Data Analysis and Management of Steel Organization...

Data Analysis and Management of Steel Organization A steel organization is very complex in nature. In such an organization, there are a large number of units working in conjunction with each other and there are a large variety of processes taking place simultaneously at all the times, generating huge amount of data. This large quantity of data need to be coordinated, collected, integrated, and analyzed for decision making in order to ensure the smooth running of the processes and units, as well as for the proper functioning of the steel organization. Hence data plays a very important role in efficient management of the steel organization. The speed and quality of the data analysis provide ultimately the steel organization the efficiency as well as a competitive advantage. Further while the majority of the data is generated internally in the organization, some of the data comes to the organization from the sources which are external to the organization. The generated data in the steel organization are worthless in a vacuum unless its potential value is unlocked and leveraged to drive the decision making in the organization. To enable such evidence based decision making, the steel organization needs efficient processes to turn high volumes of fast-moving and diverse data into meaningful insights. The overall process of extracting insights from the large data can be broken down into five stages (Fig 1).  These five stages are (i) acquisition and recording, (ii) extraction cleaning and annotation, (iii) integration, aggregation and representation, (iv) modeling and analysis, and (v) interpretation. These five stages form the two main sub-processes namely (i) data management, and (ii) analysis. Data management involves processes and supporting technologies to acquire and store data and to prepare and retrieve it for analysis. Analysis, on the other hand, refers...

Customer Segmentation – A Technique for Effective Marketing...

Customer Segmentation – A Technique for Effective Marketing Customer segmentation is also known as market segmentation. It is the practical division of potential customers in a given market into discrete groups. The division is based on customers having similar appearing needs and buying characteristics so that a common market approach can be used by an organization for the marketing of its products to them in a competitive and economical manner. Also when the organization plans for expansion, then executing a marketing strategy without any knowledge of how the target market is segmented is similar to firing shots at a target blindfolded. In such case the likelihood of hitting the target is a matter of luck more than anything else. Without a deep understanding of how best the current customers of the organization are segmented, the organization often lacks the market focus needed to allocate and spend its precious human and capital resources efficiently. Furthermore, a lack of best current customer segment focus can cause diffused go-to-market and product development strategies that hamper the ability of the organization to fully engage with its target segments. All of these factors when combine together, can ultimately obstruct the growth of the organization. All markets are heterogeneous and all the customers are not the same. The different customers have got different needs. Also customers’ behaviours towards a product vary based on their requirements as well as on the environment in which they are working. Hence marketing strategy of ‘one size that fits all’ does not work in present day situation. Therefore, effective marketing strategies requires a segmentation of the market into smaller and homogeneous customers’ segments, the understanding of needs and wants of these segments, the design of the products and services to meet these needs, and development of...

Data based Decision making in a Steel Organization...

Data based Decision making in a Steel Organization During the operation of a steel plant a large amount of data gets generated. In a steel organization where there are a large number of units working in conjunction with each other and where there are a large variety of processes taking place simultaneously at all the times, the generated data is many times that of a normal organization. This huge amount of data need to be coordinated, collected, integrated, and analyzed in order to ensure that proper decisions are taken for the smooth running of the units, processes and ultimately the steel organization. Decisions taken based on analyzed data ultimately help in providing the organization a competitive advantage. Even without disturbances, unexpected situations and current rapid production changes in a steel organization are challenging for operators, maintenance personnel and production planners and management who make decisions. Hence, there is a need to have a systematic methodology to structure the decision making situations and to find out the relevant information and other needed factors. The performance of decision making depends on the quality of the decisions taken. Structuring the decision making situation means that all the relevant factors are considered and not forgotten, and action choices are found out and their effects are evaluated. This kind of approach produces cost-effective decisions. Data if collected and stored is only a lot of information available. For data based decision making, the data is to be structured and processed. Inter dependency of the data need to be understood and proper integration is to be done to have meaningful data analysis for decision making. Data is good, but only as good as the systems in place to collect summarize, analyze, make decisions, make action plans, implement interventions, and sustain implementation....