Data Intelligence

Business data intelligence is about using data that is relevant to your business and applying intelligent thought to extract meaningful insights to deliver better business performance. Data exists both outside and inside of your company, and together with business intelligence tools and business thinking, can be manipulated and examined to extract enormous value and give incredible insights like never before.

Many businesses however do not fully understand what is going on with data and simply ignore the potential of it. Many businesses also do not know what data is available to them in the first place, how to collect it, and how to analyze in a way that is impactful to their business. It is a fact that a high percentage of businesses already have incredibly useful data to begin using it strategically but simply do not realize the commercial value and operational benefits of it.

What Data Should I Be Using?

Data generally comes in two forms, known as big data and small data. Big data is typically used as a term to describe large data sets that are collected from millions of interactions and observations and can be used to give trends or predictive behaviors say from a company’s competitors. Small data on the other hand is a data set of very specific attributes to your business, such as what a small business owner might collect through running their day-to-day business. It is data that is small enough in volume and format that makes it accessible, informative, and actionable.

Data big or small is continuously being created by outside factors, such as population behaviours, the office of national statistics data or consumer spending, and by inside factors relevant to your business, such as point-of-sale devices, energy consumption, and the click-through rate (CTR) on your website. Both types of data, big and small, can be utilised to extreme benefit. What matters is that it is smart data that is used.

Big Data or Small Data it’s Smart Data that Matters

Just being aware of the correct data to collect and storing it in the massive quantities doesn’t help a business however. The whole point is to be able to turn this into smart data and properly analyse the data and draw both practical and guiding conclusions that are informative enough to find solutions to problems and achieve actionable results.

Smart data and advanced analytics are creating profound new insights and opportunities for businesses. Data-driven marketing has the potential to revolutionize the way businesses interact with customers, transform how customers access and consume useful data, and ultimately redefine the relationship between buyers and sellers. Social media brand chatter helps better brand management and development. Intelligent transportation systems use smart data for more efficient travel. Smart data is also helping revolutionizing healthcare. The benefits of smart data are everywhere. Smart data is where the value is created, major opinions are formed, insights are shared, and actions are made.

Our and Your Advantage

As all our consultants are Ph.D. or master trained in quantitative disciplines and typically have several years of business experience coupled with an MBA from a world-leading business school, we believe this gives us the advantage to not only deliver detailed analysis from data to our clients but also deliver actionable and insightful business recommendations, focused on the task in hand, in an understandable way. This is particularly true when the underlying quantitative methodologies used are not something that management is typically familiar with or comfortable with. We can turn big and small data into smart data that you as a business owner can use to great effect.

endeavit & Decision Science

At endeavit we work with clients on complex subjects to help find solutions to business problems through advanced data analytics. We are strong advocates of using big data and small data to help our clients gain better business intelligence and make better business decisions. By working with us you will understand how to use this powerful business tool to make better business decisions and improve your business performance.

Our solutions are data-driven and analysis-based. We use techniques such as visual process simulation, optimization, system dynamics, data mining and segmentation, game theory, Monte Carlo statistical-based simulation, and statistical analysis. We make sure the insights gained from your data are presented clearly and articulated correctly, with the implications for your company presented in an understandable way.