BUSINESS ANALYTICS AND INTELLIGENCE

DIGITAL ASSIGNMENT-I

SUBMITTED BY: S.VIGNESH

REGISTRATION NO:19MBA0108
QUESTION 1:
Discuss how Business Analytics can be used to improve asset utilization, maintenance
management and inventory management.
ANSWER:
Asset Utilization Analytics:
Resource Utilization Analytics. LTI's Asset Utilization Analytics Solution oversees
start to finish perspective on your advantage life cycle, in this manner carrying
straightforwardness to the general procedure. The arrangement conveys better resource
accessibility, dependability and ease of use to the customer's activities.
In addition, the arrangement expands the helpful existence of advantages, improve degree of
profitability and concede new buys, with successful observing and use of high worth
resources. With this Enterprise Business Intelligence arrangement, we assist associations
with lessening resource disappointments, and increment resource usage and cost investment
funds by observing and preventive support of benefits, utilizing rules motor, AI and ready
work processes. A particular a valid example is the point at which we utilized our Asset
Utilization Analytics Solution to help in ideal usage of high worth resources for one of
India's biggest Construction majors.
Asset managers are primarily applying advanced analytics to improve
distribution along three main vectors:
Optimizing distribution and service models. A number of asset managers are
building vast data reservoirs of multidimensional client characteristics to design distribution
and service models that better enable them to cover the right clients, through the right
channels, at the right time. Rather than relying on client type or size to determine whether
and how a client should be covered, asset managers are now using data to achieve more fine-
grained segmentation: for example, between the digitally savvy financial advisor who almost
exclusively follows model portfolios, and the rep-as-portfolio builder who is eager for in-
person portfolio construction advice. Our work with asset managers has shown that this type
of behavioral-based segmentation of clients and subsequent adaptation of sales efforts can
free up 15 percent or more of existing salesforce capacity and increase sales from priority
client relationships by up to 30 percent.
Improving productivity through precision targeting. Asset managers are also
investing in analytics to generate actionable client insights to improve the productivity of
sales and marketing efforts. Examples range from predictive algorithms that identify specific
product cross-sell opportunities to those that identify clients at risk of redemption for specific
strategies. These algorithms have proven to have greater than 80 percent accuracy in
multiple instances, with sales results up to ten times better than control groups that did not
use these analytical tools.
INVENTORY MANAGEMENT USING BUSINESS ANALYTICS:
As an inventory manager, you can share reports and analysis with other managers and
end-users and establish metrics and goals so that every user sees and uses the information in
a way that is meaningful to them and in a way that will ensure they too are aware of critical
issues like stock shortages, back orders, returns, and other business factors.
A profitable business is contingent on optimal resource utilization. Smart investment
in inventory is crucial. If you carry too much inventory, you spend the money for stock, but
you are not recovering the expense in a timely fashion. If you carry too little inventory, you
risk disappointing clients, retailers or important business partners. Inventory management
and control is a delicate, multifaceted activity that requires constant attention. Inventory is
expensive to buy and store, so the goal of inventory management must be to provide a
seamless, timely supply of products to customers, partners and retailers, speedy order
execution, swift collection of fees, and an ideal level of buffer stock.
Maintenance Analytics:
The new know in maintenance needs to focus on two aspects of knowing:
1) what can be known and
2) what must be known,
In order to enable the maintenance decision-makers to take appropriate actions. ... The
concept is called Maintenance Analytics (MA). MA focuses in the new knowledge
discovery in maintenance.
MA tends to the procedure of disclosure, comprehension, and correspondence of upkeep
information from four time-related points of view, for example
1) "Support Descriptive Analytics (checking)";
2) "Upkeep Diagnostic Analytics";
3) "Support Predictive Analytics"; and
QUESTION 2:
Identify the actors who play a significant role in Business Analytics implementation .

As organizations are becoming more competitive by using business analytics, there is no

doubt that practitioners, from both large and small companies, are eager to learn more about
data analytics and how to implement it in their everyday decision making. But how do
managers implement business analytics in the workplace? Is there a methodology or a
recommended set of steps that can be followed by practitioners? The examples of Target,
LinkedIn, First Tennessee, and many other companies that have implemented data analytics
can be used to derive practical steps for implementing analytics in organizational settings.
Business analytics initiatives in the era of Big Data usually follow an eight-step cycle:
• Understand the company’s products in depth.
• Establish tracking mechanisms to retrieve the data about the products.
• Deploy good-quality data throughout the enterprise.
• Apply real-time analysis to the data.
• Use business intelligence to standardize reporting.
• Use more advanced analytics functions to discover important patterns.
• Obtain insights to extract relevant knowledge from the patterns.
• Make decisions to derive value using the knowledge discovered.
These eight steps illustrate how organizations utilize all aspects of data analytics. LinkedIn,
for example, uses information about its members, which is housed in operational databases.
This information is then organized into a data warehouse and the analysts can use this
information to explore the browsing history of LinkedIn members. Furthermore, LinkedIn
uses descriptive statistics to generate reports and discover patterns. These patterns let the
data analytical team at LinkedIn use predictive analytics to discover that speed is very
important in receiving positive responses. Specifically, LinkedIn analysts were able to
determine that “adaptation exponentially increases as the response time goes towards sub-
seconds.” Finally, prescriptive analytics is used to generate appropriate actions. For example,
LinkedIn could use optimization techniques to identify the best mix of companies or
individuals, which maximizes the number of prospects or product sales.
Business experts (BAs) are answerable for overcoming any barrier among IT and the
business utilizing information investigation to survey forms, decide prerequisites and convey
information driven proposals and reports to officials and partners.
BAs draw in with business pioneers and clients to see how information driven changes to
process, items, administrations, programming and equipment can improve efficiencies and
include esteem. They should express those thoughts yet additionally balance them against
what's mechanically practical and monetarily and practically sensible. Contingent upon the
job, you may work with informational indexes to improve items, equipment, apparatuses,
programming, administrations or procedure.

Business analyst skills:

The business investigator position requires both hard abilities and delicate aptitudes.
Business experts need to realize how to pull, dissect and report information inclines, and
have the option to impart that data to other people and apply it on the business side. Not all
business examiners need a foundation in IT as long as they have a general comprehension of
how frameworks, items and devices work. On the other hand, some business experts have a
solid IT foundation and less involvement with business, and are keen on moving endlessly
from IT to this half breed job.Business analytics is used by companies that are committed
to making data-driven decisions. ... Successful business analytics depends on data quality,
skilled analysts who understand the technologies and the business, and an organizational
commitment to using data to gain insights that inform business decisions.

QUESTION 3:

Identify the challenges associated with the application of Business Analytics in

manufacturing and suggest measures to overcome these challenges.

Manufacturing & Data Analytics: Challenges & Opportunities

The assembling segment, similar to some other industry, likewise has a lot of
difficulties that it needs to battle with — throughout each and every day. Despite the fact that
not all the issues could be tended to effectively, a decent number of those might be
overwhelmed with due use of innovation at every possible opportunity.

Innovation intercession isn't new in the division. The approach of the transport line upgraded
how the mechanical production system would work consequently: flawlessly! In like manner
clocks, counters, fork-lifts, automated arms, and so forth., have helped in the development of
procedure based enterprises, (for example, the assembling division).
The advanced age has apparently brought along numerous open doors that organizations can
use to make great of their ventures. In any case, the business despite everything needs to
battle with many referred to just as more up to date difficulties – some innovation related
while others not all that specialized.
1)Adoption of latest technologies
Much of the industry’s functioning is process-driven and involves a great deal of human
intervention. Therefore, it is relatively more difficult to adopt new technologies such as
cloud computing, etc., into the day-to-day operations of manufacturing units as compared to
other business domains.That besides, manufacturers just can’t afford frequent process-
breaks. Hence, business down-time resulting from software installation and upgrades or bug-
fixing (especially those bugs found during initial / trial versions) makes adopting latest
technologies such a difficult proposition.
2) Environmental issues
The industry faces the most scrutiny when it comes to environmental issues. Unless
something drastically improves their functioning that can help reduce its adverse effects on
the environment, this remains a big hurdle in the sustainable growth of their business.
3) Regulation requirements
Admittedly, the manufacturing industry has to contend with the most number of regulations.
The reason being this is one sector that still employs a good number of humans (despite
much automation) to complete various processes. Which means, it inadvertently exposes
itself to safety risks (to humans) arising out of industrial accidents.
4) Complete visibility of the supply chain
The supply chain is as critical to the manufacturing sector as the assembly line. However, it
is not always easy to get full visibility into SCM; thus, issues related to compliance may
creep in besides much losses going undetected.
5) Product Development & Innovation
Don’t they say, “Innovate or die”? A free-market culture rules this age of constant
globalization. Hence, it is paramount that manufacturers also constantly innovate in order to
stay relevant and compete. But innovation and new product development don’t come easy, as
the aim is always to maximize profits while keeping risks to the bare minimum.
6) Healthcare costs
Employee safety is not just a regulatory requirement: it is a fundamental value that every
industry needs to inculcate in its culture. Almost all do, even if it means additional cost.
However, that cost becomes manifold if there are no proper systems such as alerts,
precautions, pre-emptive measures, etc., which can lead to severe mishaps. Thus, balancing
the budget to address this aspect (healthcare) of their functioning at all times is critical for
business owners.
7) Balanced maintenance
Ensuring labor safety and conformity to various other regulatory requirements warrants
preventive maintenance of manufacturing units. But, keeping all the equipment well-oiled
and functioning while also ensuring there’s minimum disruption to business operations is
one of the biggest and challenging tasks for manufacturers.
8) Faster time-to-market
One may have a better product than its competition; but if it doesn’t reach the target
customers in time, then even the best product is bound to play catch-up (with that of the
competitor’s). That means manufacturers have a very short time-span within which to launch
their products, else risk losing out to competition. There’s also the risk of the product being
rendered redundant or even obsolete.Therefore, a very tight product launch schedule
(window) often leaves manufacturers susceptible to mistakes or quality discrepancies.
9) Market Volatility
In a highly competitive market where there’s a deluge of information for the end-customer, it
is imperative that market players live upto their customers’ expectations as well as raised the
quality bar for the competition. However, market volatility greatly constrains continuous
product performance, thus impeding business performance.
10) Huge Data & Manual Analysis
In a predominantly process-driven industry such as manufacturing, it is important that all
stake-holders are well-seized of the functioning of the business. It helps that the various
processes involved in manufacturing create innumerable data-points that can be used for
effective reporting and decision support systems. Historically, manual analysis (audits and
statistical reports) was relied upon by decision makers for various purposes. However,
manual analysis is not only inherently time-consuming and risk-laden (human errors), it is
also ill-equipped to unearth insights that can help businesses with proper decision-making.

1) Reduced Process Flaws

Data analytics can greatly improve assembly-line efficiency. For example, a pin-point
defect scan can help in defect elimination leading to vastly improved quality and increased
productivity. Likewise, there are many areas where analytics can deliver savings for the
business vis-à-vis cost and time.

2) Reduced Cost of Production & Packaging (by almost half)

Product modelling, through analytics-backed simulations, helps reduce errors and

corrections during product development, thereby aiding quality improvement of the product
as well as the packaging. Of course, all this can save cost, time, and effort for manufacturers.
3) Massive Savings in Inventory & Management Costs

Real-time insights and visibility into inventory even along the supply lines, along with
delivery route optimizations, helps in bringing down warehousing cost by almost a fifth.

4) Improved workforce efficiency

Real-time shop-floor data helps in better collaboration and synergy between

departments; thereby greatly improving workforce efficiency.

5) Regulatory Compliance

Data analytics can be effectively used to ensure regulatory compliance. For example,
digressions or patterns, or even the slightest hints of non-conformity to standard procedures
or protocols, could be spotted well in time to nip the potential default in the bud. Further,
data or records of adherence to regulations can be suitably captured for due reporting.

6) Better forecasting

Predictive modelling helps in better forecasting of a host of business aspects that can
help stake-holders to take appropriate steps towards preparedness for meeting the
eventualities that were forecast.Thus, in effect, you get ‘Actionable Insights’Big-data
analytics equip business owners with the power of actionable insights with which they can
ensure that many aspects of their business are suitably taken care of. Streamlining value
chains, achieving continuous product / process improvements and increased sales and
revenues, gaining competitive advantage, avoiding / eliminating unplanned downtimes or
disruptions are but a few of the benefits that one can achieve through historical and real-time
analysis of business data. Above all, taking informed and timely decisions is key for business
improvement and growth of any organization – and big data analytics helps in doing just
that.