Smart business model: New opportunities for businesses (Part 1)

The unpredictability in production and business activities is a major barrier for businesses that are initially applying 4.0 technology to production and business, especially businesses in the process of digital transformation.

To solve this problem, many organizations have been striving to remove cost constraints to reach a higher level of profits, including efforts to reduce waste of time and Cost of goods storage. Obviously, 4.0 applications used to analyze and manage data such as Big data, IoT are the better solutions. However, preparing an infrastructure that meets the minimum requirements as well as mapping a conversion path is a bottleneck that many businesses encounter.

By applying business intelligence model (BI – Business Intelligence), these problems can be solved easily. The business intelligence model (BI) is “a tool to help businesses access critical information of enterprises, analyze and make decisions quickly”. BI gathers and processes all kinds of raw data in the business into charts, vivid images, easy to understand, easy to interact, giving leaders, managers a view from the whole. about the overall picture of the business, providing details of all business segments in the business.

According to a recent Gartner study, 80% of manufacturers only test performance. They check the activity by looking at the results in the budget summary reports. Even top experts do not give the clearest explanation for the impact of these numbers. Manufacturing companies, and even senior executives, only use business analysis or financial statements without even thinking about why the results are declining. There needs to be a careful consideration of which areas of the industry need to be thoughtfully invested in to be able to bring the most benefits.

Existing industry models are demonstrating that the application of Business Intelligence (BI) in companies is thriving with the greater accessibility of BI programming as well as the advancement of Advanced solution for handling big data. Many business procedures are now being carried out completely automatically; for example, sending mail to customers, making weekly sales reports and incorporating insights into social media. After that, profits and productivity were increased, allowing small and medium enterprises to have a stronger foothold in the market.

(To be continued)

Productivity and Quality Office