While recent boom years may have allowed inefficient practices to take hold, indiscriminately pursuing operational efficiencies and cutting costs may impact future sustainability. Investment in data science will empower data-driven decision-making that restores competitive advantage.
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Market saturation and limited capital sources are reducing future opportunities for growth. However, credit unions possess considerable data about their business and their members. Data science can harness this information to unlock new growth opportunities while simultaneously improving member responsiveness.
With the rise in just-in-time (JIT) methods, delays and interruptions—planned or otherwise—are no longer acceptable. Data science will enable logistics providers to exceed their customers' expectations.
New technologies have provided consumers with real-time up-to-date product and pricing information, putting pressure on the already tight margins within retail and distribution. Data science can help avoid a race to the bottom by improving customer responsiveness, marketing effectiveness and supply chain performance.
TQM, Lean, Six Sigma and related methods have helped eliminate waste, increase efficiency and improve product quality throughout the manufacturing sector. Data science is the next generation of continuous improvement.
Decreased productivity and increased competition are squeezing profit margins throughout the construction industry. Data science can break down the construction industry's strong systemic barriers to increasing productivity.