Data-driven decision-making: operations and inventory

Did you know that diving into the data could help your operations run a lot more smoothly?

In this series, we continue to look at how data-driven decisions sit at the heart of running a successful business.

With so much of your operational processes now being run and managed in software, there’s a massive opportunity to sift through this data to find the useful data insights and patterns.

Every business strives for better efficiency, productivity and cost-effectiveness, and this is where data analysis and making informed, data-based decisions can be a gamechanger.

Let’s take a look at how data can transform your operations:

→ Optimised inventory management

By getting to grips with your historical sales data and demand patterns, you can quickly optimise your inventory levels. This reduces the risk of running low on popular product lines, and stops you wasting precious cash on inventory that then sits gathering dust in the warehouse.

→ Improved supply chain management

Reviewing your supply chain data allows you to spot the potential shortfalls before they happen. By being better informed, you can identify potential disruptions in your supply chain, take proactive steps to find other available suppliers and even shop around for more cost-efficient options.

→ Enhanced production planning

Looking through your production data can be enlightening. Armed with the right data insights, you can optimise your production schedules, reduce waste and improve efficiency across the whole process, so you’re running an altogether more effective production and manufacturing process.

→ Predicting the need for maintenance

Analysing historic data for your hardware systems gives you a great overview of when repairs may be needed. Backed up with the right data foundations, you can predict equipment failures and schedule maintenance more proactively, reducing the negative impacts of downtime and repair costs.

→ Resource allocation

Reviewing your utilisation data helps you spot where your people could be used more effectively. Data reviews can help identify areas where your human resources are under-utilised or over-utilised, making it easier to allocate the right people on specific projects and to build teams that can truly help you grow.

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The more information you have about your business operations, the easier it becomes to spot the issues, spiralling costs or productivity black holes that are eating into your efficiency.

Our team would love to talk you through the positive impacts of data-driven decision-making, and how being better informed helps you take your business to the next level.