A Big Data Approach to Cost Reduction

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In today’s ultra-competitive marketplace, founders and executives need to prioritize eliminating any and all inefficiencies in their operations to ensure long-term success. Those that don’t will see their companies’ flounder as their profit margins are slowly eroded by completely unnecessary costs. As this Entrepreneur article explains, a San Francisco-based business called Sight Machine found success addressing that increasingly important issue. Taking a big data approach, Sight Machine performs a granular analysis of a company’s operations in order to give its leadership a clear picture of its strengths and weaknesses.

The services that come cheap; Sight Machine charges a setup fee ranging from $50,000-$100,000 in addition to a monthly fee. While the company’s services aren’t cheap, the data together is comprehensive. By placing small cameras, sensors and Internet monitoring devices throughout the workplace, Sight Machine can collect a wealth of data that can be used to pinpoint even the smallest inefficiencies. One company, a multinational auto-parts manufacturer called Inteva Products, hired Sight Machine to find ways of reducing waste and their manufacturing process. Sight Machine’s analysis proved to be so beneficial, Inteva executives asked the company with reviewing other parts of their operation in order to bring costs down even further.

Read the full article here: https://www.entrepreneur.com/article/271925

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