More than ever, supply chain functional or line of business teams have been frustrated by their increasing needs for broader and more-timely business intelligence (BI). The reasons are many and in increasing cases, very valid. But more than ever, teams should now be turning their attention towards leveraging processes and technology anchored in prescriptive analytics.
InformationWeek has surveyed business technology decision-makers to determine the adoption trends and strategies around analytics, business intelligence and information management — specifically, software. This article is a summary of some important findings from the survey.
This blog post concludes our fifth post in our series on algorithms, mathematical optimization and business. Here, we’ll tie together how algorithms and mathematical optimization can both be leveraged together to generate unforeseen value into businesses.
(In case you missed them, here are parts one through four: "What is an Algorithm," "Defining Mathematical Optimization," "Algorithmic Business as the New 'It' Term in Business," and "The Importance of Mathematical Optimization in Modern Business.")
In part four of our 5-part series on mathematical optimization, algorithms and business, we discuss the applicability of mathematical optimization in the business world and its ever-increasing importance. (Click here if you missed part three, Gartner's validation of algorithmic business as the new "it" word.)
It makes sense to incorporate expansion as part of your business model. Without continuous expansion, a business will likely stagnate and implode over time. A business that does not expand — rather, it maintains a steady rate of return — will be overtaken by things like inflation or other modes of economic flux. There's a real momentum to business, and should that be stilted, the push required to "get the ball rolling" again is often costlier than simply abandoning the failed venture. Naturally, any means of ensuring expansion will be sought.
The key to increasing profitability is to identify which processes in your operations are or may become bottlenecks in the flow of work. Bottlenecks in business are the points where potential changes can have the most dramatic impact on the bottom line. While non-bottlenecks are important to consider from a cost accumulation standpoint, the majority of a manager’s focus should remain on the bottlenecks.