Only 50% of companies can measure the cost of their data, ICRON survey shows

50% of companies are not able to measure the cost of their data, according to the results of a survey conducted by ICRON, a leading provider of Optimized Decision Making and Supply Chain Optimization software solutions. The survey, which was completed by 165 executives at the IoT EurAsia 2018 event held in Istanbul last week, revealed that approximately half of companies – and only 35% in the manufacturing sector and 43% in the services sector – can accurately gauge their data costs, which may include costs for data collection, data cleaning, data updating, and data storage and access.

The survey also showed that only 68% of the data collected by companies is considered to be reliable and of good quality, while 32% of the data is thought to be unreliable and of poor quality. Only 12% of the respondents said that all the data that their companies collect is reliable and accurate. Furthermore, the group of executives who admitted that they don’t know the cost of their companies’ data also said that only 62% of their data is reliable and of good quality – which means that around 38% of their data costs are related to data that they deem to be unreliable and of substandard quality. 

Alfred den Besten, ICRON’s Chief Marketing Officer, commented: “The results of our survey are fascinating, as such a high percentage of respondents stated that they don’t know what the true cost of their data is and that they think their data is not reliable and of subpar quality. This means that many companies are burning money on collecting and maintaining useless data, and that unreliable data is being used to make important business decisions – and this poses a major risk. To be successful, companies must be able to assess the cost and improve the accuracy of their data and use their data to make the best possible decisions.” ICRON’s President A. Tamer Ünal – who gave a presentation at the IoT EurAsia event on the topic of how to “Instantly transform your data into optimized decisions” – remarked: “Companies today have access to a tremendous amount of data from various sources including IoT devices and back-office systems, and data is the key driver of their business decisions.

The fact that so many executives don’t have a handle on their data costs and don’t trust the reliability of their data demonstrates that there is a real need for systems and solutions that enhance data utilization. ICRON’s groundbreaking optimized decision making platform does exactly that, enabling companies to use their data to automatically generate optimal plans and projections and make optimized decisions that minimize costs and maximize productivity and performance.”

 ICRON will be releasing the full results of the survey in the coming weeks.

Advanced Aero MRO Planning and Scheduling

The global aviation fleet is set to grow steadily over the coming decade, with global CAGR at 3.4%, and areas such as Asia-Pacific, seeing CAGR of 4.2%. This will significantly increase the demand for aircraft Maintenance Repair and Overhaul in the following years.

Increased demand will introduce new competitive forces and an increasingly demanding customer base. MRO companies will respond by capacity increase, overtime or hardware technology updates to accommodate the increase but this wont be enough or even if it would be enough the constraints on resources and the sheer cost of increasing capacity will be prohibitive.

A more intelligent way to handle the growth will be using game changer IT Technologies. Using advanced data analytics, predictive maintenance, data visualization and algorithmic supply chain planning and scheduling will enable companies to significantly increase the productivity and predictability of their MRO operations.

You may have heard the first 3 IT Technologies a lot recently but the last one, algorithmic supply chain planning and scheduling, is used in classical manufacturing for decades. This technology is based on Advanced Planning and Scheduling and automates and optimizes the generation of plans and schedules for supply chain and repair operations.

In MRO business, planning and scheduling is very complex. It requires planning and scheduling of thousands or tens of thousands of repair operations w.r.t tight physical resources, regulations, certifications, spare parts, etc. The environment is also very unpredictable since there are frequent rescheduling due to post strip/inspection repair needs, unplanned Aircraft On Ground (AOG) repairs and part cannibalization, machine breakdowns, spare part unavailability's, certified personnel absence, etc. Moreover, MRO plan, shop floor execution data and ERP data are not blended and visualized so the shop floor is a black box.

Singapore Aero Engine Services Limited (SAESL) uses Advanced MRO Planning and Scheduling
for its repair operations since 2007.

Algorithmic MRO planning and scheduling applications, such as ICRON Advanced MRO Planning solution, introduces 3 key concepts : Finite Capacity Planning and Optimization, High Performance, Automated Planning and Web Based Data Distribution and Visualization. Algorithmic optimization modeling introduced by ICRON can overcome significant MRO planning problems.

ICRON Aero MRO Planning and Scheduling is implemented in some large MRO facilities like Singapore Aero Engine Services Limited (SAESL) and Singapore Airlines Engineering Company. You can find the case study for SAESL here : ICRON SAESL Case Study.

Finite Capacity Planning allows better planning and sequencing w.r.t all your constraints will produce better and more realistic results. With finite capacity planning, you know any bottle neck and lateness due to these bottlenecks so you can take action.

MRO ERP systems (like SAP) assumes infinite capacity when detailed scheduling. This will mask a lot of lateness until it is too late. This is costly in MRO. Finite capacity planning allows you to see the results of capacity problems immediately. This allows you to take actions. It also helps you to answer repair history, current status and future schedule of the component in repair shops.

Optimization ensures the generated plan is the best possible one towards achieving your goals such as :

• Reduced Turn Around Times
• Reduced Overtime costs
• Reduced Total Setup times
• Reduced # of late jobs
• Increased customer satisfaction / revenue
• Increased facility productivity
• Increased workload balance on technicians

Supply Chain - Inventory and Product Availability Dashboard Demo by Qlik Sense

This Supply Chain - Inventory and Product Availability Dashboard demo application provides visibility into inventory levels (in-store, depot, and in transit) and potential insights into availability through out of stock measures and sales information. Lack of availability can mean lost potential sales. Too much inventory creates excess costs.

The demo app is designed to give visibility into the Retail environment to Consumer Products companies. The source data is the Retailer who makes information available from their store EPOS and depot systems to the Consumer Goods company.

This demo gives consumer goods company and any retailers a picture of product stock levels in store, depot and in transit, as well as sales analysis. The app supports Consumer Products companies in their effort through allowing users to reduce out-of-stocks and lost sales potential, as well as identifying potential alternative sources of replenishment.

This data can be viewed at the multiple levels and locations, in providing Consumer Products companies with detailed insights to support key business processes such as forecasting, demand and supply management.

This Qlik Sense demo is available online and you can access it by filling Data Analytics with Qlik Demo/App Request Form (select "Supply Chain - Inventory and Product Availability Dashboard Demo by Qlik Sense" in drop down).

This Qlik Sense supply chain, inventory and product availability dashboard demo illustrates how you can use Qlik Sense to potentially gain insights through visualizations and try to optimize inventory and availability not just one side of the equation.

About Qlik Sense

Qlik Sense analytics software is a business intelligence tool designed for the enterprise. Developed by Qlik, the company behind popular QlikView Business Intelligence Platform, Qlik Sense makes visual dashboard creation simple and intuitive, but doesn’t stop there. Qlik Sense also makes it easy to explore the data so you can understand what’s happening and why. Ask questions. Follow your intuition. Seamlessly navigate vast amounts of data from multiple sources. Then share your insights visually and accurately with other users directly or through the cloud.