HomeAIMachine Learning And Data Analytics The New Tools For Boosting Business Momentum

Machine Learning And Data Analytics The New Tools For Boosting Business Momentum

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Multi-faceted data analytics can be defined as the process of interpreting, cleansing, transforming, and sharing data. The sole motive is to derive information, used for drawing insightful conclusions and smart decision making. On the other hand, machine learning (ML) is the application of computer systems that use algorithms and automatically improve via experience.

These do not need pointed instructions to do the same. In simpler words, the former strategically analyses and interprets past data generated by the systems; whereas the latter is the automatic application of the obtained results for decision-making without any human intervention. Both these elements are crucial as one helps in understanding the past, and the other uses this information to design the path for future actions.

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The year 2020 saw the virus outbreak, which played a major role in changing user behavior, preferences, and patterns across the globe. In light of these rapid transitions, it became imperative for businesses to incorporate data analytics and ML in their operations, to accelerate growth and avoid stagnation. For instance, consumers became increasingly conscious about their health, consequently urging companies to offer products that befit the fitness orientation of buyers. 

Here are some ways through which these disruptive technological advancements boosted business momentum in 2020 – 

Customer base expansion and retention:

A market is identified by its dynamic nature, and cut-throat competition is a common characteristic. In such a situation, if an organization fails to understand the preferences of its target audience, then it will end up losing its clientele, and the products will be unable to meet buyer expectations. 

A combination of ML and data analytics enables businesses to understand consumer trends and behaviors. Data about customer’s shopping habits, demographics, income, purchase frequency amongst others allows organizations to seamlessly carry out numerous functions such as product development, pricing, and placement. By successful usage of available data, brands can not only meet but also exceed consumer expectations, simultaneously generating loyalty and acquiring new customers. 

Improved supply chain management:

Clarity, insight, and accuracy are the three cardinal pre-requisites for the smooth functioning of supplier networks. Conventional systems failed to leverage Big Data and made the supply chain prone to errors, delays, and losses.

However, modern management channels are backed by machine learning and data analytics, making it glitch-free. Now goods can freely move through long and complicated chains, as these systems are based on knowledge sharing, collaborative exchange, and contextual intelligence. 

Further, they promote inventory management by keeping a check on both the shortage and excess of commodities. For instance, if a particular product is in demand seasonally, these systems will notify the need for increased stock, along with the required quantity to meet the projected demand to reduce wastage. 

Supports risk management:

All businesses are risk-taking endeavors, especially now more than ever. These unprecedented times made it very important for businesses to identify the risk indicators, as well as successfully manage them by creating reserves, plans, and strategies to minimize losses.

Data analytics and ML allow companies to quantify their risks and establish models that will help in mitigating them. For instance, by performance tracking, data analysis can point out the factors involved and the extent to which they disrupt the operations of a company. ML can be employed to find solutions to eradicate such mishaps. 

Drives product development and innovation:

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The consumer is that king whose wants and preferences can change within seconds. To attract more consumers, healthcare organizations and businesses need products and services that are innovative, modern, and meet buyers’ needs. By applying Big Data analytics, brands can gain in-depth knowledge about their purchase patterns and buying behavior.

Further, ML can help in predicting future trends based on past data, this will equip companies to plan and be ready to offer something new as and when the need arises. Additionally, data analytics also provides information about the success and failure of varying products/services, whereas ML paves the way for improvement and betterment.

In the era of rapid changes, companies should leverage the benefits of such disruptive technologies to attain their goals of growth, profitability, and consumer satisfaction.

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Abhay Pai
Abhay Paihttps://stepsetgo.com/
Abhay Pai is a co-founder & CTO of StepSetGo,

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COP28 UAE: SANY Promotes Green Manufacturing Transformation, Takes Concrete Action to Tackle Climate Challenges

CHANGSHA, China, Nov. 23, 2023 /PRNewswire/ -- SANY Group, ("SANY"), a globally leading enterprise of the high-end equipment manufacturing industry, is accentuating advancing sustainable development and the green manufacturing transformation of the heavy machinery industry, ahead of the COP28 UAE, that is set to take place from November 30 to December 12 in Dubai. The theme of the 13-day program this year is "Actionism," calling for people to rise to meet the climate change challenges.

The COP28 will center on four major paradigm shifts – namely accelerating the transition from fossil fuels, agreeing on climate finance shifts, emphasizing the role of people and nature in climate action, and ensuring the summit is an inclusive event that women, indigenous people, local communities, youth, countries and more can all be a part of.

SANY is responding actively and positively to the summit's agenda with concrete actions to promote the transformation of green manufacturing, bringing sustainable solutions to the industries of mining, construction, wind power, and more.

Taking green actions to build a sustainable future

SANY is vigorously expanding the use of green energy (renewables such as solar and wind) in production processes to reduce the reliance on traditional energy sources, lower carbon emissions, and support climate change actions. It has adopted multiple initiatives, especially in accelerating the R&D and application of wind energy, hydrogen, and electrification solutions, and achieved significant results.

SANY's subsidiary SANY Renewable Energy has been investing in and constructing wind farms to boost the proportion of wind power in the energy structure, through intelligent upgrades in manufacturing and creating intelligent workshops. By doing this, SANY Renewable Energy has reduced the overall unit energy consumption and carbon emissions by 15 percent compared to pre-upgrade.

In 2022, SANY has added more than 3,000 energy metering connections. SANY built China's first intelligent mixing station park and invested 3.22 million yuan in photovoltaic construction that will produce 900,000 kWh of power annually. The park will cut 887 tons of carbon emission, 242 tons of dust emissions, 26.7 tons of sulfide, and 13.4 tons of nitric oxide to achieve synergetic development of intelligent manufacturing and environmental conservation.

A total of 11 subsidiaries of SANY have installed photovoltaic power generation equipment, with clean energy usage amounting to 16.013 million kWh.

SANY is actively engaged in the R&D of hydrogen fuel cell technology to improve battery efficiency, reduce cost, and boost the production and storage capabilities, while expanding the applications of hydrogen energy.

Innovation-driven climate action tackles industry bottlenecks

Through establishing a green supply chain, SANY adopts renewable materials and environmentally friendly technologies to reduce resource waste and improve the sustainability of the supply chain.

SANY continues to improve the long-term mechanism for pollution prevention and control, strengthen the control of waste emissions including water, gas, and other hazardous substances, and be cautious of business and operation actions that could damage the ecological environment. In 2022, the group's wastewater and gas emissions met the standard rate of 100 percent, with a 100 percent compliance rate for hazardous waste disposal.

The group is also pushing for using environment-friendly materials to minimize pollution, so that the carbon reduction throughout the product life cycle also includes materials. In 2022, its VOCs emission density was 0.0011 tons per million revenue, a 39.71 percent reduction from the base year.

Meanwhile, the continuous upgrade of production techniques and processes, promotion of energy conservation technologies, and advancement of low-carbon technology development are not only playing key roles in improving production efficiency, but also reducing carbon footprint and aims to reach the "dual-carbon" goals.

Calling for the public's participation

SANY has been carrying out training programs and campaigns centered on environmental protection for employees, while further raising community engagement in terms of green, low-carbon, community-friendly, and educational innovation agendas. In 2022, the company employees completed 687.4 hours of volunteer work, and SANY invested 9.75 million yuan in the year to support 15 public welfare projects.

SANY Construction Industry is leading the green technology application in urban infrastructure construction to accelerate the sustainable development of cities and building intelligent cities, green transportation systems, and energy-conserving architectures to reduce energy consumption, improving urban environment quality and people's livelihoods.

In terms of biodiversity and sustainable development, SANY emphasizes the conservation of soil, ocean, crops, and animals to create a better future, and advocates a circular economy to decrease the waste of resources.

In the context of increasingly severe issues of global climate change, SANY, as a leader in the green industry, is committed to promoting sustainable development and actively joining global efforts to address climate change through comprehensive initiatives such as green supply chains, green energy, and carbon emission reduction.

For more information about SANY Group, please visit www.sanyglobal.com or follow us on Facebook or YouTube.

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