How a Company Saved $450k Using Numbers
This piece is derived from our webinar Fact vs Fiction | Busting the 5 Most Common Business Analytics Myths.
Whenever a corporation tries to sell something to me, whether it’s a Pumpkin Spice Latte from Starbucks or a golf training tool that will help me lower my handicap, I’m automatically skeptical.
Today’s society is always so suspicious of any product, commercial, or advertisement. Why? Because we’ve been lied to. 100% satisfaction guarantees don’t hold value anymore. We aren’t sure if we’ll actually get our money back.
Pop culture and the media doesn’t help; in The Wolf of Wall Street (and in real life), Jordan Belfort cheats over 1,500 people out of $100 million by selling bad stocks. Alec Baldwin explains how “coffee’s for closers only” in Glengarry Glen Ross. And stock traders drive brand-new shiny sports cars in Boiler Room. Selling is glorified, but an oxymoron; a businessperson would hate to be called a “salesman”, but at the same time,
Hollywood makes selling sexy.
Self-help books are written on how to sell more effectively with titles like Strategic Selling, The Psychology of Selling, and The Greatest Salesman in the World. The current #17 bestselling book on Amazon is about increasing sales.
All around us we see “Purchase! Buy this! 50% off! Buy one get one free!” All these phrases are simply saying “We’ll take your money and then cut you a deal to take more of your money, but at a lesser rate!”
Here at AMEND Consulting, we like to save businesses money.
People don’t pay us for numbers, data, research, or analysis. They pay us to help them solve their business’s problems — which saves them time, money, and frustration! Data analytics is simply one of the tools we use.
We recently put on a webinar dispelling common myths of data analytics because it’s a scary topic.
What are data analytics exactly? How can my business utilize them? Don’t you need data scientists and other smart people to make data useful?
The truth is, using data analytics isn’t as intimidating as you might think.
In the webinar we break down some of the most common questions we get when talking about data analytics regarding costs. People are always asking things like:
“Isn’t buying new software CRAZY expensive?”
“Do we have to buy hardware for this too?”
“Aren’t there thousands in upkeep costs?”
While these are legitimate concerns, the fact is that they’re simply not true. Why? The internet. There are countless cloud-based analytics and open source programs that make recording and organizing data a lot easier than years ago. In 2013, Microsoft changed the game and launched Power BI, a free cloud-based business intelligence platform. Today, AMEND and our clients use Power BI everyday to track hours, dollars, and percentages.
One of the best examples of the power of data analytics recently is when we saved a company $450,000 in their first year.
Here’s what our client spent:
Software: $0
Windows machine: $2,500
Platform license: 1 user — $9.99/month
System setup: $42,000
Here’s what our client gained:
Added back 3 hours of downtime per day which is $1,800 daily in realized capacity =
$450k IN FIRST YEAR!
And that’s what data analytics do. One business used numbers to save $450,000 in the first year. That’s why I get so excited about what we do here at AMEND. It’s pretty easy to “sell” something that helps people save money.
So yes, we drink a lot of coffee around here.
Questions? Questions? Email me or reach out on LinkedIn!
AMEND Consulting is a leading mid-market management consulting firm dedicated to building unbeatable businesses by creating endless competitive advantages. Double, triple, even quadruple-digit improvements are always realized — typically in 6 months or less. (See our impact here.)
