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Over the past decade, a significant part of the manufacturing industry has left the real world – it’s gone digital. This has been dubbed the 4th industrial revolution. More and more processes are digitized, allowing data to become the primary driver in many areas of your firm.
Worldwide, this is a part of the digital transformation effort, which is the initiative to use technology for better business outcomes. It’s one of the biggest buzz phrases going around the business community right now, and for good reason. Both in the manufacturing industry and otherwise, business leaders are realizing just how powerful new technology can be.
Don’t make the mistake of assuming this is all just hype. According to Reports and Data, the global digital transformation market was already worth $261.94 billion in 2018. By 2026, it is estimated to be worth as much as $1051.12 billion.
Why should it matter to you?
Metrics and business intelligence.
Given the scale of work and the often slim profit margins that a manufacturing firm undertakes, efficiency is key. The more you know about how long a given business process takes, and how accurate it is, the better you can troubleshoot and optimize it. Scaled up for the entire firm, you can drastically improve your efficiency, getting more done in less time, with better results. All of this helps to benefit your bottom line.
This is where metrics and business intelligence as a whole come into play.
Business intelligence is the collection and analysis of data collected such as department productivity, overall growth, firm-wide trends, and client behavior. Applications of this data can range from something as simple as Spreadsheets for the organization, and storage of data to Online Analytical Processing or Reporting and Querying software. Each has a specific use and offers various benefits to your firm.
Reporting and querying software extracts, sorts, summarizes, and presents selected data. This data could range from sale reports of specific items to a measurement of the efficiency of marketing plans.
In a nutshell, business intelligence will help you manage your firm more effectively. Still, many firms don’t take advantage of the tools that they have available to them. Dentists may know that they should be analyzing their data but often fail to do so.
There is a common misconception that business intelligence is mainly for large businesses and grand corporations. While analytics and other business intelligence applications are helpful to large businesses, they also work well for firms like yours.
By moving your metrics from a paper-based environment to a digital one, you can improve them in a number of ways:
As a key part of business intelligence initiatives, digital metrics will provide a number of firm-wide benefits:
The point is that you’re no longer living in the twentieth century – so why do you choose to continue working in it? Reach out to Network Outsource to digitize your records and say goodbye to faulty paper-based record keeping forever.
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