Some of the key areas where analytics can help and act as an enabler
With the use of data collected from customer decision-making, the intention to purchase from brick-and-click sources, and the use of strong demand forecasting models, the accuracy of sales and demand forecasting can be improved and changes in patterns can be observed and quantified.
This requires a strong customer graph by stitching and using data signals from online and offline sources. Additionally, the running frequency of these models can be easily up-to-date daily, giving greater visibility to intricate business trends.
Top 5 Manufacturing Analytics Applications- Challenges related to Changing and Re-Changing Demand, disruption of Sourcing, operational challenges in managing the workforce and finally distribution to consumers
Key challenges facing procurement teams where Spend Analytics can help-
Real-time supply chain visibility can help track products and machinery. This also helps in the analysis of price points and lead time changes in the assessment of the current supplier partnership.
CFOs and finance departments in all sectors have been alerted to the latest Black Swan occurrence. Advanced Analytics in Financial Planning can help to address changing budget requirements by understanding the sensitivity of the various internal or external drivers impacting the business plan.
Cash Flow Analyses using predictive models can aid in real-time analysis of variables that lead to the estimation of financial stability and can aid simulate KPIs to track the growth/growth of the enterprise. While Manufacturing is progressing towards a higher degree of automation, there is a raising need for strong talent at the shop floor & top floor with sufficient technical expertise to manage dynamic processes and devices in both white and blue-collar jobs.
With the introduction of the Industrial Internet of Things, zettabyte data from conventional and IoT systems will be produced through the enterprise. With the new paradigm, corporate executives are expected to follow an impact-driven approach to each business event with a consistent ROI and a holistic approach to maximizing market value.
