Compass Consulting for next-level decision-making
Improving banknote and cash cycle performance requires tremendous amounts of data and the application of data intelligence; the decision-making processes is accelerated by the provision of evidence as well as more accurate analysis and forecasting. This is where Compass Consulting comes in. By analyzing cash cycle data, including from testing runs, and producing tailored reports, it can make every organization more data-driven.
Improved performance, greater cost efficiency, stronger innovation: The benefits of becoming more data-driven are perfectly clear. There are likely to be a few bumps in the road, like unstructured or unavailable data – but even when enough data is available, it is in fact stable and efficient data management that marks the starting point in dealing with data intelligence or embarking on any analytics project. Compass Consulting focuses on identifying one-off issues with the customer, generating ideas, and applying the skills of G+D’s team of experts for performance improvement. So where objective decision-making tasks need to be handled – for example, choosing the best substrate to maximize banknote lifespan – machine data from testing runs is analyzed by G+D data scientists and collated into a tailored report for a clear overview of the factors that underpin the decision.
Specific considerations in this scenario might include:
- calculating return frequencies and banknote lifespan
- analyzing the performance of test-run notes that feature new substrates or varnishes
- comparing the performance of different print runs or different suppliers
- monitoring the ageing of machine-readable features
- analyzing the movement of individual banknotes between branches (migration studies)
3 steps rather than a sea change
Rather than taking an “all at once” approach, Compass Consulting implements a step-by-step method for a successful outcome. Customers are guided in the context of a data intelligence project with clear purpose and scope, accompanied and supported by a G+D team composed for the specific issue in the spotlight. The project identifies opportunities to improve performance and visualizes an ideal future outcome.
1. Preliminary workshop and setting-up of infrastructure
The customer’s requirements and time frame are defined in a preliminary workshop. This is also the point at which any necessary machine configuration is identified; for example, a substrate trial will require a serial number-reading adaptation because the serial numbers of the first issue must be stored, in order to subsequently be recognized and have their fitness noted each time they pass through the banknote processing system, right up until the banknotes become unfit and are shredded.
- Benefits of step 1: The one-off issues identified are underpinned by analytics, while a deeper understanding of the individual elements of the complete system banknote is created; at the same time, this stage clarifies where potential increases in performance and efficiency can be exploited using data.
2. Data collection with regular reviews
Data-driven insights are translated into value: Data is recorded within a specified window of time, and then systematically analyzed by G+D’s data scientists. Intermediate results are discussed in the course of regular reviews with the customer, and eventually a complex picture emerges of the customer’s data landscape, with a clear focus on the designated question.
- Benefit of step 2: The use case is clearly worked out and linked with the relevant data sources; at the same time, it is ensured that all participants can contribute further hypotheses that they would like to be examined later.
3. Final report, visualization, and workshop
After the specified period, a final report of the results and recommended actions is collated for the customer. In order to facilitate the adoption of recommendations, Compass Consulting presents its data-driven insights in a way that is consumable and compelling, employing data visualizations as a key part of the process.
- Benefit of step 3: Simulations and visualizations enable executives to clearly assess the impact of different actions and scenarios on their processes; in addition, easy-to-use predictive models are discussed in a final workshop.
Compass Consulting guides you on a journey to becoming a data-driven company, with a clear analysis of the individual questions as its first step. In doing this it does not simply map out a data route for your organization, but also demonstrates the application of new ways of thinking and technologies to increase the reach of data intelligence throughout the entire cash cycle.
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If you have any questions about our end-to-end business solutions or about our company, seek expert advice, or want to give us your feedback, our team is here to support you, anytime.