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Want to Take Business Courses? Here Are a few Things to Know About “Big Data”

2017-02-01 by Mark Harrington

Big data word cloud

How organizations make decisions has changed dramatically over the years. While decades ago a lot of decisions were made based on gut instinct and shareholder preferences, in today’s world analytics and data play a crucial role in making business decisions.

Big data refers to huge sets of data that can be mined by computers to provide insights into businesses, trends, and behaviour. The concept of big data has become increasingly prevalent over the past several years. In fact, as much as 90 per cent of data was created in just the past two years alone.

Want to learn more about big data? Read on to discover the potential it holds for businesses.

The Potential Impact of Big Data Analysis for Businesses

Using big data to make decisions is like using a flashlight in the dark. It takes the guesswork out of making real-world business decisions that could directly impact the profitability and efficiency of a company. This is why most major companies today leverage big data in almost every aspect, from customer service, to marketing, to supply chain and logistics. In fact, according to Forbes, companies that integrate big data analytics into operations see a 10 per cent or more improvement in supply chain efficiency.

After you complete a supply chain and logistics diploma, you could see the implications of using big data in the real world. Big data is said to improve a company’s reaction time to issues regarding the supply chain by as much as 41 per cent! Useful data helps supply chain professionals anticipate issues before they happen and adapt to prevent the operation from going off course.

Using big data helps take the guesswork out of business decisions

Using big data helps take the guesswork out of business decisions

After Business Courses, You May Realize There Are Many Forms of Big Data

Big data can be found everywhere and anywhere, and no business is exempt. From small-scale mom and pop shops to multinational companies, every organization can leverage big data to add a boost to their operations.

For small and medium-sized enterprises (SMEs) and large corporations, big data can be found in transactions, social media, reviews, feedback, supply chain logistics, website analytics, and more. If after completing a business or supply chain training program you find yourself working for an SME, don’t forget that you can tap into external resources for useful big data if your company’s data is low. Many data companies sell relevant data like customer lists, buying habits, and internet search data that can help you analyze your customer base and make good business decisions.

Putting Big Data Into Action in Your Career After Business Courses

Businesses can miss opportunities to grow by failing to leverage big data. Big data contains useful insights about almost anything you could imagine. Customer buying habits, product demand, recruitment, trends, and more can all be analyzed and even predicted by using big data properly. For example, software and applications that track what your customers are saying online can provide invaluable insights into what’s working and what’s not. Companies that ignore this information while making crucial business decisions are missing out on having the most important opinion in the room, the customer’s.

Leveraging big data can improve profitability

Leveraging big data can improve profitability

Knowing how to “mine” big data is a big undertaking, but the process is scalable. If you find yourself working for a small business, you can start by monitoring social media and website traffic. For bigger companies, consider creating a budget to hire professionals who can mine useful data for insights. According to Forbes, when a typical Fortune 1000 company invests in big data and improves data accessibility by 10 per cent, they will see an additional payoff of an astounding $65 million.

Are you interested in taking business courses?

Contact the National Academy of Health and Business today to get started!

How Drones Will Change the Way We Manage Supply Chains

2015-08-19 by Mark Harrington

supply chain training program

Once limited to military use, drone technology is reaching new heights in the commercial sector. Unmanned autonomous vehicles (UAVs) are fast becoming the shiny new tool of the supply chain trade.

What does this mean for the business of supply chain management? From reducing costs and delivery time, to creating new industry policies and mapping the supply chain with 3D imagery, drones are set to reshape this field in a big way.

Drones Shrink Supply Delivery Time & Cost

The race for fastest delivery time is already intense, with eBay dispatching college students by foot to do the speedy groundwork that ensures “next-day delivery.”  It might sound impossible, but drone technology could bring products from factories to doorsteps in just 30 minutes.

That’s the goal of Amazon founder Jeff Bezos. He says drones would reduce reliance on traditional shipping providers (like trains and trucks), significantly shrink delivery time and increase output, without straining resources. And their parts are significantly (90%!) cheaper than those we use for traditional delivery.

While risks associated with UAVs might bump up specific insurance premiums (ie: new insurance charges to account for product theft or weather damage), the overall impact is a cheaper link in the supply chain.

Drones Challenge Industry Regulations

Supply chain training programs must now adapt to include the ever-evolving policy changes surrounding drone technology.

Amazon’s bid for delivery drones has hit several speedbumps along the way with the need for federal permissions and regulations.

These new rules involve geographic, speed, and weight restrictions. As of June 1 2015, the FAA has specified that delivery drones can only fly in good weather, not close to airports, and within visible site of the operator.

Some industry leaders are frustrated by these restrictions. “Drones seem to offer an affordable and flexible solution – but not if the FAA rules are in place,” says Guy Courtin of Constellation Research in an article on ZDNet.

Opinions like these may encourage companies to move even more elements of manufacturing abroad, to cheaper countries with more drone freedom.

Drones Allow Supply Chain Mapping

UAVs are equipped with wireless communications and data analysis software, allowing them to track the location of a person using data from their smartphone before completing the delivery.

Cameras and GPS capabilities are essential to UAVs, which makes 3d mapping possible. A drone can update its route in real-time, and film its trek from warehouse to doorstep, offering a visual map of the supply chain timeline.

Students in supply chain management logistics courses can now work with the data these new features provide.

Drones Will Do More Than Just Deliver

UAVs can also be used to perform maintenance checks and repairs, especially in remote, inclement, and hazardous conditions.

What’s more, UAV surveillance can continually monitor warehouses and inventory; becoming the eyes and ears of a building to monitor it in real-time. While a little Orwellian, that’s undoubtedly useful and cost-efficient.

There are both major gains and significant challenges to integrating drones in the workforce. If we keep on top of it, with innovative supply chain training and an ear on the industry, the future could truly be sky high.

Are you interested in training for a challenging career in supply chain management? Visit NAHB to explore our program and connect with an advisor.

 

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