When to optimise your business
Industrial Mathematics allows us to produce solutions to complex business problems within minutes. Problems that would take years for humans to solve unaided, are now solvable. Reducing operating costs? Check. Meeting contractual agreements? Check. Achieving higher throughputs? Check. Managing more efficient workforces? Check.
Yet many businesses continue to rely on inefficient or manual systems to complete tasks that could be optimised and automated. Automated data input and optimised decision support tools provide accurate, reliable information that drives better business decisions.
The types of decisions that can benefit from optimisation range from high level strategic insights to controlling real-time operations. You might, for instance, want to know how a new mine might cooperate with your existing portfolio of mines. Or you may want to know where to send your trains next to service your customers in a complex value chain.
All of these situations involve decisions that are usually beyond the capabilities of traditional business intelligence tools and spreadsheets. Ensuring your business is using the right tools to make the best decisions can be the difference that makes your business an industry leader. Companies that use optimisation techniques are able to analyse "what-if" scenarios and consider their business constraints and objectives to solve complex operational problems and improve productivity and cost efficiency.
So what makes your business a good candidate for optimisation?
Firstly, you need data – the power of numerical optimisation lies in the data. But rest assured, you don’t necessarily need sophisticated business systems, sensors, apps, etc, - just good records and experts within your company who intimately understand the processes and constraints of your business.
You also need a firm understanding of your business objectives – any optimisation project costs both time and money, yet solving problems such as - "how will substituting contractors for full-time staff impact our bottom line?" or “in what order should I ship product to most efficiently fulfil contracts?” - can lead to significant savings for your business and a good return on investment.
Finally, you need to be ready to adapt and innovate – adopting new technologies may involve changing existing business processes and roles within your organisation.
Optimising your business operations has the potential to unlock enormous value. To help determine the potential benefits for your business, contact us for a demo of one of our products.
