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Optimizing operations is top priority of every business as it drives efficiencies and has a direct impact on the bottom line. The spectrum of operational efficiency encompasses (but isn’t limited to) optimal resource utilization (minimizing waste in production and operations areas, optimal utilization of human resources, etc), optimal production focuses on making the production environment as organized as possible. This includes ensuring that employees and equipment are working as efficiently as they can to increase production. Similarly, Distribution Analytics focuses on ensuring efficient handling of the end product, including routing and delivery, again, with the sole objective of driving efficiencies. An associated area is Inventory management that includes producing and managing enough inventory to meet the demand, but with as little excess inventory as possible. This, in turn, makes demand forecasting a critical component of the eco-system because without SKU level demand forecasting, production as well as distribution strategies go for a toss.
Of course Benchmarking, Six Sigma, Lean, Best Practice Repositories, Kaizen etc are some of the common techniques/ methodologies that most organizations have successfully deployed worldwide, but then, the question is that if everyone deploys the same technique, does that really offer a competitive advantage? Advanced Analytics comes into play here. When insights are drawn from YOUR data and models are tweaked in YOUR context, the results are second to none. That’s what Facts ‘n’ Data calls XXXXXXXX.
A key component to drive business efficiencies is resource optimization – this includes plant & machinery, human resources, assets (movable and immovable), to name a few. It may be noted that “optimal utilization” depends on the business objective - using a judicious mix of techniques of operations research, game theory, statistical and mathematical modelling, Facts ‘n’ Data makes it possible to assist in optimally utilizing the resources depending on your business objectives.
A key ingredient of driving Operational Efficiencies is Optimal Capacity Utilization, which, in turn also depends upon Demand Forecasting. However, as businesses operate in a complex environment where multiple factors including the competition, the price elasticity, promotional mix (Marketing Mix Modelling), shift in customer preferences, channel preference, etc have an impact on overall product demand as well as SKU level demand. Hence it becomes pertinent to not only forecast the overall demand but to forecast SKU level demand by geography by platform/ channel at various price points. Facts ‘n’ Data addresses this complexity by deploying advanced mathematical models.
Most organizations deploy Supply Chain Management (SCM) tools to manage inventory. Often, these tools are great at real-time tracking of inventory but treating inventory as a resource and deploying it optimally while following distribution constraints as well as SKU level demand by geography needs advance mathematical and statistical analysis of data. Facts ‘n’ Data has proprietary solutions that cater to this need while ensuring that over-stock and out-of-stock situations are minimized.
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