:explode: FOURTH INDUSTRIAL REVOLUTION
:check: Used ADVANCED ANALYTICS USES ALGORITHMS. Advanced analytics uses Algorithms is where machine learning and artificial intelligence play key roles.
Used to analyze the complex data processes.
:explode: EBITDA ( Earn Before Interest, Taxes, Depreciation and Amortization).
:check: Is the method to measure a company's net income, with cost associated with interest expense, taxes, depreciation and amortization added back in.
:check: Helps the organization to analyze and compare the profitability between companies and industries.
:explode: FASTER HEATING
:check: the Faster Heating process, Tata Steel has used an algorithm that can help analyze sixty different parameters per second to calculate the probability of molten iron boiling in the next minute. Therefore, raw iron can be heated faster without the risk of errors. It also helped Tata Steel achieve annual cash savings of € 50 million.
:explode: IN-HOUSE EXPERTISE
:check: Tata Steel’s had trained more than 200 employees to be experts in data science and data engineering at the in-house Advanced Analytics Academy as they were the ones with the most knowledge about the work processes and also achieving their goals to become the most advanced data-driven organization in the world as they don’t have to hire other external data experts. Therefore, as Tata Steel uses advanced analytics in business-critical processes, the management staff must be trained to be confident that the models used are the right ones.