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When running any sort of physical production based business, you will often have stock on hand. Instead of only stocking for a short time, there will be a "backup" supply of products that can be called upon as demand changes. This is known as "just in case" manufacturing and is highly common in most industries. However, several decades ago, the rise of lean business gave way to the concept of "just in time" manufacturing. In a just in time, or JIT, system, products are made as they are demanded and there is little to (ideally) no back-stock at any time. Why go lean? The idea behind JIT manufacturing is that one can eliminate several kinds of waste by taking away the need to keep inventory of excess stock. From now on, equate "stock" to "excess stock" or the concept of having too much on hand, because in a JIT environment "stock" doesn't really exist outside of individual orders. When you don't have to keep inventory, employees free up their time for other projects and tasks. Also, you have less paperwork to manage, and can focus on other things, like workplace safety, new profitability angles and marketing strategies, etc. Another reason to go to a JIT model is that you increase accountability of management. Because you have no inventory to fall back on in a JIT situation, inventory cannot be used as a crutch to make up for other problems. Slow, inefficient production is often masked by a stockpile of inventory, making it harder to realize certain areas of production may need improvement - these may include machine functionality, worker habits, reliability, and inadequate space management. Another huge place you save by adopting this method is in transportation. Materials do not need to be stocked at various sites and you need to do much less transporting. You will eliminate time wasted in transit when there is traffic or road congestion, and you'll even be more environmentally friendly by reducing fuel burned for shipping purposes

Enterprises across the board have a lot of untapped potential in their data. The data is not only relevant and useful within the enterprise but can be a valuable source of insights for the enterprise partners and customers. In some cases, the value of this data can be high that partners and customers are willing to pay extra to get access to this information at a certain fidelity, freshness or scope. Enterprises that do not have a clear and coherent monetization strategy are leaving money on the table. In addition, they stand to lose customers to competitors who gain the first movers advantage by addressing this market need. The Value of Data The first step in determining a monetization strategy is an audit of the enterprise data assets and a determination of the customers who are interesting and willing to pay a premium for access to this data. The Value of Data is proportional to the following: Freshness The more "fresh" a dataset is higher its value typically. This is because there is an advantage in the early visibility provided by first access to new information. 'Freshness' is defined the latency between the creation of data and the delivery of the data to the consumer. Consumers of data will pay a premium for fresh data if it fits into their decision and action strategy. Fidelity Higher the "fidelity" of data i.e. how much detail a particular data point carries also increases the value of the data in the eyes of the data consumer. Higher fidelity data offers more information and detail enabling the consumer to design highly valuable analysis that leverages the additional details offering a deeper insight into the situation at the present or historically. Raw The more "raw" a data set, higher its value as it can support a much larger set of analysis scenarios that a processed data set could support. Data sets that are aggregated, sampled, filtered or transformed can have a lower value as they can severely limit the type of analysis. Raw

When you're setting up a home, an inverter is usually one of the top ten things on your list of must-haves. As compared to old-school generators, they're quiet, switch on and off instantly and require less maintenance. But, it's not like there's a single inverter that's the right choice for everyone. You need an inverter for your home that matches your power backup requirements and of course, fits your budget. ...contd.

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