Gig economy, sharing economy, on-demand economy. These buzzwords have taken the internet by storm and transcended the traditional economy as we know it. Upstart companies are bucking the trends of past by replacing full-time employees with contractors, greatly reducing their spend on salaries, benefits, and employment taxes.
Oftentimes in business, we are forced to live with uncertainty. Really, nothing is certain, but even moreso certain volatile costs like gasoline, produce and currency exchange rates. For example, a quick look at the following price of regular gas (credit: GasBuddy.com) shows some pretty heavy fluctuations between $1.70 and $2.80 per gallon for 2015 and 2016 YTD.
As we mentioned previously, data is being collected at a record and ever increasing pace. While the mounds of data continue to grow, businesses continue to invest in IT infrastructure, data warehouses, and software solutions. They also spent a lot of time cleansing, manipulating, and scrubbing data to get to the information that they need.
Most areas of your organization are generating data faster than ever, and your supply chain and logistics functions are no exception. However, we often find that this data is used to make more simple daily decisions, such as which trucks to send via existing lanes and providers, rather than more complex changes that result in significant ROI for the organization. Here are a few analytics techniques that we find useful, and can greatly reduce your shipping and logistics costs.
According to IBM and other sources, over 90% of the world’s data has been created in just the last two years. At first that sounds crazy, but if you stop to think about it, we now have sensors counting visitors to stores, POS systems that track customer information, and just about any detail you can think of around each part that is manufactured and each item that is sold.
Companies everywhere are investing heavily in IT. Some are building an analytics function as well. The rest, hopefully, will be following suit. Here are five “must haves” as you look to build your analytics function:
Many sales organizations are driven by either revenue or margin targets. The more the sales staff sells, the more commission is paid out, and the better they perceive both their own and their company’s performance. After all, it is comforting to know that your pockets are deeper at the end of the day, right? Well, maybe that is not the case.
A CEO that I worked for once gave me the following feedback when I proudly sent him an Excel file containing the data that he had asked me for less than an hour prior:
Never give me data. Only provide me with information.
Big Data has become the craze of the business world. Companies are spending millions of dollars on the latest technologies and are hiring data scientists in droves, seemingly in a rush to stay technologically relevant. But what is “Big Data” and is it right for your business? For many organizations, the answer may come as a surprise.
Imagine enjoying years of everything going your way. You land a great job, you have an amazing family and friends, and you live in your dream home in your dream city. In fact, the only real problem that you have is finding the time to fit everything and everyone into your busy lifestyle. But, rather than sacrifice your dedication to your job, or time with your spouse and children, you instead forget to focus on yourself. Rather than engaging in regular fitness and eating healthy, you have evolved a sedentary life as a desk jockey, and your idea of a healthy meal has been to forego the supersize option.