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Digging for diamonds in a gold mine!

On: September 18th, 2014 in Business by Think@iQG

I was sharing my disappointment with a couple of my colleagues the other day about how a client was not keen to take forward a concept that was created for a project. What we were really discussing was how people try to search for wrong things at the wrong places when there so much available to work on.

Frankly speaking this predicament is faced by enterprises all across and the more we read about it the more I am convinced that we miss opportunities where results are faster to get. In some cases enterprises stay contented with what they achieve because the benchmarks set were either crossed or matched or because the work done was duly rewarded. While on the contrary organisations that continuously challenge the status quo set exemplary growth paths for themselves, often redefining paradigms to lead

The case with advanced analytics is somewhat similar, with key players’ oft repeated focus on the new and the novel and how it’s bound to impact business outcomes. For a rising industry this holds the potential with new technology outcomes coming into the market (service oriented architecture is a case in point), companies need to realize efficiencies can still be reeled in using advanced analytics, with current business processes.

An on the face example is route optimisation and fleet management; there is not one company in the world that is not software dependent to manage its fleet or optimise routes. While most software’s will have the best in the world functionalities and features to maximise efficiencies and reduce costs, overarching question is what next? In many cases companies feel content even when the process is working at a 90 % or a 95% efficiency leaving enough scope for improvement. Filling minute gaps across the entire process is where advanced analytics comes in to move efficiencies from 95% to 99%, assessing problems of multidimensionality using advanced mathematical and computing techniques.

Enterprises need to view this more holistically,  as returns on investments  with improved  processes is much higher and rapid  as compared to a new solution Will someday this digging for diamonds in gold mines stop, I really wonder……