Benefits of Operations Research and Analytics
In our increasingly complex world, organizations are operating under different conditions than even a few years ago. One of these differences is the extent to which new enterprise applications and software can produce mass amounts of data, which makes the task of turning data into business insight daunting to say the least.
This is where OR and analytics come in.
OR and analytics are catered to helping you capitalize on these developments. The discipline utilizes specialized techniques to assess complex situations and discern answers pertinent to enhancing performance and decision-making.
Organizations around the world and in every sector have overwhelming incentives to adopt an OR and analytics approach. These include:
- Performance. Improving decision-making by embedding model-driven intelligence into an organization’s information systems
- Productivity. Increasing the productivity of processes and personnel
- Cost reduction. Discerning ways to minimize cost or investment
- Forecasting. Allowing for more accurate forecasting and planning
- Scheduling. Improving scheduling to meet staffing and equipment needs
- Pricing. Dynamically pricing services and products
- Profits. Increasing revenue or return on investment
- Resources. Gaining greater utilization and yield from limited resources
- Risk. Measuring risk via quantitative means and realizing factors critical to managing and minimizing risk
OR and analytics can help when...
- You have all this data. Now what? Amassing data is one thing, but utilizing it to extract insight is another. OR and analytics can help you make sense of large amounts of data as well as understand what is further needed for future analyses.
- You face complex decisions. If you face many difficult decisions and have no idea where to start, OR and analytics specialists may be able to help by building intelligence into key systems to uncover the best course of action.
- You are having problems with processes. As any manager knows, the processes which drive an organization’s day-to-day activities play a critical role to the bottom line of the company. OR and analytics can significantly improve these processes and thereby increase overall productivity.
- You want to manage risk. Assessing risk factors and balancing risk against expected gains is never an easy task. But what OR and analytics does is it helps you quantify risk, which is key to controlling it.
- You want to differentiate yourself from the competition. In today’s world, it is difficult to differentiate yourself based on products and services alone. But OR and analytics experts can help you pull ahead of the pack by making you an OR and analytics competitor!
Learn more about the OR and analytics toolbox