What better way is there to learn about big data than listening to a podcast about it? I found a really great podcast recently that dives into all of the different aspects and current issues that we are dealing with when it comes to big data. There are also podcasts that help us understand the best ways to save and make money with your data.
Their most recent podcast, 5 Lessons About Big Data brought some interesting facts to light. These 5 lessons can help you to leverage the data that you already have, and ultimately, save you money:
Use big data to make information transparent.
Create and store more transactional data in digital form.
Big data allows for the segmentation of customers so that companies can better tailor products and services.
Sophisticated analytics improve decision making, minimize risks, and ascertain valuable insights that would otherwise remain hidden.
Big data can be used to develop the next generation of products and services.
The next step is for you to use all of these lessons to add value to your data and your company.
From the government offices, Federal IT officials say real-time analytics of big data can help reduce the federal budget by at least 10 percent annually, or about $1,200 per citizen, by detecting improper health care payments before they occur, according to the TechAmerica survey. If we can save that money, we can also save sickness and lives!
Yet, despite all the real and potential benefits of big data analytics, federal and state IT officials also cite several barriers to adoption, including privacy concerns, the expense of new tools, lack of clarity about big data’s return on investment, and the time it can take to extract queries from traditional databases in a timely manner. There are data podcasts which discuss this more deeply.
The appropriate use of information and analytics will be critical to achieving our shared economic and environmental goals, especially given the urgency of climate change. Bringing American energy into the 21st century is imperative – and an incredible opportunity.
Redesign and Tuning of Business Systems Optimizes Growth
Growing the business is the goal for most organizations. Managing that growth becomes difficult while managing and meeting the day-to-day business goals. Cliintel provides real world experience to facilitate operational improvements, create best practices and take businesses to their next level of success.
A leading provider of insurance for new housing construction as well as appliance and home warranty services had experienced exponential growth. This growth began taxing internal systems, specifically the IT department’s trouble-ticketing system.
The Business Issue:
When organizations experience extreme business surges, much of their time, money, focus and resources are spent upgrading and adding customer facing applications while internal systems are pushed to their limits, or even neglected. The client’s IT department found itself needing to support both a myriad of new tools on multiple platforms, as well as an onslaught of new employees. The rudimentary trouble ticketing system they had been using for years was not capable of responding to the rapid growth. The increased utilization of the ticketing system soon revealed that the system and associated processes did not support adequate problem identification, timely resolution or proactive trend reporting. Furthermore, established and ‘rightsized’ Service Level Agreements had not been baselined or followed and resulting in longer than necessary system outages and downtime.
The new and improved utilization of the ticketing system resulted in a cost savings of $75,000 per year and created an enterprise repository and improved management of resources.
Utilizing Cliintel’s INSIGHT methodology, the team took a holistic view of the client’s business operations, and through a series of end-user interviews and operational observations, gathered system and user requirements. Existing contractual commitments required that the client continue to use the existing trouble-ticketing system. Cliintel examined the existing system and identified features and functionality not being used and presented a plan to modify and upgrade current versions to meet the growing needs of the client.
Cliintel worked with the trouble-ticketing vendor to complete system reinstallation and improved report development. The trouble-ticketing system was redeployed with appropriate support, documentation and procedures. Cliintel established modified procedures and standards to facilitate disciplined ticket management.
The reimplementation of the trouble ticketing system enabled the client to reduce system outages and proactively prevent future outages from occurring. The new and improved utilization of the ticketing system resulted in a cost savings of $75,000 per year and created an enterprise repository and improved management of resources.
We’re proud to help our clients solve tough problems and achieve stunning results. To see what kind of results Cliintel can deliver for you, please visit www.cliintel.com or e-mail firstname.lastname@example.org.
In the continuously evolving world of business, perfection is a moving target. Companies design processes to provide services, manufacture products, or deliver on promises to customers efficiently and effectively, within time and budget constraints. But in just the time between process design and implementation, the marketplace changes. Keep business optimization in mind to keep your organization moving forward.
It’s a virtual certainty that there’s room for improvement in even the most elegant process or system. Don’t rest on your laurels when it looks like things are humming along. Instead, to optimize business, examine the data and metrics you’ve gathered and see how your company is performing against expectations and against industry peers. With an open mind and expert guidance, you’ll find opportunities that can transform the organization.
Establish Business Optimization Goals
Ultimately, every company should seek greater customer satisfaction. A business optimization effort designed to increase customer satisfaction will increase your competitive advantage and may allow you to enter new markets. Of course, increased profitability is an eternal goal for any business. By continuously improving existing processes, a business optimization project can reduce costs, reduce defects, improve productivity, or increase revenues for a demonstrable return on investment.
Select Business Optimization Opportunities
As you pursue growth and improvement, the smartest first step is to engage a seasoned business optimization adviser. Your adviser’s objectivity and expertise will help you identify high-impact opportunities. Draw on your business intelligence – a combination of company key performance indicators, performance compared to your industry, and what you learn every day from customers. Work with your adviser to analyze this data annually with find high-potential, cross-functional areas for improvement that aligns with your long-term strategic goals.
Ensure Business Optimization Success
Business optimization begins with the right people and the right methodology. Your trusted advisor will help analyze your situation and identify improvement opportunities, but that shouldn’t be the end of the engagement. Maintain a consultative relationship between the advisor and the internal employees who developed the process that will be improved, and who will carry the business optimization forward.
Once you’ve identified the project, pursue business optimization by applying a systematic approach using the appropriate methodology. Six-sigma projects achieve long-term defect reduction where the final outcome may be unknown. Other opportunities may call for a more direct or immediate approach.
Gathering the right business optimization team is a critical piece of the puzzle. Seek out subject matter experts on the processes that will be addressed. Your team should be a blend of people with open minds who will consider alternative solutions, along with devil’s advocates who will keep the group grounded.
Be sure to establish controls in the project that will allow you to demonstrate improvement. Whether your investment is just the team’s time, or the significant expense of a new automated system, you must prove a return on that investment. Incorporate controls that will point out the project’s impact on business metrics such as increased productivity, reduced cost, or greater customer satisfaction. Proper controls will allow you to monitor progress along the way and make adjustments if needed. Ultimately, these controls will prove business optimization results, whether that means getting an under-performing organization up to target, or moving from satisfactory performance to an industry leadership position.
Finally, celebrate success. Business optimization is a time-consuming effort that deserves recognition. Honor the people involved and their achievements. In addition to raising team morale, you’ll build enthusiasm for the current successful project, and for future business optimization efforts.
Business Optimization, Customer Satisfaction & ROI – by Lucile Williams, Six Sigma Master Black Belt