Smart companies today use CI (Continuous Improvement). Smart companies also use big data analytics. Smarter companies know they can combine both to create an even stronger presence.
CI is the philosophy of never-ending improvements on a product, service or process. Edwards Deming was the first to popularise the PDSA cycle (Plan-Do-Study-Act) which is the foundation of CI. Today, CI is widely used to drive innovation and creativity in business. But few companies realise that CI can become even more meaningful if combined with big data analytics.
‘Plan’ with big data
In the past, organisational goals were set based on historical performance. Big data analytics take the guesswork out of the planning process by providing facts about trends.
Harvesting and analysing data produced from your business’s transactions and interactions generate more accurate estimates that can better identify risks and allocate resources.
‘Do’ with big data
Big data analytics provide timely alerts for immediate corrections as well as a wealth of information for future planning.
By keeping a close watch on data generated real time, companies can ensure their plan stays on track to succeed.
‘Study’ with big data
Big data analytics can bring ever-larger amounts of data to achieve competitive insights.
The aim in the ‘study’ phase is to identify improvements for problem areas. Exploratory data analysis (EDA) can unlock hidden meanings behind large amounts of operational data. Understanding this could be the breakthrough companies need to discover potentials.
‘Act’ with big data
Most companies misunderstood the ‘Act’ phase in CI and assume that this phase is about replanning and reimplementation.
The essence of the ‘Act’ phase is to prepare for the next cycle i.e. performing quantitative analysis on qualitative findings (from EDA) to provide solid scientific data that can be used to inform next year’s planning cycle.
The digitised world that businesses operate in today is generating a massive amount of rapidly moving and freely available data. Companies with the analytical prowess to mine and analyse this data have the potential to make exponential not incremental improvements to their bottom lines.
To find out how Sensus Solutions can help you integrate your big data analytics into your CI strategy, contact us today.