Advanced data analytics, along with big data and Internet of Things (IoT) are aspects which have a huge potential to transform industries across various business verticals. Today, the focus has shifted from sheer data creation to curating it in such a manner that one gets an in-depth insight on the industry. Thus, the hidden message of the data is more critical than the volume of data being created.
Manufacturers are quite clear about their goals – a consistent, high-quality process which can be employed on a continuous basis is imperative for process optimization. Highly useful in sales and marketing endeavors, advanced analytics is a comprehensive tool to identify aspects which can drive value to a product or service. The two areas which need to be focused are gathering the right kind of data and employing them in such a manner that the overall manufacturing productivity is improved dynamically. The goal of using advanced analytics should thus be enhancing the work process and bringing in the element of expertise in the same.
Advanced data analytics and enhanced productivity
The definition of enhanced productivity varies from one industry to another. This clearly means the data requirement too differs, and so the way in which advanced data analytics is employed needs to be taken into consideration. Purpose-driven data, raising the right kind of questions, and aligning the answers to the organizational goals is the base on which inputs from the advanced data analytics can be used. There are several occasions when the stakeholders are not clear on these aspects, leading to the creation of ‘data lake’ which hardly is of any major help to the organization.
While banking and financial institutions can use inputs from advanced data analytics to tackle fraud and risk management, FMCG might use it for operations management and improve their sales and marketing strategies.
Advanced data analytics: The ultimate key for better productivity?
Like any new tool that is introduced in this market, advanced data analytics too is seen as the ultimate key to improving the overall productivity of industries. But the fact remains that by itself the advanced data analytics cannot work miracles. For an improved and consistent performance, it is essential that tools like advanced data analytics, IoT, and big data, be used together in a focused manner rather than being left on its own to bring in the anticipated results.
