Big Data Solutions : Improving Operational Efficiency and Boosting On-time Delivery for a Chemical Industry Firm
Using Big Data Solutions to Improve Productivity and Profitability in the Chemical Industry About the Client The client is one of the top chemical companies in the U.S. The company produces chemical substitutes for 300,000+ customers across five major segments that include agricultural solutions, performance products, chemicals, oil and gas, and functional materials. The company […]
Using Big Data Solutions to Improve Productivity and Profitability in the Chemical Industry
About the Client
The client is one of the top chemical companies in the U.S. The company produces chemical substitutes for 300,000+ customers across five major segments that include agricultural solutions, performance products, chemicals, oil and gas, and functional materials. The company also constructs chemical substitutes for the petrochemical, gas manufacturing and pharmaceutical industries.
The Business Challenge
In the chemical industry, with global supply chains becoming more complex, raw materials prices have started varying and customers’ demands have started increasing. Due to this rising complexity, the race to develop big data technologies that can effectively manage and make sense of zettabytes of data being generated by our digital world is on. In this changing context, the client, a renowned company in the chemical industry, realized the need to leverage a big data strategy to analyze real-time information in every step of the production process, from receipt of a customer’s order to customer fulfillment, and satisfaction. Hence, the chemical manufacturer approached Quantzig to leverage big data solutions and apply them towards the redesign of their internal business operations.
Top Challenges Faced by the Chemical Manufacturing Company
Problem Statement 1
The chemical manufacturer was finding it extremely challenging to access the huge data volumes. Deficiencies in big data management complicated their work orders and forecasting and prevented them from fulfilling orders and reaching production goals. Thus, with the help of big data solutions, the client was looking to analyze all the data volumes and extract meaningful insights.
Problem Statement 2
As the evaluation and management of the chemical industry’s data consumed plenty of time of the workers, the client was looking out to expertly manage the data in a definite time interval by implementing a big data strategy.
Problem Statement 3
Improper decision making resulted in financial losses for the company. Thus, the aim of implementing big data solutions was to speed up the decision-making process. Moreover, with big data solutions, the client was looking out to make better and faster decisions by implementing big data analytics solutions.
Problem Statement 4
The client, by leveraging big data solutions, wanted to offer personalized services and develop a personalized offering to suit the needs of their customers. Leveraging big data analytics solutions would help the client better understand their customers’ behavior.
According to the experts at Quantzig, “Companies that implement big data solutions can identify potential bottlenecks, new market opportunities, and derive meaningful insights. Furthermore, big data management helps businesses generate cost savings, boost production yields, generate higher profits, and improve efficiencies in business processes.”
With the help of Quantzig’s big data solutions, a lot of businesses are taking improved decisions for better and profitable orders. Are you interested in our big data solutions? Request a FREE proposal!
Solutions Offered and Value Delivered
To help the chemical manufacturer tackle key challenges in the market, Quantzig adopted a big data strategy. The big data solutions revolved around the following phases:
The initial phase of the big data strategy revolved around data gathering. The experts at Quantzig conducted a deep analysis of the chemical industry and the company’s competitors. With the help of big data solutions, the experts at Quantzig were able to gather deep insights from various sources, which include business transactions, social media, and information from machine-to-machine or sensor data.
As the categorization of data into meaningful groups is essential to identify how and where improvements are to be made, we adopted a similar approach to group the gathered data into meaningful insights. This not only generated insights that were aligned to their business strategies and objectives but also proved to be beneficial in better identifying chemical industry trends and consumer buying patterns.
The final phase of this big data solutions revolved around minimizing supply chain costs, identifying price fluctuations, and minimizing labor cost by using big data technologies.
With the help of Quantzig’s big data solutions, the client was able to outline global raw material cost and average selling prices of chemical products and associated materials, blend data with inventory, and order backlog data-sets to increase periodical margins. The big data solutions offered also helped the client improve processes related to manufacturing, distribution, and delivery.
Big data solutions empowered the chemical company to improve their business procedures and increase productivity and profits. Moreover, with the help of big data technologies, the client was able to gain unparalleled visibility into their own internal sales and manufacturing data. Additionally, Quantzig’s big data solutions helped the client to analyze their customers, needs and buying patterns. This, in turn, helped the client offer personalized chemical products and service offerings to their customers. As a result, with the help of big data solutions, the client successfully realized millions in operational cost savings.
Leverage our big data solutions to improve operational efficiency in your business. Request for a FREE demo below!
What is Big Data Solutions?
With the increasing volume of customer data available from multiple channels, companies can take advantage of big data services and big data consulting to run their businesses more efficiently. Big data solutions help distinguish customer sentiment about products and services of an organization and gain a deeper, visual understanding of the multichannel customer journey and then act on these insights to improve customer experience. Application of big data solutions helps businesses to analyze customer behavior across multiple channels to determine how, when, where, and why customers are most likely to purchase.
As the world of digital continues to evolve, more big data metrics are being produced from an ever-expanding range of sources, meaning businesses like yours can really drill down and find out everything they need to know about their customers, both on a mass and individual basis. Thus, in this modern world, information is power, and with big data solution, you stand to become more powerful than ever before. The big data solutions can be used for:
Social listening: Social listening gives you the ability to determine who is saying what about your business. Brand sentiment analysis will present you with the type of detailed feedback you can’t get from regular polls or surveys.
Comparative analysis: This branch of big data solutions allows you to compare your products, services and overall brand authority with your competition by cross-examining user behavior metrics and seeing how consumers are engaging with businesses in your sector in real-time.
Customer satisfaction: By analyzing data from a multitude of sources with big data solutions, your business will be able to enhance the usability of your website and boost customer engagement. Also, these metrics will help you iron out any potential customer issues before they have a chance to go viral, preserving brand loyalty and vastly improving your customer service efforts across a host of channels.
Targeting: This stream of big data solutions offers the power to dig into social media activity about a particular subject from multiple sources in real-time, distinguishing audiences for your marketing campaigns.
Businesses are focusing more on agility and innovation rather than stability and using big data technologies to help companies achieve that in no time. Big data solutions have not only allowed firms to stay updated with the changing dynamics and helped them predict the future trends, giving them a competitive advantage.
What are the 4 V’s of Big Data?
In today’s world, big data solutions refer to both structured and unstructured volume of data that inundates a business on a daily basis. Many global manufacturers produce huge quantities of data that need to be analyzed for business requirements. Any inefficiencies when it comes to managing this data may hinder the company’s decision-making and eventually reduce efficiency and lead to compliance issues. However, with the right big data strategy and leveraging the 4Vs of big data solutions, companies can achieve their business objectives. If you are going to use or engage with the world of big data, then always keep in mind the four ‘V’s of big data: Volume, Velocity, Variety, and Veracity.
Volume: Big data is all about sheer volumes of data. Data volume will continue to grow regardless of the organization’s size. Such huge data volumes can be filtered using big data solutions to extract important metrics that are useful for the business.
Variety: Data can come from a variety of sources, typically both internal and external to an organization. However, the efficient management of such huge data volumes requires segregation of data based on their source. The data segregation with the help of big data solutions will help companies to make the necessary changes according to customer behavior.
Velocity: The velocity of data in terms of the frequency of its generation and delivery is also a characteristic of big data. The conventional understanding of velocity typically considers how quickly the data arrives and is stored and how quickly it can be retrieved. In the context of big data, velocity should also be applied to data in motion: the speed at which the data is flowing.
Veracity: Veracity shows the quality and origin of data. To make the right business decisions, organizations will have to develop a robust strategy to use the available data.
How Can Your Business Benefit from Big Data Solutions?
Better decision making: The quality of the data and the speed of generating the data allows business officials to make more informed decisions, and to make these decisions quickly.
Trustworthy data: Monitoring multiple systems to get customer contact info can save your business millions of dollars.
Understanding the global consumer base: Intense competition for customer loyalty indirectly hints at the growing need for companies to develop the ability to draw deeper consumer-centric insights from big data and in order to enhance their decision-making capability.
Big data solutions provide improved and organized channels for organizations for growth and revenue generations with the help of forecasting and predictive approaches. Get in touch today!