Business Intelligence for Manufacturing Industry
Author: Amit Mehendale, Head Delivery, MAIA Intelligence
With increasing competition and ever more demanding customers, manufacturing is never easy.
Agile enterprise is always one step ahead of the competition, which cultivates a responsive environment and delivers major improvements in lead time, product quality, and lower production costs. They adopt Business Intelligence (BI) Reporting & Analytics software as part of their strategic approach to attaining their goals. They are streamlining the information flow both across the organization and through the tiers of the supply chain to reduce cycle and manufacturing times and adapt quickly to market changes.
Business Intelligence (BI) helps companies in the manufacturing industry:
- Increase the value of customer relationships
- Respond quickly to changing markets and company sensitivities
- Accelerate new product time-to-market
- Reduce inventory investment
- Improve planning, scheduling, and the procurement schedule
- Maintain and develop quality assurance
- Select and apply world-class technologies
Optimizing financial performance requires managers to have an in depth understanding of how products and customers consume resources and this is why manufacturers are adopting more sophisticated cost and profitability analytics - solutions that go beyond production and include the supply chain, support functions and infrastructure.
With a robust and reliable understanding of costs and profitability and their sensitivity to changes in demand, managers are able to make informed and incisive decisions about strategy and tactics.
For certain manufacturers, where the product or the delivery method is tailored for the individual customer, it may be appropriate to use profitability analytics at the micro-level by individual customer or individual transaction.
1KEY Business Intelligence (BI) helps manufacturers give them better visibility of their financial performance and the insight and understanding to improve it. These include solutions for cost and profitability analytics and for operational planning and budgeting.
Being able to quickly assess the impact of internal and external changes, 1KEY BI helps such companies become more agile and better able to keep the bottom line on track.
Posted on January 27th, 2008 by Amit Mehendale
Filed under: Business Intelligence, Entrepreneurship
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