CIMA E1 Syllabus C. Data And The Finance Function - Operations - Notes 5 / 8
Using Data To Enhance Operations
Sources of Operational Data
Data analytics electronic data interchange systems
Enterprise resource planning systems
Reverse logistics systems
The provision of better data is improving the information available and enabling better decisions to be made leading to:
Cost saving
Insights gained from the use of technology can generate significant cost savings through alleviating bottlenecks, reducing waste etc.
Improved service
Operational improvements and live data can lead to huge service improvement.
Supply chain
Big data is enabling increasingly complex supply chain networks.
Preventative maintenance
Using an internet of things based approach, embedding sensors and connectivity in machines and assets facilitates continual monitoring of performance.
Deviations from expected performance give early warning of potential problems and preventative maintenance can be scheduled at a convenient time and before an asset breaks down.
Forecasting
Big data analytics can be used to predict customer behaviour and therefore schedule production processes to ensure that resources are used efficiently.