The title is beautiful nugget of advice by none other than former chairman and CEO of Intel, Andrew S Groove. Business is run by forecast and planning. The advice is so simple, so elegant and so woefully intractable that a manager can spend his entire life chasing the Elysian fields, where both reside together, harmoniously.
Unlike a job shop, where you can serve a customer as he arrives, a business invariably runs on forecast. Your company could be designing chips, supplying canned food to institutional buyers or selling outdoor media to brands worldwide, the better your forecasting and estimation of demand and supply, the healthier your company’s finances be.
Let’s take a look at a few scenarios, for now we will simply identify the problems that can be addressed, understood and solved by the available techniques of Data Analytics.
By taking a closer and more intelligent look at available data, one can draw inferences and gather actionable insights.
Optimum Inventory Level
The level of inventory is the level of organization’s debt. It does not get simpler than this.
There is of course more than one intelligent way to solve the forecasting puzzle for a business organization, but optimum inventory ensures that as a business you spend less on storage and transportation.
Besides keeping operational expenses at the lower end of the spectrum, there is lesser wastage.
In the end game, Gods have placed logistics
The popular Alcatraz Prison, that housed notable gangster Al Capone and Mickey Cohen, was also famous for serving excellent meals to their prisoners. It was not done due to goodness of heart but due to the fact that cost of ferrying goods to and from the island far outweighed the cost of goods. One more victory for the logistics team.
At Hashbrown Systems, we create highly functional and intelligent software systems and solutions that employ the best of data analytics and design. Contact Us to learn more about on how you may transform your business into one that derives decision making from Data.