The Use of AI for Materials Inventory and Data Management

Artificial intelligence for IT operations (AIOps) is an umbrella term for the use of big data analytics, machine learning and other artificial intelligence technologies to automate the identification and resolution of common information technology issues. 

The systems, services and applications in a large enterprise produce immense volumes of log and performance data. AIOps uses this data to monitor assets and gain visibility into dependencies without and outside of IT systems.

Information Technology plays a major role for a business to save more time and money, helping employees more productive and draws more business. In this case, we can clearly states that IT is not a business plan but rather, it strongly \”supports\”a business plan.

For modern business, having a high quality data is essential for making decisions, help boost lead conversions, and drives success in inventory management.

A data driven-environment\’s common data quality issues are poor organization, incorrect and poorly defined data, data inconsistency, and poor data security. Validating and cleaning bad data records equates to costly data cleansing tactics that threatens business efficiency.

When it comes to materials management optimization, obtaining an AI-enabled platform can quickly give a solution in providing inventory visibility and rebalance. It is a promising alternative compared to traditional cleansing methods.

This platform is widely used by businesses that maintain  and operate big data to achieve operational excellence. With the use of  AI platform, it is mostly possible to  ensure efficient operations. Businesses mostly in Maintenance Repair and Operations (MRO) use this platform solution  to keep an on-site inventory of the most commonly used items that can reduce downtime, extra expenditures, and the general stress of restocking. Industries mostly in Automotive, Industrial Equipment, Utilities, CGS, Aerospace, and Electronics, mainly uses this AI platform to optimize inventory management.

Wikipedia\’s concise definition of inventory optimization is that \”It\’s a method of balancing capital investment constraints or objectives and service-level goals over a large assortment of stock-keeping units (SKUs) while taking demand and supply volatility into account.\”

Artificial Intelligence is transforming the way we work, live, and collect data and it can help leverage technology in many ways to improve the MRO industry. It\’s an effective way to utilize the use of  technology or devices to act smarter than humans.

Here\’s the Top 5 substantial Reasons to use MRO Optimization:

1. To help avoid the risk of overpaying and under performing.
2. Effectively determines stock levels.
3. Balance demand and supply.
4. Increase service and safety levels.
5. Provides decision support system.

To be able to compete in dynamics market, relying on data stewardship is necessary to speed and scale a business. At this time, trusting manual process doesn\’t makes sense if an organization aims for operational excellence and continually improve the consumer/partner experience.

With the right tools and technology, supported with the right MRO process and best practices, organizations can digitally transform. Leveraging data for more strategic, creative opportunities driving to advanced supply chains forward.

It is important to develop a full understanding of what specific MRO the company needs, to be able to efficiently foresees and monitor the inventory, suppliers, cost and services. To thrive, it is crucial to have positive mindset towards innovation and technology.

Again, with the right tools and with the right kind of help, inventory and performance efficiency can be achieved rather than relying on manual approaches that are prone to error.

Fix & Flip Real Estate Investing vs. Wholesaling?

For those unfamiliar with Real Estate strategies, Flipping and Wholesaling have been mistaken as the same thing. But what exactly is the difference between the two?


What is Fix & Flip Real Estate Investing?

→ This is the strategy of buying a house, renovating it and selling it to a valuable gain.

The following are the Pro tips in Flipping the house for maximum profit:

  • Don\’t buy house with damaged mechanicals.
  • Inspect the Property Before Making an Offer.
  • Map Out Your Profit Margin Carefully.
  • Plan for Different Potential Exit Strategies.
  • Know Who Your End User is.
  • Select Properties That Can Be Updated Quickly.
  • Reach Out to a Reputable Hard Money Lender.
  • Understand Risk Factors & Come Up With a Plan.
  • Know the Estimated Cost of Your Flip.
  • Build a Good Rehab Team.
  • Price Your Home Correctly
  • Know Which Improvements to Make.
  • Don’t Try to Do Something Too Big.
  • Don’t Make Unnecessary Improvements.
  • Partner With the Seller.
  • Choose the Right Market.
  • Determine How Much Cash You Will Need.
  • Take Care of All the Big Ticket Items & Do the Work Correctly.
  • Update Bathroom Vanities.
  • Add a Few High-end Features to Your Property.
  • Buy the Worst House in the Best Neighborhood You Can Afford.
  • Update the Walls, Ceilings & Floors.
  • Plan Your Renovation Carefully.
  • Study the Local Market.
  • Take the Necessary Real Estate Courses.
  • Do Your Due Diligence When Purchasing a Distressed Property.
  • Leave room for unexpected costs.
  • Work With a Real Estate Agent Who Knows the Local Market.

With all the Pro tips listed above, one must also take advantage using an online platform like Connected Investors review that connects real estate investors to private funding, off-market deals, and other serious real estate investors. By using a Real Estate App, it makes it easier to gain knowledge and network all throughout the Real Estate Community.

Wholesaling?

→ Is when the house is put under contract and sold-as is to an investor.

  • In real estate wholesaling, a wholesaler contracts a home with a seller, then finds an interested party to buy it.
  • The wholesaler contracts the home with a buyer at a higher price than with the seller, and keeps the difference as profit.
  • Real estate wholesalers generally find and contract distressed properties.
  • Unlike flipping, a real estate wholesaler doesn\’t do any renovations or additions, and carry no costs.

Looking from each simpler definition, Fix and Flip investing needs a large sum of investment to start of. If you don’t have money to buy the property, pay for utilities, insurance, Attorneys fees, taxes, closing costs, etc… then consider wholesaling.

Although some experienced more success in Flipping, it\’s just a matter of finding a good deal that determines what\’s the best strategy to take.

Personal Thoughts:

I consider Wholesaling less stressful as it was a direct agreement between the  seller and the buyer. It can be more manageable and profitable after all as one doesn\’t have to actually invest. Wholesaling deemed as more beneficial especially when you hit a foreclosed properties wherein sellers can agree to sell below market value rather than affect their financial dynamics like the burden of taxes, mortgage, insurance and upkeep.

Meaningful Insights from Master Data Management Solutions

Data Management is the process of ingesting, storing, organizing and maintaining the data created and collected by an organization. Effective data management is a crucial piece of deploying the IT systems that run business applications and provide analytical information to help drive operational decision-making and strategic planning by corporate executives, business managers and other end users.

Strategic planning is vital to growth of every small business because this is an action plan on how to effectively assess the business direction. It is simply a clear vision of where the business at, and where it is going.

Financial projections and market analysis were crucial examples on what to include in a business plan. Writing down a business plan includes a layout of ideas, goals and objectives and on how to accomplish it and a path to do that. In this way,  business opportunities and challenges are carefully analyzed. False assumptions can lead to poor decision making that is why it is very important to utilized facts from accurate data to make more informed decisions that will lead to commercial growth.

Finding the right reporting tools and the right data integration platform can ease the burden of getting overwhelmed with a huge amount of information for your data driven decisions.

This is where Master Data Management Solutions comes in. Through a wide choice of enterprise MDM solutions.

Master Data Management Solutions (\”MDM\”) is a technology-enabled discipline in which business and Information Technology  work together to ensure the uniformity, accuracy, stewardship, semantic consistency and accountability of the enterprise\’s official shared master data assets.

Master data management can be viewed as a \”discipline for specialized quality improvement\”defined by the policies and procedures put in place by a data governance organization. It has the objective of providing processes for collecting, aggregating, matching, consolidating, quality-assuring, persisting and distributing master data throughout an organization to ensure a common understanding, consistency, accuracy and control, in the ongoing maintenance and application use of that data.
Processes commonly seen in master data management include source identification, data collection, data transformation, normalization, rule administration, error detection and correction, data consolidation, data storage, data distribution, data classification, taxonomy services, item master creation, schema mapping, product codification, data enrichment, hierarchy management, business semantics management and data governance.

Simply put, MDM offers a fast, affordable, and scalable way to build trusted foundation of data across the enterprise.

Like that of gartner master data management that offers an easy and affordable solution in a shorter implementation times. This is the best way to get business insights on strengths and weaknesses that can later on optimize sales and profits.

With today\’s technology advances, obtaining data to solve business issues through MDM is a proven and effective way to draw meaningful insights.

Data sources like social media, point of sale, enterprise applications, and more becomes manageable when collected, analyzed, and leveraged in a single view. Thus, it improves decision making and execution in a fast and reliable approach. A big advantage that MDM offers above all is data trustworthiness. It supports business initiatives that can eliminate costly inefficiencies caused by information silos. In this way, duplication of effort, lack of synergy and missed opportunities can be avoided.
Overall,  developing a digital transformation strategy is the best gear to do business in this digital age.

Mobile Engagement Tips for Business Owners

\”Be the business that truly gets your customers.\”
Can we all agree that how you take care of  your customers is what makes or breaks the business? Authentically engaging with customers is what successful business owners do to maintain a connection.
Taking advantage of today\’s technology gives a huge boost for business owners to engage and build a strong connection. Whether thru email, direct message on twitter, Facebook message, or SMS that provides a personal approach  can effectively build an emotional connection.
As a consumer, receiving a brief message from the brand itself makes us feel valued and somehow creates an instant connection. What more if it includes a personal touch that makes a more meaningful engagement that strategically provide a useful information and convenience?

image source
The use of messaging platform is one effective way to stay ahead of  what technology has to offer  and not behind it. This includes making sure that your customers are well taken care of and you can timely respond to what they need.
\”By sending intelligent, customizable messages, you can tell your story in a way that resonates with your audiences. And with a full suite of support functions, you can track, automate, and better understand your mobile marketing and engagement efforts.
Here\’s the top things to consider when creating a genuine and valuable connection:
  1. Ask not how you can sell but how you can help.  
  2. Offer customers value in exchange for their attention (discounts, freebies…?). 
  3. Involve customers on deeper level of connection by asking opinion and brand recommendations.
  4. Stay relevant. Get the right information on needs, wants, and expectations to came up with exciting offer.
  5.  Be highly responsive.
A positive overall customer experience increases  loyalty and will eventually make them help spread the word to their social circles. The success on customer engagement depends on how sincere and heart-felt connection was shown. Afterall, creating a genuine friendship is possible! More so if both share the same passion and interest, making it mutually beneficial for a more sustained relationship.

Truly as they say, \”When you connect to the world, the opportunities are infinite.\” 

With the right business tool, targeted audience can easily turn into loyal customers if only businesses can continuously provide relevant communication. However, staying relevant and sending personalized content can also be a real challenge. Good thing there are  messaging platform that offers assistance  for effective communication strategy.

These messages are globally delivered via:

  • Text Messaging (SMS)
  • Push Notification
  • Mobile wallet
  • Apps
  • Voice calling
  • Live chat
  • Rich Communication Services (RCS)
  • Facebook Messenger
Effective communication strategy suggest sending the right message to the right person at the right time. Understanding customers buying behavior and preferences adds a big factor to help out in starting a strong connection. So whether you seek out a professional help or not, always find ways to utilize the use of social media to connect and advertise. 
Be known as a brand that  creates a useful, easy interaction whenever and wherever. When it comes to customer\’s needs, always dig deep and dive deep. This helps create a lasting engagement that are more likely leads to the next step– to learn more or purchase.