Glossary What is Business Optimization?
By / 2 Jan 2023 / Topics: IT optimization Digital transformation IT modernization
Business optimization is the process of improving the efficiency, productivity and performance of an organization. This can apply both to internal operations and external products. Big data and connective technology can be used to influence new approaches that drive business optimization — allowing businesses to achieve more.
Smarter analysis through improved data modeling, machine learning and artificial intelligence is helping businesses identify best-fit digital tools and innovative approaches that drive optimization.
Combining big data and artificial intelligence to promote business optimization can help a business address and improve:
- Client and employee experiences
- Revenue opportunities
- Cost management
- Risk management
- Existing processes
Effectively using big data and AI requires a host of modern technology tools and capabilities. You’ll also need to have plans in place for how your business will address security and privacy concerns, responsible AI deployment and overall management.
Pathways to optimizing the business aren’t restricted to leveraging data insights. A business can also adopt a host of new tools, approaches and capabilities to improve the business, including:
- Cloud-based software and infrastructure platforms for increased agility, scale and cost efficiency.
- Remote work and collaboration software that helps staff work anywhere, anytime.
- As-a-service adoption that reduces capital expenses in favor of operational expenses.
- Transformation services that help organizations re-think their current strategy and technology ecosystem to systematically train the organization on new tools and processes.
