While some companies and individuals may argue that the best decisions they’ve ever made have been by going with their instinct or a “gut feeling”, the reality is that the best business decisions are made based on hard facts, analytics and data insight.
Take Google for example, a multi-billion dollar business and one of the most successful companies in history. Google did not reach that level of success by making rash decisions based on instinct; instead it combined the most intelligent resources with data-driven insight. At Google, the entire organization revolves around data, analytics and experimentation, enabling them to continuously identify trends, learn market needs and develop cutting edge ideas.
Similarly, when we look at inventory management, supply chain and procurement functions in the manufacturing industry, the best results are data-driven. When the data that drives these business decisions is corrupt and inconsistent or used improperly, excess inventory and carrying costs build up, production frequently comes to a halt and accurate forecasting is nearly impossible.
In today’s highly competitive market data is like gold; the more pure it is, the more valuable it is. When manufacturing organizations have clean, standardized, quality data to base business decisions on, not only are they able to achieve immediate cost savings but also reap long-term benefits throughout all units of the business. Using analytics and data insight, maintenance and procurement teams will be able to eliminate excess inventory and keep production down-time to a minimum, while setting accurate min/max levels and lead times.
At the end of the day, data remains the foundation for business decisions and success based on gut instinct is really nothing more than a bit of luck. For more information on how I.M.A. Ltd. is empowering data-driven savings for manufacturing and asset-intensive organizations world-wide, visit www.imaltd.com.
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