{"id":15417,"date":"2020-06-25T10:01:19","date_gmt":"2020-06-25T02:01:19","guid":{"rendered":"http:\/\/blog.phoenixcontact.com\/marketing-sea\/?p=15417"},"modified":"2020-06-25T10:02:51","modified_gmt":"2020-06-25T02:02:51","slug":"importance-of-data-analytics-in-management-of-business","status":"publish","type":"post","link":"https:\/\/blog.phoenixcontact.com\/marketing-sea\/2020\/06\/importance-of-data-analytics-in-management-of-business\/","title":{"rendered":"Importance of Data Analytics in Management of Business"},"content":{"rendered":"\n
In the recent years, with the introduction of Industry 4.0\nstandards or \u201c4th Industrial Revolution\u201d, corporations in the Manufacturing and\nService Sectors are looking at more flexible and efficient ways of running\ntheir business. Through intensive studies, they have come to realize the need for\na more accurate process to gather information on the way their businesses are run.\nThis is paramount to increasing productivity and future planning for expansion\nof their businesses.<\/p>\n\n\n\n
These are defined as:<\/p>\n\n\n\n
Proper management of\nresources and investment of Equipment & Manpower <\/li>
The dynamics of technological\nadvances on the use in Internet with Software Applications and pervasive growth\nof IOT devices with System integration<\/li>
The way \u2018Big Data\u2019 is managed\non VPN and Ethernet Servers<\/li>
Efficient management of their\nsupply chain, support services to their clients and end markets<\/li>
Cost savings of such\nmanagement practices to their overall business expenditures and resources<\/li><\/ol>\n\n\n\n
Here I would like to show some of the present growth areas\nin Data Analytic use in different business sectors<\/p>\n\n\n\n
Case Study 1: Marketing\nand Promotion of new consumer products<\/strong><\/p>\n\n\n\n
In Japan, digital signage with Smart Facial Recognition is used for market surveys & promotion of new products.<\/figcaption><\/figure><\/div>\n\n\n\n
A key advertising company engages with a Digital Signage\ncompany to place such display consoles at heavy traffic malls and major\ndepartment stores. Consoles come with key facial recognition software\napplications.<\/p>\n\n\n\n
At certain peak periods, the consoles will play certain\nadvertisements and will record the number of people watching the advert with\ntheir age profile. They would also prompt certain promotion vouchers or\ndiscount coupons that can be downloaded via Bluetooth or QR Code to the\naudience for them to buy or try the products advertised.<\/p>\n\n\n\n
The number of vouchers or QR code vouchers given out is\npaired with the facial recognition application to give a profile of the\naudience dynamics to the advertiser by the Digital Signage content provider. In\nthe course of 3 months, they would be able to compile the success or failure of\nthe promoted products and the popularity of the product to the type of audience\nthat are interested in that product from the advertiser.<\/p>\n\n\n\n
Case Study 2: Food\nand Catering Business<\/strong><\/strong><\/p>\n\n\n\n
Kitchen Ordering Systems being linked to ERP for the management of the procurement of consumable foodstuff.<\/figcaption><\/figure><\/div>\n\n\n\n
Every ordered dish items are tracked and the popular menu\nitems or newly promoted menu items can be tracked to efficiently minimize\nunnecessary wastage of items that are not popular. Restaurants are increasingly\nrunning their businesses based on data provided by such systems to efficiently\nrun their staffing requirements at certain time periods as well as managing\ntheir restaurants to be more profitable. Based on such data they can manage\ntheir supply chain better on the actual requirements of the foodstuffs and\nconsumables.<\/p>\n\n\n\n
Case Study 3: Energy\nDistribution <\/strong><\/p>\n\n\n\n
Use of smart meters in homes and manufacturing that come with communication modules using RF, Powerline communication modules, Bluetooth mesh networks for meter data.<\/figcaption><\/figure><\/div>\n\n\n\n
Smart meters are growing in numbers and are increasingly being\ndeployed. The consumers\u2019 metering data are transmitted to backend Scada systems\nby Ethernet gateways for billing and compilation of the way energy is used in\nthe power grid of that community or city.<\/p>\n\n\n\n
The pervasive use of smart meters in upcoming markets in new\neconomies like China and India is improving the efficiency of the Energy\ndistribution market. These controls prevent pilferage and loss of revenue for the\npower grid utility companies. Data is also accumulated by utility companies so\nthat the power grid supply can be better managed to meet the demand of the\nconsumer market.<\/p>\n\n\n\n
Submetering solutions are now used on automations and manufacturing in factories to better monitor the efficiency of their production equipment on a specific line. <\/figcaption><\/figure><\/div>\n\n\n\n
These enhancements improve the servicing and maintenance\ncycle for efficient deployment of machinery during up and down demand cycles. <\/p>\n\n\n\n
With most of their control systems contributing to the\naccumulation and transfer of these data, businesses have a clearer prediction on\nhow<\/strong>, when<\/strong> and the why <\/strong>oftheir business trend patterns.<\/p>\n\n\n\n
The prevalent use of Data Analytic systems are never full\nproof, as Data Security in the IIOT\/M2M spatial arena is still being refined. Protection\nof such data from hacking and manipulation is still being studied by software\ncompanies.<\/p>\n\n\n\n
With data constantly being sent back from such remote or open interface architecture which is easily accessible by the public, more robust and intelligent router switches with built in embedded firewalls will be in high demand by these systems integrators.<\/p>\n\n\n\n
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