Many companies have a large amount of data stored in their historians, asset management systems, and/or control and monitoring systems. The operations of the company can be greatly improved by turning this data into actionable information, but this has proven to be easier said than done for many plant operators, due to a variety of issues.
In a recently published whitepaper, from Capgemini Consulting, 70% of the companies included in the survey now put more emphasis on operations than consumer-focused processes when carrying out analytics.
Separate studies have found that analytics initiatives aimed at operational improvements across industries jumped from 26% in 2013 to 70% in 2016.
Through identifying ways to significantly optimize operations, data analytics will predictably raise profits.
How Data Analytics can Improve your Operations
1. Proper use of Resources
Many companies provide ongoing support for their products and services.
This support often requires around-the-clock support from a team of technicians and engineers who can quickly respond to issues as they arise.
Depending on how customers use the product and their geographic locations, however, it may be difficult to appropriately schedule support staff across a 24-hour period, leading to the possibility of over- or under-staffing during any given period.
Here, Data Analytics can help your organizations Manage resources properly and hence leading to faster response times, improved quality of customer service, and cutting unnecessary costs.
2. Manage Expenses Effectively
Data analytics is critical for the operational investments—travel, services, supplies, and fuel—that companies make.
Advanced analytics and insights around spending are essential to becoming a top-performing organization, as they can help a company more nimble and effectively face business changes, revise policy, prioritize future investments, and transform insights into profitable realities.
By identifying areas where money can be saved in the basic operations of your company, processes can be streamlined, optimized and efficiency increased.
3. Report Generation
Through the use of Analytics, you can create dashboards by using software like Microsoft Excel, Tableau which gives non-specialists the ability to perform complex data analysis.
With a few clicks, a manager or executive can generate an impressive array of insights from millions of data points. Which can be used to generate reports within minutes
4. Improved service delivery to customers
Through data analytics, Businesses can gain transparency into their operations and make better decisions.
The key is to have access to real-time data and complete transparency into business processes and customer behaviors.
It is only with the most up-to-date information that businesses can see specifically how their day-to-day operations function and then make the appropriate adjustments to improve the bottom line and customer satisfaction.
5. Proper Forecasting
The most basic use of analytics entails gathering and analyzing data about the company’s past performance.
This backwards-looking analysis describes and summarizes a selection of KPIs, typically over time.
In doing so, the analysis provides insights regarding the factors that drive value; it can also suggest interventions to increase value.
By gaining this visibility, the company also obtains a fact base for modelling future performance and making decisions that optimize value creation.
6. Increase Productivity
On the most basic level, companies can use the insights to identify where value may be “leaking” from the business.
For Example - A manufacturer we worked with found that welders’ productivity is 15% lower on Fridays, for instance. Another company found that its sales staff typically provided the maximum authorized discount to customers rather than negotiating on price—a common problem throughout businesses.
Insights like these point to the need for corrective actions, such as enhanced approaches to motivating workers or improvements to training programs.
Sharing these insights and empowering employees to make a data-driven decision, stimulate collaboration and increases employee engagement across the organisation.
7. Improved decision making
Simpler, more effective decision-making from factual data, increases the speed of change and drives a more agile business.
Implementing a decision-making process, based on the insights provided by operational data analytics, is key to achieving the business goals and employees to achieve their individual objectives. By obtaining a single view of operations data, and sharing the relevant insights with employees, it is much easier to make informed, effective decisions that will improve company performance and operational efficiency.
8. Increase Profits
By using Analytics you can Reduced downtime, improved productivity, better capacity utilization, more accurate forecasting, higher flexibility, streamline production processes, and improved efficiency - ultimately, your business will see significantly increased profits by using data analytics to help make the important decisions about your day-to-day operations.
In Conclusion, Many businesses are turning to data analytics to provide insight when making operational decisions.
Its clear data analytics offer powerful tools for helping a company make better operations decisions.
In particular, combining data from multiple sources and applying analytics techniques that provides deep insights into a company’s operational strengths and weaknesses.
Harnessing the power of its data has a multitude of benefits for every business, especially when used to fuel operational standards and processes.
Employees will be empowered to make better decisions, engaged in improving the delivery and production of products and services and will enable your business to compete in the ever-changing economic market.