As the end of the year approaches, a lot of business leaders scramble to assemble the information they need to assess their department or company’s performance. It may be too late to eliminate the year-end rush, but there are ways to simplify the year-end review to reduce complexity and improve clarity.
Along with IoT (Internet of Things) and “big data.” another term that gets a lot of attention today is “smart manufacturing.” Often linked to the use of IoT devices and sensors in manufacturing, smart manufacturing is much more than a single technology or group of technologies.
It’s not that data has been missing from the manufacturing sales process, but rapid changes in the use of data in manufacturing operations has not been mirrored in the sales processes of many manufacturing companies.
Most major business decisions, like where to open a new facility, are based on data. In the past, that data might have been simply the owner of the business observing where potential workers lived, or where major customers were located, then building near them.
You hear the word all the time. Especially in business publications and websites, it seems the word “innovation” has devolved from a true business strategy to a trivial buzzword. Don’t let the overuse of the word stop you from benefiting from the positive impact innovation can have on your business.
Headlines this summer highlighted the challenges of modern manufacturing. Boeing and Airbus were struggling with hitting aggressive delivery targets for their flagship products due to issues with suppliers down the chain.
The hate often comes from the difficulty to get beyond a simple view of “what is happening” and into the more complicated “why things have turned out the way they have.”
It is getting to be strategic planning and budgeting time here in many companies, but no matter when your planning season is, don’t begin without an essential ingredient: your trusted data.
In this view of data strategy, defensive activities are centered on minimizing risk and include activities like regulatory compliance, detecting fraud, preventing theft, and insuring the accuracy of the data. Meanwhile, the offensive activities are most often customer-focused and include data analysis and modeling to inform customer retention or acquisition strategies and support financial decisions.
Data is a critical element of just about any type of business today, yet so many businesses treat data management as a secondary concern. It may be possible to manage and run a business without good data management, however, we find that managing a business is a lot easier if data is properly collected, stored and used.