Currently, the business development in manufacturing sector is progressing rapidly. Manufacturing companies are required to always create improvements and innovations so that they can stay competitive against their competitors. In addition, top management in each manufacturing company are also expected to create effective and efficient business strategies with the aim to enabling the company can grow. Decision making and determining corporate policy must have a positive impact on the company's condition. Therefore, the role of data science is needed to provide accurate information relate the condition of the company, market and customers. Data science can provide an accurate overview about company, market and customers so that top management can make policies that aim for the company to achieve targets and develop its business.
Data science is a science that aims to provide patterns or trends from data that has been designed in a database to assist in making accurate decisions. In manufacturing company, data science can provide accurete overview about pola or trend related to consumer behavior, company operational performance and also what is trending in the market. Data science can help top management to analyze and understand customer and market preferences and behavior better, so that top management can design company strategy to increas customer acquisition and increas customer retention. Increased customer acquisition and customer retention can increase company sales so that sales targets can be achieved. Besides understanding current customer preferences and behavior, data science can aslo help top management to forecast consumer behavior and market trends in the future. This certainly allows top management can design company strategies that can anticipate market changes, so that market changes can be anticipated or even become a new opportuinities for the company. Furthermore, by gaining a deeper understanding of customer preferences and behaviors, as well as predicting market trends and behaviors, top management can design product depelopment that is more favored by cusotmers and implement a more comprehensive marketing strategy, thereby potentially increasing the company's revenue and profits. In product development, data science can provide accurate information so that manufactuirng companies can develop quality designs of their products based on the voice of customers.
Profit is total revenue minus total expense. Basically, increasing company's sales will certainily be able to increase company's profits. However, a good company does not just utilize increased to increase company's profits. Companies also need to reduce operating cost. This is because by reducing operational cost, so the company's expenses will decreas. Therefore, reduced operating costs can make the difference between total revenue and total expense can increase, which is can increase the company's profit. Data science can be used to optimize the company's operations in order to reduce waste. The most common thing that can be done is to utilize data science in analyzing the company's demand history and market trends. By analyzing demand history and market trends, data science can provide an overview of the company's future demand and inventory. With this analysis, companies can optimize from raw material inventory to finished product inventory so that to avoid shortages or excess stock and can eliminate the company's operational waste. Data science can also be used by manufacturing companies to optimize their product distribution scheduling. In addition, data science can also help manufacturing companies in designing the company's distribution network and determining the point of distribution so that the products produced by the company can reach customers in the most effective and efficient route so that can also reduced the company's total expenditure. Data science can be used to help predict when company equipment and vehicles should be maintained. The approach of using data science in maintenance is used to predict when a machine or vehicle manufacturing company experiences damage so that the company can take policies to carry out maintenance. This can eliminate delays in production and distribution and can avoid companies from high repair costs because the machine or vehicle is already badly damaged. This can certainly reduce the total expenditure of the company so that it can increease company's profits.
Porsche is one of the manufacturing companies that applies data science in its business processes. Porsche is a car manufacturing company headquartered in Stuttgart, Germany. Based on a survey conducted by th US market research institute J.D. Power and Associates, Porsche customers are very satisfied with the service performance performed by Porsche. This is due to the application of data science in the research and development of the Porsche company. Porsche develops its product quality design based on the voice of the customers. As a result, Porsche users feel very satisfied with Porsce's services which can have a positive impact on company's sales.
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