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Business Analytics & Optimization - A Top Priority for Decision Makers
By Irfan A Khan, President and CEO, Bristlecone
Modern day business operations have adorned a dynamic makeup with availability of qualified information and redefined priorities. Business leaders have newer technologies at their realm providing enhanced data collection and processing capabilities. Despite all the advances, the decision makers seldom have a comprehensive view on the information which is absolutely needed. More often than not, they have inaccurate information due to data variations arising because of the complexity of systems and manual errors, which will affect data-driven decision making.
Information management has gone from one aspect of running a business, into a crucial factor for remaining competitive. While data analytics has enabled development of systems that are capable of enhancing product management, sales and marketing strategies and financial management, Big Data is steadily changing the way most of the large scale organizations operate today.>p>Turn Information into Actionable Insight
Through advanced computing technologies, it is possible to accurately predict how a number of previously unforeseeable factors are going to affect your business. The predictions, modelled in to actionable insights are guaranteed to optimize the business processes and reduce expenditure and increase profits.
With analytics embedded into your processing platform, business managers can respond to changes and resolve disruptions immediately. Advanced analytics would provide greater visibility through
1) diagnostic that determines "why",
2) predictive which arrives at "what if" and
3) prescriptive that points to "what's optimal", and from these actionable insight can be derived.
Need for Real-Time Analytics
With business networks that span a globe, the resultant data generated from all the nodes will be overwhelmingly huge and at the same time critical for business planning.
There is a need to quickly compare data sets from various channels and draw relevant conclusions real-time. Systems that can perform faster data computations help in real-time exception monitoring and resolving disruptions immediately.
The faster computing capabilities such as in-memory systems provide the capability for real-time business planning. Governance can be carried out more efficiently with the ability to manage damage control situations and risk mitigations at the right time.
Key Performance Predictors
Key Performance Indicators (KPI) are a set of parameters for assessing the performance statistics and business health of a company. Traditionally, KPI indices were used to analyze a business in great detail and produce a concise picture of business scenarios within the company. KPIs draws on the past to offer business analytics, but in a dynamic market we need more. That is where Key Performance Predictors (KPP) gains importance, as these are parameters with a predictive character.
Customized on a case-to-case basis for your business requirements, KPPs can be used to analyze a business process based on past data, and also predict future scenarios with a high degree of reliability. A few KPPs can be defined to predict capacity requirements, logistics stream performance and infrastructure failure occurrences.
Operational Visibility is Key
Visibility across business functions is key to provide the ability to measure the business performance or business analytics. A culture of organizational intelligence and use of prescriptive analytics is a differentiating factors to optimize and break away from competition. It is a first step towards transforming and harnessing data, adopting advanced analytical and dynamic optimization capabilities. Start with assessment of 'current state', then project parameters to describe the 'future and alternate states' and apply prescriptive analytics to optimize the 'outcome' during the business planning phase.
Process-driven workflows with a consistent user interface and clearly defined responsibilities allow seamless, intuitive and efficient data capture. Prescriptive analytics of these meticulous data sets allows organizations to enhance employee productivity, reduce training time, and improve customer service.
In an increasingly competitive business environment, the ability to accurately forecast its spend and performance is a key driver for business value. Continuous learning from past performance and progressively improving forecast and business efficiency should be a pivotal part of business optimization.
An integrated and closed loop Plan-Do-Check-Act (PDCA) process for business planning with automated diagnostics can validate assumptions, refine processes and help improve your business optimization strategy on an ongoing basis.
Bristlecone has a comprehensive set of analytics offerings that are capable of providing intelligent and actionable insights across the extended supply chain with immediate and lasting business benefits.