Operational analytics combines data analysis, business intelligence, and process design capabilities to help you streamline your operations to save costs and improve productivity.
Operational analytics
The Importance of Operational Analytics
Operational processes play a major role in the delivery of your product or service to the end customer. In today’s fast paced digital environment, businesses are under tremendous pressue to make their offerings faster and cheaper to ensure sustained growth of their organizations. Streamlined processes are key to ensuring efficienct and effective operations that will result in reduced cycle time and less costs.
The world is governed by 80:20 (or some variant of 80:20) principle. 20% of clients bring 80% of revenues, 20% of projects return 80% of profits, 20% of process changes cause 80% improvement in productivity, 20% of employees perform 80% of productive work, 20% of machines deliver 80% of output, 20% of activities exhaust 80% of costs, and it goes on. At Veravizion, we strive to identify those 20% causes which are likely to result in 80% benefits for your business. Our operational analytics is aimed at identifying the bottlenecks in achieving optimized processes, lower costs, and improved profitability. Continuous improvement in operational processes can bring about a sea-change in making the business leaner. Applying specific focus on improving metrics such as designing a process to generate right outcome in the first time run, and reducing the cycle time of the process-run can be instrumental in boosting the overall productivity. Most importantly, it facilitates data-driven decision making for operations managers on a day to day basis.
Benefits of Implementing Operational Analytics
- Identify and isolate bottlenecks in production process
- Streamline operational and distribution channel processes
- Enhance operational efficiency
- Recognize levels for process re-design and improvements
- Reduce and manage costs
- Boost productivity to maximize profitability
Operational analytics framework also facilitates business forecasting based on the empirical data available with businesses. Most businesses these days are implementing analytics to proactively define their business strategy rather than waiting to react to an event. The renewed focus of COOs and their teams is to Buy, Build, or just Get the Job Done in the most effective manner rather than waste time evaluating the buy or build options.
Operational Analytics helps you answer the following questions:
- Is my business operating the way it should?
- Do I have all the quantitative business metrics and levers firmly under my control? What is the most important operational metric for me to track everyday? Am I tracking it?
- Is my business truly profitable? Can I improve the profitability from say ‘x to 2x’ with some proactive actions?
- Are my costs under control? How do they compare with industry-wide standards?
- How can I reduce my costs and improve profits even with the current level of revenues?
- Why is my business not growing, despite the environment being conducive for growth?
The following services are offered to address your operational requirements:
- Operational Efficiency Improvement
- Cost Analysis and Optimization
- Operational Strategy
- Operational Management Services
- Cost Reduction
- Process Consulting Services
- Operational Process Optimization
- Operational Excellence
- Operational Data Analysis
- Root Cause Analysis
‘Six Sigma‘ process enhancement approach to help you improve operations:
Yellow Belt
Six Sigma Evolution & Project Metrics – PPM, DPMO, DMAIC, DMADV Methodology, Six Sigma Team, Project Charter
Green Belt
Fundamental Statistics, Process capability measures, Process Model, QC Tools, Lean & SCM Tools – VSM, FMEA, Force Field Analysis, SIPOC, Hypothesis Testing Concept, DOE concept, 7 MUDA, QFD, Kaizen, Kan-ban, Poka Yoke, 5S, Robust Design, Process Control & SPC Charts, Kano Model, 8D, BPM, TPM, PDCA, CTQ, CTP, Quality Costs
Black Belt
Probability concepts, MSA, Correlation and Regression, Central limit theorem and sampling distribution, Inferential Statistics, RTY, FMEA, Multi-Vari studies, DOE, DFSS, PERT, CPM, Project Crashing, Decision Trees, ROI, NPV, IRR, Control Charts, Project Tools
If you have the data, why not use it in a cost-effective manner to the benefit of your business? Being cost-effective is the key here!