Taking a business atop high altitudes of success is not a bed of roses. It requires cutting-edge intellect, meticulous efforts from workers, customer satisfaction and what not! Business Intelligence forms the backbone of all these processes. Without Business Intelligence (BI), things cannot be streamlined in the right direction. There are a lot of BI tools available these days – but are they the right fit for the Manufacturing Industry??
Let us understand how the usage of modern BI tools, such as ISDA BI, can benefit the Manufacturing Industry.
Operational Efficiency
Every Machine has their own limitations. There is no machine which can endlessly go on working. This is an important aspect that we often tend to overlook.
To meet the increasing demand, we increase the load on the existing infrastructure. Machines are often loaded beyond their maximum capacities. This does not produce any pronounced effect initially. But slowly and steadily, it becomes a menace. The wear and tear of the machine invites quicker maintenance, higher downtime etc. The cost saved in scaling up is spent on maintenance. The most dangerous thing of all is that the output quality starts deteriorating. If only there could be a system to take care of all this, things could work out far better. Luckily, Babel’s ISDA BI assists you here – it even helps alert you once your machines get loaded beyond the safety limit. It can also suggest suitable alternatives. Henceforth, you can rest assured that your operational space is high on efficiency.
Centralized Data
Data is the new oil. Companies have tons of data at their disposal. You never know when a team or person needs which piece of information.
Centralized Data Stores such as a Data Lake or a Centralized Data Platform (CDP) can be created, so data can be accessed in real-time – without any delay. ISDA BI provides such data stores which assure:
* Elimination of ambiguities alongside bottlenecks
* Better data visibility
* Timeliness of data availability via reports, live dashboards & alerts
It adds to enhanced transparency and visibility in the organization. Authorities can now better understand how to help their reporting teams improve, anytime. BI plays a crucial role as it prioritizes & organizes the disorganized data
BI and NLP (Natural Language Processing) go hand in hand
A lot can be achieved through centralized data. BI may, at times, do the work halfway. The rest needs to be done via NLP.
NLP extracts meaningful excerpts from textual data to help teams take more data-driven decisions. Every word, every sentence & even the intonation plays a powerful role when it comes to NLP. It often happens that information which has not been so valuable till now (e.g. machine logs) may act as a game changer moving ahead (e.g. reduced downtime through preventive maintenance). When a customer calls the help center, they are notified that the call recording may be used for training purposes. Well, this may not be a myth anymore: this rich and abundant data can be fed to NLP models to enhance the solving customer queries – in real time! All this is possible due to the CDP & centralized repository of voice recordings which differ in voice, context, emotions, pitch, range etc. With all this diversity it becomes easier for NLP systems to also continually improve – with minimal human intervention in quite a few cases.
Customer Satisfaction
Customer Satisfaction plays a vital role in the success of any business. Data across the numerous Customer touch points can be recorded and stored at a centralized data store – such as the CDP or Data Lake.
Herein, even Senior authorities can easily comprehend the complaints and suggestions bothering their customers. This awareness is what will ensure that every question is answered, and every customer concern is well addressed. This leads to high customer satisfaction – and even Brand Ambassadors – with the overall brand experience. You thus solve two problems in one go:
- * Firstly, the churn rate is lowered
- * More customers get attracted to your brand.
Moreover, you understand how well your representatives are tackling customers concerns. If they lack the necessary skillsets, they can further be trained or upskilled in the specific areas.
Maximization of Profits
With increasing commercialization and globalization, driving one’s business profitably is challenging. BI tools can be used for the optimization of resources and increasing Return on Investment (RoI).
The intra and inter cost distribution, needs to be pondered over. Parts of – or even the whole – supply chain can be improved to obtain even higher levels of profits. In a nutshell, the bottlenecks & key areas of leakage can be minimized with maximization of efficiency alongside productivity. This catalyzes the exponential growth of your bottom-line – by even upto 18%!
Informed Decisions
Since BI helps in automating a lot of routine – yet cumbersome – functions, it can lead to better and informed decision making. Be it Sales analysis, resource allocation or employee appraisal, leading Fortune 500 organizations are relying on BI to keep ahead of the industry!
There is an old saying, time saved is time created. On these lines, the time you save from these tasks can be used for things which need more careful & manual attention. With detailed reports and insights, data-driven decisions can be taken. Also, better and informed decisions increase your chances of prosperity amongst all odds.
There are obvious advantages for incorporating BI with your business. And as the old saying goes a stitch in time saves nine!