Metrics help guide the performance of an organization; therefore, it is important to choose them correctly and with due consideration. If the metrics are wrong, they will lead decision-making in a wrong direction. Incentive schemes based on metrics are a good example of this.
In the energy industry and circular economy, the receipt of materials at the plant is a critical point in the supply chain management. At this point, the delivery of the supplier is officially verified and it is determined who pays for the material, to whom and how much.
This means that companies are required to record and report more specifically how waste is processed and prepared for re-use or recycling and the origin of energy produced.
The amendments will enter into force with a tight schedule and the companies are expected to meet the requirements established already after the turn of the year. In many companies, compliance with the requirements requires major modifications of the data collection and reporting practices.
A Business Intelligence (BI) system enables knowledge-based management. It converges information scattered across the different systems of a company into a single place in an easy-to-use format.
In order to be usable to support production-related decision-making, the data must be readily available whenever required and analysis must be trouble-free.
Computational Fluid Dynamics (CFD) means numerical modeling and computation of the behavior of fluids and gases. Fluid flow computation is particularly useful when we want to gain deeper understanding of certain phenomena, such as heat transfer from a component to another.
Companies use varied reporting practices; each level presents the data from its own perspective. This means numerous different Excel spreadsheets, formulas, calculation methods, and PowerPoint presentations that take time to compile and are completed at the last minute out of sheer necessity.