Sep 24, 2020
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This Is How To Save Jobs And Your Business With Data Analytics

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Every auto manufacturer has in-house expertise in data analytics. That s no guarantee the knowledge. [+] Here s a sad tale of folk losing their jobs for loss of decent analytics. An auto manufacturer approached a former employer of mine for consulting help. It was making lots of defective motors at one among its manufacturing plants

 

These were expensive items that may not be sold. The real problem was that the manufacturer was not inquiring for help to make fewer defective motors. Instead the customer wanted to update its custom-built reporting software so it can keep making reports to let management know how many defective motors the plant was producing

 

And it might go on making lots of expensive useless motors that may not be sold. I tried to cajole that client to approach the difficulty differently. Data analysis methods for making improvements to quality of manufactured products were around for the better part of a century. Contemplate the millions of bucks to be gained by reducing waste in such a dear production process

 

But I failed. The customer changed nothing and went away annoyed. Soon after that manufacturing plant closed and the people who worked there lost their jobs. If this seems sad to you you still don t know the 1/2 it. The automobile manufacturer didn t need my expertise to improve product quality

 

It already employed experts in manufacturing quality and reliability the various best in the field. It used these methods effectively in other facilities. It just hadn t bothered to put quality improvement expertise to work in every part of the business. PROMOTED UNICEF USA BRANDVOICE | Paid Program
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They knew what to do. They just didn t do it. Or even the real tragedy is that there has been nothing unusual about that story. Analytics professionals are usually serious about the hot and complex. Day-to-day I m bombarded with questions about the latest algorithms databases and analysis tools

 

But the latest methods are rarely of real importance in business applications. Other professions also have their fascinations. With managers it s believing in personal intuition. Engineers may grow too confident in their own experience. Perhaps we all have such biases but if we give in to professional bias we hurt ourselves our employers and our economy

 

Every sizable business stands to benefit by means of basic time-tested data analytics throughout the organization. Yet few make any serious try to do so. Perhaps you took a college class in introductory statistics. If so think back to the concepts you learned and look at how they apply to your workplace today

 

It s a safe bet you re not taking full benefit of the opportunity to apply those basic analytics to your own benefit. For a start here are some common business questions that can be answered using just the methods taught in Statistics 101 and what you could do with the information: Given a selection of two (or more) subject lines for an email which works best? If you know what works best your email would be opened more often and you ll get higher response rates

 

Do customers at clothing stores in New York need different sizes than customers in Los Angeles? Knowing what customers want permits you to stock properly and decrease waste. Are some of your facilities more productive than others? You may be able to discover best practices that you could use to improve productivity throughout the business

 

How to make money through analytics isn t found in using the latest most complicated or most costly techniques. It s done by means of basics pervasively and consistently. Don t let your enterprise become another sad tale. Explore the chances for buying more value from the basics of analytics and act

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