Veda: Helping businesses make decisions with data insights From its humble beginnings renting out televisions to its customers, dtr has morphed into a finance company, offering both hire purchase finance and personal lending products. But with 23 stores across New Zealand, the company was facing some challenges. As an existing Veda client, dtr looked to the data analytics company for guidance and solutions. MARK SPRING, MANAGING DIRECTOR, DTR “We engaged Veda to take a look at our business and compare what we were doing to what they were seeing elsewhere in the marketplace”’, says dtr’s Managing Director Mark Spring. “Veda was able to help us improve our processes, and added to some of our thinking in terms of flexibility, product development, and innovation.” Because each of our branches has a relationship with its local community, decentralisation had become one of the biggest issues for dtr. “That decentralised model meant we frequently struggled with control over processes and standardisation”, says Spring. Veda helped dtr put a framework in place to interpret and use customer data to their advantage. Spring says the data insights gave the company more control over engagement with local communities, helping the business to be more customer-centric for each specific area. Veda was also able to help dtr improve the way in which the company communicates with customers. dtr’s customers’ preferred method of communication varied, says Spring. “Some of our customers wanted to engage and communicate online whilst others wanted to deal with us face-to face. We use a term called 'golden pathway' which means that every pathway is different for a specific CAROL CHRIS, MANAGING DIRECTOR, VEDA NZ customer, and to be most effective in the marketplace, we've got to understand what that ‘golden pathway’ is for each client. With the help of Veda’s third generation decision-making system, DecisionPoint 3, dtr was able to manage those pathways, improving the way the company engaged with its customers. Spring says the Veda system customised communications and ensured the company was delivering what its customers wanted. ”At the same time, we still had a standardised system from a control perspective. Veda acted as a fresh pair of eyes who we could easily explain our problems to.” “These type of innovative insights are designed to meet the needs of our customers in a continually evolving market,” says Carol Chris, Veda’s Managing Director. “Data insight is the key to informing businesses and fundamental to driving successful strategy in business. Veda is a very customer-centric organisation and our focus is on working with companies like dtr to meet their changing needs.” Spring is optimistic about the future and is confident that the relationship with Veda will continue to help drive business. “We see trends in the marketplace around rationalisation, scale and product development which will bring us closer to together. Ultimately, we see Veda as a partner that can support us with providing innovative solutions. This is just the beginning of the Veda/ dtr journey.” Sponsored by Veda
INNOVATIONAWARDS.ORG.NZ 9 START-UP INNOVATOR OF THE YEAR CLICK HERE FOR VIDEO LIGAR LIGAR IN THE ENVIRONMENT It’s about as 'hard science' as you can get, but Ligar chief executive Nigel Slaughter says what his Hamilton-based company does isn’t too hard to wrap one’s head around. “What we’re doing is enabling people to take out specific molecules from things,” he explains matter-of-factly. “Any place where you put a molecule in the wrong place can cause damage. And we can capture that.” In order to capture those molecules, Ligar builds impressive-looking contraptions that can recover molecules and return them to a closed-loop system. To recover the molecules, Ligar uses molecularly imprinted polymers (MIPs) to capture specific molecules, filtering them out of liquid flows and extracting them for reuse. Ligar can manufacture MIPs in large volumes, which Slaughter says opens up opportunities for cost-effective removal of heavy metals, toxins, organic pollutants and pesticides from waste streams, waterways and other liquids. “It’s a science that’s been available for a long time in laboratories, but we’ve made it available essentially for everyone.” Slaughter says pollution prevention and sustainability are key areas where Ligar’s technology could be most useful. For example, tanneries lose chromium during the tanning process, he says, and their recovery is usually too expensive to be worth the cost. But millions of dollars’ worth of chromium can now be recovered in an immediately reusable form with all contaminants removed through the use of Ligar MIPs. Slaughter explains that development began in 2011, and the first system should be up and running in Australia before the end of the year. “Up until now we’ve been relatively quiet about exposing ourselves,” explains Slaughter. But he says the Innovation Awards win could change that. “It’s validation of the team and the science and work that’s been done.” And as for innovation? That’s what Ligar is almost entirely based on, explains Slaughter – and it’s what allows the company to survive. “We wouldn’t have a company without innovation,” he says. “The vast majority of what we do is innovative. We have to be innovative, because what we’re doing hasn’t been done before.” EVALUATOR'S COMMENTS Introducing a cost-effective way to not only clean up waste streams but have some waste product reused is a great achievement.