In business, operational analytics refers to the study of operational systems with the goal of identifying opportunities for improvement. Operations analytics involves examining the current and historical performance of operations and maintenance-related investments and measuring them across relevant metrics such as cost, schedules, budgets and other performance-related parameters.
The scope of operational analytics is broad, covering everything from determining whether investments are meeting customer needs to measuring the performance of steady-state investments. It can inform operational activities in diverse areas such as sales, marketing, support and manufacturing. Organizations also rely on operations analytics to measure the degree to which particular investments contribute to achieving their strategic goals.
How can operational analytics boost efficiency and profitability?
When assessing operational effectiveness, bill of material (BOM) analytics and enterprise asset management (EAM) analytics are two key areas that can result in insights that drive efficiency and profitability. Organizations can identify operational trends, reduce backlog, compare actual costs to estimates, and understand how maintenance cycles impact customer satisfaction and revenue. With more effective operational analytics tools organizations can:
- Manage assets and equipment more effectively
- Optimize service and maintenance schedules
- Reduce work order backlog to streamline plant operations
- Identify issues impacting labor costs
While operational analytics can provide essential business benefits, building operations dashboards is challenging. Organizations can spend considerable time and effort gathering data from various operational systems and building dashboards — tasks that involve significant data engineering and development work.
Incorta solutions for operations analytics
For organizations seeking to improve the efficiency and productivity of their operations, Incorta provides a prebuilt BOM and EAM analytic Blueprints that interface seamlessly with popular ERP solutions. By leveraging Incorta Blueprints for operational analytics, customers can immediately benefit from powerful dashboards, reports and visualizations and gain essential business insights with only light customization. Incorta Blueprints provide a fast, effective way to easily analyze and understand enterprise data — with no data modeling or ETL required. The out-of-the-box Blueprints provide visibility to reports and metrics to track BOM details, plant details, resources and project summary and details to help organizations answer questions around spend on maintenance, labor, backlog trends and impact on revenue and customer satisfaction. Supply chain teams can drill in any direction from top-line metrics down to transactional details for analysis, find root cause of actual versus estimates and report on operational data.