Does your business strategy involve waiting around for problems to happen before reacting? If you’re not using predictive data, that’s essentially what you’re doing! In the age of IoT and connected data, you can get early insights into problems before they become business-stopping issues and address them. Think of it like really smart, routine maintenance for your car.
Most businesses look at the results of their processes and make decisions from that data. Examples of KPIs measured after the fact are inventory turns, delivery to promise, and scrap performance. But this data doesn’t show the full picture or help determine the root causes of the final numbers.
Knowing what to measure is a key to kickstarting real business change through analytics. Start by setting goals, determine how each business department contributes to that goal, and give employees access to data that can help them make meaningful changes to reach that goal.