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A lot of focus has been placed on advanced and predictive analytics, and rightfully so. I have written many posts and have spoken publically on the merits of advanced analytics for several years now.

 

What I find disorienting and misleading are marketers harping on how important it is to adopt advanced analytics right now. The thing that they just don’t get (or maybe they don’t want to get?) is that an organization will need to transcend a series of analytical maturity levels before they can truly capitalize on the benefits of advanced and predictive analytics.


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Source: MIT Sloan Management Review

In my last post, I introduced the longitudinal study that MIT Sloan Management Review has been conducting over the past five years. From 2010 to 2012 they indicated that 67% of those surveyed believed that analytics gave their organizations a competitive edge. In 2013, that figure stabilized at 66% revealing the so called ‘Moneyball Effect’ where leaders lost their competitive edge that they once enjoyed because followers matured and made analytics core competencies. In 2014, that trend continued, falling to 61%.

 

But why?


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When supply chain professionals plan for future demand, their thoughts gravitate to meeting customer service levels while minimizing the amount of capital tied up in inventory.  Demand planning is about having the right product in the right place at the right time … right? Four occurrences of the same word would cause my old English teacher to shudder at this excessive use of a word in a single sentence. However, let us return to the important business of meeting consumer demand without incurring the cost of excess inventory.


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In the movie Big, Tom Hanks plays a child trapped in the body of a 30-year-old who challenges the status quo at a toy manufacturer. To the audience it all makes sense as the movie progresses – think like a kid when selling stuff to kids. How revolutionary! Yet the audience also relates to the adults who pretend to know what kids like.

 

For me, the big thinking in this movie is demonstrated by the creativity of a child whose mind is unencumbered by preconceptions.

 

Dr. David Schwartz, the author of a book entitled The Magic of Big Thinking, attempts to define big thinking. He explains that visualization adds value to everything and that thinking big means training oneself to see not just what is, but what can be. Author Malcolm Gladwell writes, “A visionary is a person that takes a white piece of paper and re-imagines the world”. The Internet is full of success stories of such visionaries.

 


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In 2013, Gartner conducted a survey on Big Data Adoption in Supply Chain Industries and found that adoption has been flat and is lagging behind the overall adoption rate of other industries such as banking, insurance, and retail to name a few. Gartner ascertained that these characteristics pertaining to the Supply Chain industry are attributable to an inherent lack of understanding of what Big Data truly is and a fundamental lack of the required skill sets. This, in essence, is the challenge facing the Supply Chain industry.

 

In parts one, two and three of this four part series on Big Data, we looked at what makes data “big”, how it can benefit organizations that apply the right analytics, and the implications of doing so, respectively. In the closing segment of this series, we focus our attention on examples of how elements of Big Data can be leveraged. The challenges identified by Gartner translate to opportunities regardless of your organization’s analytical maturity level.

 


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Big data and big data analytics pose a series of implications and challenges.  Organizations that seek to become analytical competitors must have an established analytics culture consisting of  well trained employees who are using the right enabling technologies.  However, these organizations face challenges maintaining consumer privacy while they collect and use sensitive information.

 

In parts one and two of this four part series on big data, we looked at what makes data ‘big’ and how it can benefit organizations that apply the right analytics.  In part three, we will look at the cultural, technological, and ethical implications of big data and advanced analytics.


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Big data is all around us.  As we have seen, big data is characterized by its volume, velocity, and variety (the infamous three ‘V’s).  Great, you have a lot of data…now what?  Well, these untapped ‘dark data assets’ give rise to vast opportunities for those organizations that seek new ways to compete.  Studies have shown that organizations that compete on analytics by focusing on their core competencies fare much better than those who do not.  Some have gone so far as to call big data the ‘new oil’.  In part two of this four part series, we will take a closer look at big data analytics.

 
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With the advent of big data, organizations are beginning to recognize the impact that big data and analytics can have on their ability to compete in their respective industries.  In a recent study by MIT and the SAS Institute, 67% of leading organizations firmly believe that analytics give them a competitive advantage.  This recognition has revealed that it is not only about the volume, velocity and variety of the data at hand, but having the right culture, skillsets, and technologies in place, while respecting the privacy of consumers.  This post will be the first of a four part series aimed at demystifying the term ‘big data’, and touching on opportunities, implications and challenges related to big data.


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Health Systems’ Winning Strategies for the Deployment of the Right WMS

Brent Johnson, CPO-VP Supply Chain at Intermountain Healthcare, reveals how he built his distribution infrastructure from the ground up and was able to achieve long-term operational excellence and hard benefits in less than one year. You’ll also hear from Robert Colosino, VP Marketing & Business Development, how TECSYS is taking the lead in addressing current supply chain challenges and empowering distribution organizations to get ahead in their competitive landscape.

Learn How To:

  • Transform your health system’s supply chain into a cost-effective infrastructure and free your clinicians to deliver quality care.
  • Reduce your supply spend and the cost of expired products by millions of dollars, and recover millions in unclaimed expenses.
  • Select the right solution provider, one that understands health systems, and avoid mishaps and costly mistakes. Like the old saying: Measure twice, cut once!
  • Reduce implementation time by up to 60% by leveraging best-in-class business process blueprints specifically for health systems.
  • Provide your supply chain system users and clinicians with intuitive, user-friendly access to knowhow that empowers them to maximize the returns on your software investment.


 


Isn’t this the most interesting time in US healthcare? Actually, in healthcare across the globe? Because no matter how your healthcare system is funded, the containment and management of supply chain costs is a constant business reality we are all facing. To that end, supply chain is finally coming into its own in the C-Suite of most organizations. We are realizing, as an industry, that what has worked in the past will no longer work in our emerging reality — on all sides of the business equation. Everyone has to participate in the change.


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