Business Optimization with Technology and Data

Posted on Jan 7, 2025 in Business Administration and Innovation Management

Adding Value and Reducing Costs

1. Add Value:

  • Improve results through data mining projects.
  • Better customer segmentation and targeting.
  • Improve forecasting for better demand planning.
  • Increase margins and market share.
  • Reduce resources (cost reduction).
  • Gain competitive advantage through new opportunities or technologies.

Enterprise Resource Planning (ERP) Systems

2. ERP System: Enterprise Resource Planning is an integrated computer system used to manage internal and external resources, including fixed assets, financial resources, materials, and human resources.

  • Main Objective: To facilitate the flow of information.
  • Advantages:
    • Integrates and automates all areas of the company and all information.
    • Modularity: Allows for the growth of the company.
    • Adaptability: Adaptation of the modules to the needs of the company.
  • Disadvantages:
    • Long and complex implementation.
    • Requires heavy investments and high maintenance costs.
    • Risk of being trapped with the supplier and updates due to technological obsolescence.

Are we getting all the possible performance out of the ERP?

Customer Relationship Management (CRM) Systems

3. CRM System: Customer Relationship Management is a business strategy that focuses on getting customer loyalty. It uses technology to organize, automate, and synchronize sales, marketing, and customer service.

  • Sales Functionalities:
    • Sales planning and forecasting.
    • Organization and territory management.
    • Management of accounts and contacts.
    • Opportunities management.
    • Management of supply requests and orders.
  • Marketing Functionalities:
    • Planning and campaign management.
    • Electronic marketing.
    • Marketing analysis.
    • Customer segmentation.

Supply Chain Management

4. Supply Chain Management: It is the management of the flow of goods and services. It involves the movement and storage of raw materials, work-in-process inventory, and final goods. The goal is to have the most sophisticated logistics systems in order to deliver goods and services on time across all elements of the logistics chain.

  • Main Benefits:
    • Real-time visibility of all information about supply and demand.
    • Reduced execution time.
    • Ability to buy and sell products online.
    • Allows for the automation of processes between suppliers and customers.

Supplier Relationship Management (SRM)

5. Benefits of SRM:

  • Control of the supplier process.
  • Better communication with suppliers.
  • More personalized supplier process.
  • Efficient exchange of documents.

Databases

6. Databases, Benefits of RDBMS Databases: Relational databases are well-documented and mature technologies. They satisfy the requirements of atomicity, consistency, isolation, and durability. They are well-defined and commonly accepted.

Artificial Intelligence (AI)

7. AI, Types: AI is the simulation of human intelligence by machines, including learning and reasoning.

  • Weak AI: Designed and trained for a specific task.
  • Strong AI: Generalized human cognitive abilities, so it can adapt to different situations and find a solution.

Balanced Scorecard

8. Balanced Scorecard: A strategic planning and management system that organizations use to:

  • Communicate what they are trying to accomplish.
  • Align day-to-day work.
  • Prioritize projects, products, and services.
  • Measure and monitor progress.

Big Data

9. Big Data 3Vs: A set of new tools, technologies, and methodologies in order to work with millions of records in a timely manner.

  • Volume: Organizations collect data from a variety of sources.
  • Velocity: Data streams are at an unprecedented speed.
  • Variety: Data comes in all types of formats.