“Without data, you're just another person with an opinion.” ― W. EdwardsDeming
If the last year has taught us anything, it’s that data is crucial for tackling challenges and making big decisions in business. As many scrambled to adapt to the new demands that Coronavirus presented, organisations already utilising data management and ‘cloud based’ services were able to respond and adjust much faster to the struggles of the pandemic.
But what do we mean by data in business?
Simply put, data is the facts, statistics, or information that's generated and stored by a business whilst operating both internal and externally. Customers, products and services, sales channels, employees, and financial transactions; organisations collect data around these types of elements every day. However, mastering your data is key to gaining real value from it.
How can data benefit the Scottish Manufacturing Industry?
By increasing focus and making use of suitable data management systems, benefits to the Manufacturing industry include (but are not limited to):
· Improve production and boost efficiency
· Anticipate machine failure and decrease downtime
· Enhance the supply chain
· Optimise product quality and reduce manufacturing costs
How does TORCH help you make use of data?
Funded by Scottish Enterprise, The Data Lab’s TORCH team was created to address the increasing demand for organisations looking to do more with their data (and understand how to get started).
If you have an idea, the TORCH goal is to help you invest in the early stages. By doing so, businesses stand to improve the quality of their outcomes and reduce risks to the later (more expensive) phases of the venture.
TORCH collaborates with organisation and helps them identify the answers to key questions such as:
· What is it they want to achieve
· What data is required
· What processes need to be followed
· What systems are required
· What platforms and options are available
· Which experienced technology suppliers can help
By addressing these points and providing neutral advice across the domains of people, process, data, and technology, the TORCH process joins the dots and allows work to move to a product ionised level. You can find examples of how TORCH has enabled organisations to successfully take their next steps with data in our business case studies.
Do you think there’s opportunity to move your business forward with data? The Data Lab’s TORCH team will be on hand at the SMAS National Manufacturing Conference 2021 to provide impartial advice around your project goals.