CTRM Myth: “I can put analytics off for now”
Welcome back to another week of our 5 Myths of CTRM series, where we address the common myths surrounding enterprise commodity management software. This week, we’ll cover the myth: “I can put analytics off for now.”
First, let’s talk about a word we are all familiar with: waste. Waste presents itself in many forms in the business world. It’s created by inefficient, poorly designed business practices and results in extra hours spent on manual processes, needless administrative hurdles, and unnecessary cost.
As Shigeo Shingo once said, “The most dangerous kind of waste is the waste we do not recognize.” What many commodity businesses don’t realize is that they may be wasting precious data.
A study from MIT’s Sloan School of Management found that data-driven organizations have a 5-6 percent higher output and productivity than less data-driven businesses, and Nucleus Research found that analytics pay back $13.01 for every dollar spent.
Every day you do not properly utilize your data, you are falling behind.
The volume of data in the world is growing at an unprecedented rate, but raw data alone is not enough for enhanced commodity management in today’s volatile market. The key to success lies in extracting knowledge from that data. With commodity industries experiencing more volatility and uncertainty than ever before, advanced analytics is the answer to making sense of it all.
Gathering data from your business processes and properly analyzing it can reveal surprising insights to help you drive future growth. Advanced analytics capabilities can help you do just that through physical asset optimization, portfolio valuation, decision support, and more.
With Allegro Analytics, you can manage thousands of different instruments and assets, gaining the ability to model the breadth of your enterprise portfolios. In addition to a full suite of comprehensive analytic tools, Allegro Analytics boasts world-class analytical support provided by seasoned Ph.D. industry professionals.
To learn more about Allegro Analytics, download our Analytics e-Book.