How analytics can improve your business operations: Decision Management Solutions' James Taylor
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How much do you really understand your organization's operations, asks James Taylor of Decision Management Solutions, in the whitepaper Driving Operational Excellence with Business Analytics.
Operations for most organizations involve complex processes straddling not just the company, but suppliers and partners too. If this isn't complex enough, you can add to that mix the growing market volatility from factors such as shifting consumer demands and global competition. Companies that will win out are those who are most agile and can cope with change.
As James points out, analytics can be helpful in dealing with operations and many organizations are currently missing this opportunity by focusing solely on customer-centric operations and risk management. Analytics can play a pivotal role in uncovering those pernicious "hidden decisions": that is, those decisions made the same way every time because we never stop to interrogate our assumptions by weighing up the data. (I can't help think back to a comment made by Kaggle Chief Scientist Jeremy Howard that most of the folks that win the organization's seminal challenges are not domain experts but rather data scientists with the skill to examine the data with an unbiased eye.)
So which areas can see the benefits from employing business analytics to help with operations? Examples include better scheduling for human resources and better utilization of physical assets. Businesses can achieve new inventory ratios, new fraud ratios and new customer service ratios - all leading to an increase in ROI.
James goes on to provide an overview and recommendations on getting started with an analytics solution to improve operational efficiency.