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Big Tech: Part 2 - Using data to address underlying issues
13 March 2020
In Big Tech: Part One, we addressed the demand for insights through advanced analytics, AI and IoT, and looked at how technological developments provide greater understanding of customer demand. In Part Two, we examine how large organisations can address underlying issues in customer experience using data to facilitate the adoption of invaluable solutions.
The implementation of new technology casts a spotlight on opportunities to shape strategy to succeed in an everchanging marketplace. This can be a costly affair, especially if an organisation has failed to identify the underlying issues that require technological solutions. Leaders must first determine what they hope to gain from the data obtained and how they intend to use it - so seeking guidance beforehand is wise.
Three factors to consider are: productivity, yield and quality. Do current company practices grant opportunities to reap increased profit margins? Advanced analytics allow organisations to determine the relationship between actions and their consequences, by generating convincing evidence of what is and isn’t working well.
Organisations need to ensure they have systems in place to guarantee that operations continue to tick along smoothly, and clear-cut intel helps decision-makers to steer the company in the right direction. For example, a well-known manufacturer introduced infrared sensors to assist with the sorting process of fresh fruit produce. Bruised apples could be separated from presentable fruit in a prompt manner, improving the quality of production output.
Scheduling vital maintenance work during production downtime can also allow operational costs to be managed effectively. Predictive maintenance systems supply organisations with vital data that can reduce costs and disruption to the supply chain. Installing IoT-enabled sensors into factories, allows individuals to detect when machinery will require servicing and helps to manage expenditure, based on the equipment’s lifespan.
A potentially greatly beneficial solution for large organisations with global operations and a complex supply chain, is blockchain. Not only does it lend itself to greater transparency, but it reduces risks by strengthening the traceability of products. This is hugely effective for detecting the source of a problem that has the potential to damage a company’s reputation.
Recording and assessing the source of each component has never been more important. Nestlé has taken heed and introduced blockchain to trace the origin of many ingredients in its products. Conscious consumers have a growing desire to become more aware of each step required to create their favourite products. They want to feel reassured that products have been obtained with sustainability and environmental awareness in mind.
As AI, advanced analytics and IoT continues to bear influence in enterprise, there is plenty to be gained through the use of such systems. Do you need assistance detecting underlying issues within your organisation?