Data Can Help You Anticipate What Your Customers Want and Manage Resources
It is a given that in these changing times business entities must anticipate predict what customers or clients will want tomorrow. Then, those suppliers must manage their resources smartly in order to provide their product(s) or service(s) on time.
Resources are a company’s lifeblood and come in many forms: physical assets, partners and suppliers, skills, ideas, and innovative processes. It is no longer enough to efficiently manage the flow of resources around a business’s deliverables. Rather, resources must be optimized to meet the demands of a highly connected, global, and diverse customer base.
Management personnel must anticipate what customers/clients want today, and what factors will increase the probability that they will require something different tomorrow in the near future. Accordingly, a primary duty of management personnel is assuming (a) the risk(s) inherent in dealing with compliance requirements to demands for operating humanely and (b) the responsibly inherent in finding the best supplies at the best price without missing deadlines. Finally, innovation is necessary to survive ““ if only companies can collect and integrate the data needed to support new ideas and new ways of working.
Researchers who authored the article linked below, recently interviewed several experts in various disciplines, including operations, supply chain, big data, sustainability, and cloud computing, “…in order to understand the pressures facing companies in resource management and identify a few leading strategies to get ahead.”
The authors concluded that the definition of “Resource Management” is expanding. They also concluded that, “…the way a company manages its suppliers and processes around the globe is becoming a major determinant of brand value, especially as more manufacturing moves offshore. It isn’t about getting the best price on screws anymore. Current research shows that companies are looking at four new ways of managing their resources:
One reason workers suffer in manufacturing plants is that plant managers often don’t know until the last minute about a late arrival of components. They compensate the old-fashioned way: squeezing costs to cover for inefficient production. That leads to low-quality facilities, low pay, and longer hours. Frontline workers must be able to continuously check on the status of parts and deliverables, and companies need better data and analytics for predicting demand and measuring supplier performance. Online fashion retailer Gilt Groupe, Inc. is getting there. It uses shopping and order data to make weekly predictions of customer preferences and shares that data with suppliers.
For more information, see: http://tinyurl.com/q6mwjdm
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