Data and Analytics
Data has changed:
- 90% of the world’s data was created in the last two years.
- 80% of enterprise data is unstructured.
- Unstructured data is growing 2x faster than structured.
To meet this incredible change in the world in which we operate, we revolutionise the way people think about data. Data being created by business is a crucial and imperative asset and our Data Science team help business understand and utilise this data to align to their business objectives. Working collaboratively with clients, using our knowledge and expertise we deliver effective strategies to utilise data and at all times working with them to increase value in a rapidly changing business environment.
However while data is an organisation’s lifeblood, the easiest way to lose trust, reputation, and business is to allow your data to be compromised. Data loss, whether through internal threats, accidental loss, or other forms of malicious intent can bring an organisation quickly to its knees. It’s more important than ever that organisations continue to mitigate risk and maintain data integrity. We also specialise in data governance including security, quality/integrity and management.
We know that small and medium businesses cannot afford or do not want to hire experienced data science expertise on a full-time basis. They do however have business critical projects to undertake which require experienced resources to maximise the business outcome. Vixier can provide Data Scientists to assist in any project being undertaken with no long term commitment and the ability to work in your offices or remotely.
Our team worked with Australia’s lead supplier of Engineering Steels and Alloys to engineering machine shops both nationally and internationally.
The nature of the presenting problem was that the owners are looking to exit the business in the next 3-5 years, however the profitability of the business is reducing year-on-year and the market in which it operates is reducing in size. These factors mean that the price a potential buyer is willing to pay is getting downwards pressure each year.
We believed that the owners need to have a clear roadmap for the next 3-5 years that reverses the profitability slide and increases the value of the business to a potential purchaser. Using data analytics and innovation, we believed that data-driven opportunities could be identified, quickly and easily.
We analysed seven years of sales information and also prepared a five-year forecast profit & loss. Through this process we identified profit improvement opportunities in the areas of Quote conversions, Discount policy, Warehouse optimisation and Cost recovery. Each of these areas was linked directly within the financial forecast model.
This analysis was used to help prepare for future sale discussions and drive change / action from the management team in terms of challenging the status-quo (i.e. do nothing) from three perspectives - accounting & finance, data science and entrepreneurship.
Our team worked with one of Victoria's first textile mills that is recognised as one of the top 10 carpet manufacturers in the world. With their long established heritage, their brands have become household names with a reputation for quality and performance.
The nature of the problem was that in a competitive market and with much investment undertaken in marketing activities, especially in recent years, it important to look at how effective these activities are in terms of driving revenue and the bottom-line. In addition, it is important to identify how these activities may be enhanced or better targeted through the use of data-driven decision making.
Through the use of data analysis and innovation using our combined expertise of accounting & finance, data science and entrepreneurship, we set about to determine the effectiveness of marketing activities in terms of driving sales outcomes. In addition, through the insights gained, we aimed to provide a series of actions for the future to further improve a data-driven decision-making framework in which marketing spend and related activities are identified and analysed.
What we achieved from analysing sales, online and finance data for a period of three years was a set of clear and measurable actions identified for the sales team, marketing function and finance in a short-period (just over 2 weeks). These actions were centred around the strategic goal of driving increased margin sales through independent stores with enhanced geographic-based data analysis, visualisation and internet store location-driven improvements. In addition, we identified eight areas where data insights for sales and marketing may be focused to achieve growth and/or improved allocation of sales & marketing spend.