Numerical Insights publishes articles on a variety of topics including business analytics, data analysis, data visualizations tools, improving business results, supply chain analytics, HR Analytics, strategic workforce planning, and improving profitability. We aim to make our articles informative and educational.
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Why is product rationalization important? As the number of products increases and products move through their life cycles, the percentage of products that become low volume and/or low profit increases. So how does product rationalization work?
Read MoreIn the analytics world, there are teams that are “stuck.” This article is to help those teams get “un-stuck.” Perhaps you headed down the path of analytics without a plan. Perhaps you had a plan but the ever-changing data privacy regulations halted that plan. It’s time to refocus so you can begin to move forward once again.
Read MoreThe following overview is written as a guide to those new to analytics or new to solving business problems.
Read MoreFor those that attempt completion of workforce plans, the scenarios for these plans are almost always scenarios of growth. But the reality is, it is highly likely that a company will find itself in a reduction scenario at some point in time. It is these reduction scenarios where planning becomes crucial.
Read MoreWith all of our technology, big data storage choices, apps, data visualization tools and statistical packages, visibility and transparency remain a challenge for procurement teams. To make clear the difference between the two, when I speak of visibility, I am referencing the ability for procurement professionals to access and analyze their own internal procurement data. When I speak of transparency, I am referencing the exposure of procurement information to the public.
Read MoreThe concept of the Net Promoter Score (NPS) was first published in 2003 in an article called, One Number You Need to Grow. It was created as a way to measure and manage customer loyalty without the complexity of traditional customer surveys. Since that time, the same concept has been applied in multiple functional areas to replace longer surveys that require too much of a participant’s time.
Read MoreRegardless of what you do each day, you’ve probably realized that you are surrounded by data. The quantity of data that exists in the world grows substantially with every passing hour and it is said that 95% of it has yet to be analyzed. That’s okay, because success in the data and metrics world is not about analyzing data for the sake of analyzing data. It’s about analyzing data to answer a question. There also has to be value in finding the answer to that question or you risk wasting valuable resources (time and money).
Read MoreWith gender and ethnic diversity being such sensitive topics in recent years, it is the responsibility of both Human Resources, Legal teams and math experts to proactively provide statistical back-up to certain workforce decisions. One important application of math to workforce decisions is in avoiding adverse impact.
Read MoreData breaches are in the news every day, especially the large-scale ones that occur at retailers and financial institutions. But did you know that most data breaches are the result of employees accidentally exposing sensitive data? These unintentional actions can have substantial consequences.
Read MoreTo solve your inventory challenges, you went ahead and purchased an inventory management system. The software vendor demonstrated great capabilities to you and you thought your problems were behind you.
You took the time to add all of your part numbers to the system, your list of suppliers and their contracted lead times. The inventory system went live, your employees were all trained in how to use it, but in the end, you’re still experiencing unexpected stock-outs, displeased customers and frustrated customer service reps. Clearly, your new inventory software doesn’t work, right?
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