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| Monitoring Leading Indicators |
Early Indicators Wish!
Importance of “Execute to Perfection” is undeliably very important. Supervision and Monitoring are essential ingredients for good execution. The wish list for great monitoring tools are-
- Accurate information
- Complete information
- Real time information
- Leading indicator analytics built-in
- Highlight important indicator or deviations amongst many parameters
- Visible to all stake holders
- Allows real time collaboration and intervention
Examples: Early Indicators
Examples of leading indicators in different processes are-
- Product quality parameter about to go out of control levels
- Vehicle current location, remaining distance and average speed indicating likely delay
- Share price pattern and events
- Current product level, average sales indicating stock out situation
- Social media feed indicating customer churn
- Number of voters turn out in election
- Pre-launch number of clicks on product page
- Eye blink duration indicating drowsiness/fatigue
- Number of walk-ins in a store
- Flaring in a stack in a chemical plant
How to go about it?
Monitoring is a class of business intelligence descriptive analytics field where near real time information and expected values of parameters are very important.
Any mention of real time aspect of monitoring is incomplete with sensor data from field devices or social media feeds e.g. GPS, Temperature, pressure, vibration, humidity, pulse, heart beat, voltage, frequency, video feed, sound waves, social media clicks/posts.
Studying pattern in data and building prediction models using sensor data or letting machine learning models figure out for you.
A generic ETL (integration) tool to handle different kinds of data, a platform like jupyter notebook to author python to make use of libraries and create fit for purpose predictive algorithm to meet you early indicator needs. This may get technically complex and we are happy to help.