How do businesses cover the last mile of analytics, and do operation management strategies help with this? Tommy Yionoulis, founder and Managing Director of Ops Analytica, an operations management platform focusing on managing and measuring daily team activities for large multi-unit businesses, has a few answers to help.
In this episode, Tommy will show you how operations management strategies can fuel actionable insights and drive growth. He will outline how he used a system to get consistent operations in his former role at Quiznos and discuss how technology has enabled businesses to capture operations data in real time and make better decisions.
By the end of this podcast, you’ll understand the importance of process accountability and data and how to implement an MVP to ensure that your data-driven decisions are successful.
About Tommy Yionoulis
Tommy Yionoulis is an experienced entrepreneur and former stand-up comic passionate about helping businesses become more efficient and profitable through process accountability and data. As the founder and Managing Director of Ops Analytica, an operations management platform focusing on managing and measuring daily team activities for large multi-unit businesses, Tommy has seen firsthand the importance of data-driven decision-making and the challenge of achieving the “last mile of analytics.”
With a background in the restaurant industry and experience in business process workflow, Tommy has developed the ability to break down complex processes into a series of manageable steps. He believes that businesses must implement an MVP in every technical and data process they pursue and that data-driven decisions are vital.
Why is it essential for operations management strategies to fuel actionable insights and drive growth?
Operations management strategies need to fuel actionable insights and drive growth because doing so will improve the efficiency of operations and result in greater profitability. Actionable insights provide the data and insights necessary to optimize operations, ensure processes run smoothly, and identify areas where changes need to be made. This information can improve production, streamline processes, and reduce costs.
Actionable insights can help to identify potential new markets and opportunities for growth. Growth is essential for any business to succeed. By leveraging actionable insights, operations managers can develop new strategies to drive growth, such as creating new products, entering new markets, or creating more efficient processes.
Actionable insights can also be used to identify areas of improvement and develop new strategies for improving customer satisfaction. Ultimately, operations managers need to fuel actionable insights and use them to drive growth to ensure the business’s success and longevity.
Here are the steps you need to follow:
1. Gathering data from sources
2. Breaking down processes into manageable steps
3. Implementing an MVP (Minimum Viable Product)
4. Measuring and optimizing
5. Data-driven decision making
1. Gathering data from sources
Gathering data from sources is the first step in data-driven decision-making. This involves identifying and acquiring data from various sources, such as internal databases, external sources, and customer feedback. The data can be collected through multiple methods, such as surveys, interviews, focus groups, and observation.
Once the data has been gathered, it must be cleaned, organized, and analyzed to draw meaningful insights and make informed decisions. When collecting data from external sources, it is important to ensure the accuracy and reliability of the data. This can be done by verifying the references, double-checking the accuracy of the information, and using reliable methods such as surveys and interviews to collect data.
It is important to ensure the data is organized to make it easier to analyze and draw meaningful insights. This can be done by creating a data warehouse or lake, which stores the data in an organized and standardized format.
Once the data has been gathered and organized, it can be analyzed to draw meaningful insights. This involves using data analytics tools, such as business intelligence tools and machine learning algorithms, to identify patterns and trends in the data. These insights can then be used to inform decisions and take action. By following these steps, businesses can ensure that their data-driven decision-making is based on reliable and accurate data.
At the same time, it is important to ensure that the data is secure and protected from unauthorized access. Security measures such as encryption and authentication should be used to protect the data from external threats such as hackers and malicious software.
Access controls should be implemented to ensure that only authorized personnel can access the data. These measures will help to ensure that the data is safe and secure and can only be accessed by those with the appropriate authorization.
It is important to review and monitor the data regularly. This helps ensure the data is up-to-date and accurate and identifies potential issues. Regular reviews also help identify areas where improvements can be made and allow adjustments to the data-driven decision-making process. By following these steps, businesses can ensure that their data-driven decision-making process is based on reliable and accurate data.
2. Breaking down processes into manageable steps
Breaking down processes into manageable steps is critical to ensuring success with data-driven decision-making. This involves taking a complex process, such as an audit for a multi-location business, and breaking it down into smaller, easier-to-manage steps. A great example of this is Tommy Yionoulis’ experience at Quiznos, where he used Form Router to build an online form that could be used to answer questions and get data down into an Excel spreadsheet.
This was a revolutionary concept for the company, allowing them to access the data they needed to make decisions quickly. By breaking down the process into smaller, more manageable steps, Tommy was able to build a solution that was easy to use and comprehend and that could be adapted to businesses across various industries.
Breaking down processes into manageable steps allows companies to
- Understand better what steps need to be taken to achieve the desired results and identify any areas of improvement that need to be addressed.
- Allows companies to develop better processes and systems to ensure consistent, reliable results.
- Ensure that data-driven decisions are accurate and reliable. By breaking the process down into smaller, more achievable steps, companies can ensure that their data is collected and analyzed consistently. This helps to reduce the chance of errors, as well as eliminate any bias that may be present in the data.
- Improve the quality of data-driven decisions, as it allows companies to understand their data and its information better. Furthermore, this can help companies to identify any trends or patterns in their data, which can help to inform their decision-making and provide more reliable results.
- Provide greater flexibility, as companies can quickly adapt their processes and systems. This also makes it easier for companies to stay ahead of their competition, as they can quickly deploy new processes and technologies as required.
- Allow companies to quickly pivot and adjust their strategies in response to changing market conditions.
As a result, by breaking down processes into manageable steps, companies can be more agile and responsive, allowing them to stay ahead of the competition and achieve their desired outcomes.
3. Implementing an MVP (Minimum Viable Product)
Implementing an MVP (Minimum Viable Product) is a key step in data-driven decision-making. It involves taking the insights from the data and translating them into actionable steps that will move the needle forward.
This can be done by breaking down the project into manageable steps to make executing it easier. Then, businesses should utilize an MVP strategy to ensure that the bare minimum of features is implemented that are necessary to get the job done. This will help avoid wasting time on features that may not be used and allow for more features to be added later.
Finally, businesses should ensure they have the right internal structures and culture to use best the data they acquire. This includes ensuring people follow the processes they have created and understand why it is important. With the right structures and culture in place, businesses can make better decisions based on the data they have.
4. Measuring and Optimizing
Once an MVP has been implemented, businesses can measure their approach’s success. This is done by tracking critical metrics associated with the product’s success.
For example, companies can track customer engagement and satisfaction, usage rates, and sales figures. By tracking these metrics, businesses can identify areas of improvement and determine if the MVP is meeting their goals. Additionally, businesses can use A/B testing to compare different versions of the MVP to see which one performs better.
Businesses can also test new features and analyze user feedback to ensure the product meets user needs.
5. Data-Driven Decision Making
Data-driven decision-making is a crucial part of the product development process. Businesses can make better, more informed decisions by leveraging data to inform their decisions. This can help them create more effective products tailored to customer needs.
Data-driven decision-making can also help businesses identify opportunities for growth and innovation and identify potential problems before they become too costly.
By leveraging data to make decisions, businesses can ensure that their products are successful and that their customers are satisfied.
Operations management strategies are essential for businesses to drive growth and become more efficient and profitable. Actionable insights provide the data and insights necessary to optimize operations, ensure processes run smoothly, and identify areas where changes need to be made.
Tommy Yionoulis has shown the importance of gathering data from reliable sources, breaking down processes into manageable steps, and implementing an MVP (Minimum Viable Product). With the right processes, businesses can make better decisions based on their data and achieve the desired results. No matter the size of your business, you have the potential to unlock growth and become more successful. So believe in yourself and take action on the data-driven insights you have!
I’d love to hear how you apply Last Mile Analytics to get consistent operations. So leave me a comment on how it went for you, or drop me any questions you want me to answer!
Some topics we discussed include:
- How Tommy Yionoulis used technology to create an innovative solution for a multi-location business in 2008
- The importance of a minimum viable product and utilizing it in a business process workflow
- What are the benefits of using data and technology to make better decisions in a large multi-location business
- What are operations management and the importance of making data-driven decisions
- If the whole purpose of using data is to make better decisions, why do businesses struggle to enforce that
- How operations management platforms can help drive predictability and success in a business
- What role does culture have to play in operations management
- What is data accuracy scoring, and why should we be examining this metric
- And much, much more …
Listen to the episode
Related links and resources
- Check out OpsAnalitica
- Learn from Thomas Douglas – Innovation in Change Management: How to Use IT to Drive Growth
- Learn from Alicia Butler Pierre – Business Operations: How to Build a Scalable Structure That Drives Growth
- Learn more from Prantik Mazumdar – Startup Valuation: How to Drive Growth And Increase a Company’s Valuation
- Learn from David Ledgerwood – Sales Operations: What it is And How to Implement it to Drive Growth
- Learn from Steve de Mamiel – 10 Ways Project Management for Sales Professionals Drives Growth
- Learn from Karl Yaacoub – How to Use Value Creation Strategies to Lead, Drive Growth, And Scale
Connect with Tommy
Subscribe to & Review the Predictable B2B Success Podcast
Thanks for tuning into this week’s Predictable B2B Podcast episode! If the information in our interviews has helped your business journey, please head over to Apple Podcasts, subscribe to the show, and leave us an honest review.
Your reviews and feedback will not only help me continue to deliver great, helpful content, but it will also help reach even more amazing founders and executives just like you!