Understanding Business Problem
Table of Content
- Business Problem Statement: Investment Banking
- Business Problem Statement: Defense
- Business Problem Statement: Law
- Business Problem Statement: Energy
- Business Problem Statement: Social Sector
- Business Problem Statement: Retail
- Business Problem Statement: Automotive
- Business Problem Statement: Telecom
- Business Problem Statement: Healthcare
- Business Problem Statement: Manufacturing
- Business Problem Statement: Aviation
- Business Problem Statement: Financial Regulatory
- Business Problem Statement: Financial Credit
- Business Problem Statement: Financial Products
- Business Problem Statement: Banking Operations
- Business Problem Statement: Insurance
- Business Problem Statement: Microfinance
Business Problem Statement: Investment Banking
By the end of each day, an investment bank analyses millions of transactional data points to determine the ROI. Analysts are used to categorise the deals in order to expedite the process. The transactions come from a variety of places, including internal trade desks, outside brokers, etc. The trade origination identification method frequently makes it necessary to take more time to calculate ROI. What is the data scientist supposed to do?
- Business Objective: Minimize ROI calculation time
- Business Constraint: Automate Trade Classification
The "trade-matching" process is used by investment managers to compare the transaction information between customers and the appropriate brokers. The trade matching must be completed on time in order to avoid the requirement for manual intervention. In such cases, the matching is unsuccessful, causing loss for all parties. How is a data scientist able to assist?
- Business Objective: Minimize Manual Intervention
- Business Constraint: Maximize Failure Scenario Identification
Investment banks' core business is trade. Electronic buy or sell orders are continuously placed by traders. Brokers' use of trade routing algorithms drives up transaction costs and reduces trading liquidity for investors. How can the trader be helped by the data scientist?
- Business Objective: Minimize Trader Loss
- Business Constraint: Maximize Trade Routing efficiency
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Business Problem Statement: Defense
Defense supply chain is a matter of life and death for armed forces. Even slightest of disruption or delay can be extremely fatal to a country’s security. How can a data scientist help the cause?
- Business Objective: Minimize Supply Chain Threats
- Business Constraint: Maximize Real-Time Updates
Data Scientists in the defense sector experience regular spoofs, deceptions, and network jamming. This makes their task extremely difficult in generating the right insights for the armed forces. What should the data scientists do?
- Business Objective: Minimize Hack Scenarios
- Business Objective: Minimize False Signals
- Business Constraint: Maximize True Insights
To minimise risks and casualties during times of conflict, the armed services prepare for a wide range of likely scenarios. As a result of these inadequate precautions, an officer in the armed forces is constantly exposed to a wide range of risks. National security is also at risk. How is a data scientist able to assist?
- Business Objective: Minimize Risk and Loss
- Business Constraint: Maximize Simulated Threat Scenarios
Business Problem Statement: Law
Law firms providing analytics-driven consultancy bills its clients by the hour. Clients face the heat of huge bills as the analytics process is time-consuming and requires a lot of time investment on behalf of the law firms. Clients are unable to control the situation. What should the clients do?
- Business Objective: Minimize Billable Hour Cost
- Business Constraint: Maximize Insights Driven Payments
Building one artificially intelligent solution in the field of law that can be deployed across countries is a far cry. Because the cultural context and vernacular vary across the globe. So, one solution is difficult to fit all. What can the data scientist do?
- Business Objective: Standardized Solution
- Business Constraint: Maximize different language lexicons
The Indian Penal Code provision under which the case falls is outside the lawyer's area of competence, yet appellants fall victim to attorneys who take up their case anyhow. This is predatory activity motivated by attorneys' insatiable need for the legal consulting fees they demand. How can the data scientist aid the parties to a lawsuit?
- Business Objective: Maximize appellant awareness
- Business Constraint: Absence of Lawyer Database
Due to a variety of factors, justice is often delayed in many judicial matters in India. One of the difficulties is having the documenter who submits the First Information Report properly document and analyse the situation. According to reports, cases must be transferred from lower courts to the highest court for years in order to obtain justice owing to incorrect paperwork and interpretation problems. How is a data scientist able to assist?
- Business Objective: Minimize Time to Verdict
- Business Constraint: Maximize Anomaly Detection
It takes a lot of effort and time to do legal research. One has to go through a lot of textual material in order to uncover significant legislation and decisions. There is no platform that can speed up or simplify legal research for ongoing court proceedings. How is a data scientist able to assist?
- Business Objective: Maximize Law Research Efficiency
- Business Constraint: Minimize Textual Content
Business Problem Statement: Energy
Golden Cruiser is a producer of coolants and lubricants used in automotive. They have a stable business however the business has been stagnant as they have not been implementing retailer credit programs like many other large size companies such as Shell, Total, etc. They claim that it is a risk-prone initiative and retailers can default. How can they increase their market share?
- Business Objective: Maximize Organization’s Top Line
- Business Constraint: Minimize Retailer Default
In the oil and gas industry, threat to the environment and human life is a big challenge. During the drilling process of natural resources, harmful emissions lead to serious health issues. What can be done to control it?
- Business Objective: Minimize health threats
- Business Constraint: Maximize Identification of threats
Customers expect complete transparency in energy billing services. Be it cooking gas or electricity. Also, they want to have a clear understanding of their consumption pattern that can help them control their expenses. How can energy companies manage customer expectations?
- Business Objective: Maximize Customer Satisfaction
- Business Constraint: Maximize Real-Time Traction
Theft of energy is a problem that energy firms frequently encounter. This occurs as a result of hackers directly accessing cable-based electricity. The energy firms want to detect and foresee any such scenario in order to prevent energy theft. What action should energy corporations take?
- Business Objective: Minimize Revenue Loss
- Business Constraint: Maximize Theft Surveillance
All of India's states continue to experience power disruptions, which eventually causes people inconvenience. In the event of a power outage, the power distribution corporations are always held accountable. It occurs because a power loss cannot be detected or predicted in real time. For each outage, the power providers must conduct a root-cause study and determine the indications and thresholds. How is a data scientist able to assist?
- Business Objective: Minimize Power Outage
- Business Constraint: Maximize Indicators for Power Outage
Business Problem Statement: Retail
Customers using online platforms to buy products have matured up due to the presence of many online retailers. Before purchasing the product, the customers are able to compare the price across online retailers to make better decisions. Retailers are feeling the heat of lost business. How can the data scientist help the online retailer?
- Business Objective: Maximize the number of customer purchase
- Business Constraint: Maximize customer loyalty
Retail industry patterns and tendencies deteriorate quickly. While merchants may use big data solutions to spot patterns and trends and generate insights, there is only a very little window of opportunity to put those findings to use. Arriving at the correct insights that have organisational acceptance also reduces the window, assuming any time is available. What can merchants do?
- Business Objective: Maximize insights crystallization velocity
- Business Constraint: Minimize decision making inertia
Due to ignorance, small shopkeepers and mom-and-pop shops suffer income loss. Ironically, they are ignorant of it. On the other side, major retail businesses improve their balance sheet. The limited visibility of tiny retail outlets allows brands who pay high fees for branding and stocking to reduce their costs by using the free space provided by small merchants. How can little merchants limit their losses?
- Business Objective: Minimize Real Estate revenue loss
- Business Constraint: Maximize utility for brands
The fierce competition from online retailers is causing Goofy Retail Stores Inc to see a reduction in client traffic and sales. Loyal clients' orders have also decreased. What benefits can the retail business expect from the data scientist?
- Business Objective: Maximize store sales
- Business Constraint: Maximize customer offers
- Business Constraint: Increase customer engagement
- Business Constraint: Maximize customer convenience
Balmart is the largest e-commerce player with 60% market in India. Farget is its strongest competitor and growing at a rapid pace. Balmart’s customer base is majorly centred in metro areas. That accounts for 90% of its sales. The rural presence is negligible due to internet connectivity, low logistical support & high costs, education, and discomfort with online payments. What should the company do?
- Business Objective: Maximize Market Share
- Business Constraint: Minimize Delivery Cost
- Business Objective: Access Rural Market
- Business Constraint: Lack of Trust
Business Problem Statement: Automotive
There are several informational inequalities in the field of personal car maintenance. Vehicle maintenance and repair service providers are encouraged to engage in predatory behaviour since there is a lack of adequate knowledge on these topics. It enables them to mislead the owner, overcharge, or recommend replacing spare components that might not be necessary. How can the proprietors prevent this?
- Business Objective: Minimize information asymmetry
- Business Constraint: Maximize owner education
Using public transit greatly improves connectedness and mobility. Though it would not have been the driver's fault, the majority of the time in a traffic collision, the public transport driver is held accountable. The sheer size of the car or the driver's socioeconomic status are factors that contribute to stigma. How can the data scientist assist the public transport drivers?
- Business Objective: Minimize road accidents
- Business Constraint: Tracking driver behaviour
Vehicle safety is the regulating body's first priority. Automotive manufacturers are required to make improvements and modifications in the raw materials they purchase in order to lower the weight of the vehicle while maintaining the highest level of safety in accordance with the most recent regulation changes for safety and crash improvement. Steel usage in the manufacture of vehicles is impacted, necessitating reengineering or the search for alternatives that might raise manufacturing costs. What steps can automakers take to comply?
- Business Objective: Maximize vehicle security
- Business Constraint: Minimize production cost
Personal car ownership is on the decline. The millennial generation is socially responsible and motivated. They associate higher value to social acceptance with renting a cab service or carpooling for mobility. Automotive companies in the space of personal mobility are facing the heat and in turn it is affecting the complete value chain including suppliers and logistics service providers. What can the industry do?
- Business Objective: Maximize personal care sales
- Business Constraint: Maximize the ecological value of car ownership
Sweeny Automobile Inc is the producer of heavy Electrical Trucks (ET). The company operates in North America and Europe. They intend to sell ETs in Indian market. The ET runs about 350 km to 400 km in one charge and produces 95% less harmful gases as compared to regular fuel trucks. The cost of each ET is twice the cost of a regular truck. How can the company sell its truck in Indian market?
- Business Objective: Maximize Market Share
- Business Constraint: Minimize cost stress
Business Problem Statement: Telecom
American Tower Company (ATC) entered the Indian market a few years ago and owns the maximum number of telecom towers in India. The company is struggling to maintain the passive infrastructure to manage connectivity at all times. The efficiency and performance of each tower varies and is dependent on manual intervention. What can ATC do?
- Business Objective: Minimize Tower Management Effort
- Business Constraint: Maximize Connectivity
Many telecom service providers have started offering payment services. The customers are spoilt for choices. In order to secure personal time, customers utilize service from at least 2 service providers. Telecom operators find it difficult to motivate customers to use their payment services. Also, there are many other payment service providers that compete fiercely. What can the operators do?
- Business Objective: Maximize Customer Activation
- Business Constraint: Maximize Customer Benefits
Due to the fast advancement of technology, network security is a constant challenge to telecom operators. Customer privacy is immediately impacted by this. How ought the operators proceed?
- Business Objective: Minimize Security Threats
- Business Constraint: Maximize Authentication Attributes
Every day, Gandalf Telecommunication handles hundreds of consumer queries. The telecom provider has received a deluge of inquiries because of COVID 2019. Because they must work from home, the staff are unable to offer an immediate answer. Additionally, the personalisation of the service is suffering, which is making the customers unhappy.
- What should the company do?
- Business Objective: Maximizing Customer Satisfaction
- Business Constraint: Minimizing Customer Requests
Scrooge Telecom Pvt Ltd is spending a lot of money on billing. Customers get their bills by email, short messaging service, and regular mail. The business wants to send the bills using each of the three methods. How can a business keep the expense of billing in check?
- Business Objective: Minimize Billing Cost
- Business Constraint: Minimize Shipping Cost
- Business Constraint: Minimize Raw Material Cost
Business Problem Statement: Healthcare
For over 30 years, the Caduceus group of hospitals have offered medical treatment. Although there are financial difficulties, the newly appointed CEO is bursting with ideas and wants to expand the value chain. The CEO wants to make use of the vast amounts of data that the group hospitals have generated. The correct management and storing of data have never been a priority for the organisation. In the past, it relied on SQL. Unstructured data is produced for patient records, linked medical devices, surveys, etc. The CEO should what?
- Business Objective: Build Data Managed Organization
- Business Constraint: Unavailability of Non-RDMS
- Business Constraint: Lack of Financial Resources
Various stents are provided by Bumblebee Inc for use during cardiac operations. The price to bring the stents to market is about INR 7000. Patients must pay anywhere between INR 50,000 and INR 2,50,000, though. Stents cannot be sold for more than INR 25,000 according to a recent government law. The firm is concerned that regulatory changes may cause it to lose customers. What actions should it take to control the economic downturn?
- Business Objective: Minimize Business Loss
- Business Constraint: Maximize Business Volume
A novel medicine has been developed by Dumbledore Drugs LLC to treat COVID sufferers. In just 4 months, the business was able to create this medication. A small number of patients were used for testing, and the findings were promising. Patients say they are doing better. The drug's testing sample size was too little, hence the corporation is unable to offer the product on the market.
- Business Objective: Neutralize Spread of COVID 2019
- Business Constraint: US FDA approval
- Business Constraint: Large Sample Trails
A worldwide manufacturer of anti-smoking products wants to offer their goods in India's premium market. Other nations get the items for distribution. It wants to sell the goods in India for a high price. What ought the business to do?
- Business Objective: Enter and Capture India Market
- Business Constraint: Price sensitive market
- Business Constraint: Product patents
A pharma factory in India creates branded and generic neurological and respiratory medications. The manufacturing wants to grow the scope of its operation. Given that India is a price-sensitive market, it cannot raise medicine costs. Hospitals, independent pharmacies, and chain retail pharmacies are all served by it. The most lucrative clientele is that of large companies. What ought the business to do?
- Business Objective: Increase business volume
- Business Constraint: Increasing the sales force
- Business Objective: Increase market size
- Business Constraint: Enter international market
Business Problem Statement: Manufacturing
A maker of E-rickshaws also exports E-rickshaws on a net basis. Prior to COVID 2019, it produced E-rickshaws to satisfy both home and foreign demand. 100% of the product's local market consumption has been reported, but the producer is claiming significant losses since the pandemic has shut down the world's marketplaces. This is because the product has not yet been exported. The maker should what?
- Business Objective: Minimize losses
- Business Constraint: Create new domestic customer segments
A producer of microchips is having problems with product quality. Even though the product goes through at least 100 quality control checks before being packed, there have been reports of faults in the microchips. Production floor supervisors have been manually monitoring the quality measures, which is a very time-consuming operation, and the faults are not detected in a timely manner or are overlooked owing to oversight. How can the business improve the quality?
- Business Objective: Minimize defects
- Business Objective: Maximize Quality
- Business Constraint: Invest in Quality automation
A maker of carton boxes laments the lengthier time needed to complete the box production process. There are both large and midsize boxes made. Due to the complexity of producing mid-size boxes, which has expanded as a result of the constantly shifting demand environment, the machines must be run at a slower rate than usual since operators cannot maintain quality at a greater rate. How should the manufacturer handle this situation?
- Business Objective: Minimize production time
- Business Constraint: Upskill the technicians
A Canadian clothing maker with the name of Nutmeg Nation. The CEO desires a 35% increase in the top line. In the market for inexpensive garments, the firm is one of the top 5 manufacturers. Lower-middle-class adults are the main clients. The business is up against both low-end and high-end manufacturers in fierce rivalry. Due to rivals' lower manufacturing costs than Nutmeg's, it is unable to access the Asian market. How can the business expand?
- Business Objective: Increase Revenue by 35%
- Business Constraint: Expand new customer segment
- Business Constraint: Enter international market
- Business Constraint: Create a new premium brand
A manufacturer of pigments is seeing its market share shrink. Although sales have not decreased and production is operating at full capacity, the firm is not expanding as quickly as its sector. Since its plants are located distant from its clients, connection is affected and transportation costs are raised. How can the business help?
- Business Objective: Ensure industry growth parity
- Business Constraint: Increase production capacity
A 50-year-long, trouble-free tube light has been developed by an electrical goods company. The tube light costs 150 times more to make than a standard tube light. Users find it difficult to pay for the goods because of the high pricing and lack of understanding of the long-term advantages. The CMO should do what?
- Business Objective: Maximize product penetration
- Business Constraint: Identify the right target segment
Business Problem Statement: Aviation
There is an aeroplane mechanics shortage in the aviation industry. This has increased aircraft wear and tear and put a lot of demand on aviation maintenance. Preventive maintenance and manual inspection take time. How can the aviation industry address the issue without incurring significant costs?
- Business Objective: Aircraft and people safety
- Business Constraint: Expenditure on predictive maintenance
An international supplier of intracity helicopter transport services is Zephyr. The travellers will employ a helicopter service to get to and from different parts of a sizable metropolis. Zephyr is thinking about making the service available in Mumbai. It will only be able to go 8 full circles every day at a cost of INR 7,000 per participant. A maximum of 4 persons can ride together. Only really wealthy individuals in India can afford this price since it is so exorbitant. It is quite difficult to maintain this kind of business. What ought Zephyr to do?
- Business Objective: Sustainable operations
- Business Constraint: Miniscule market size
For the past 40 years, a commercial cargo aeroplane has been in service. It has implemented a data management strategy during the last three years, but only on paper. Data concerning shipping cargoes were not adequately collected or stored. The data is quite variable and there are a lot of missing numbers. The volume of data is little, and the dispersion of the data is quite unpredictable. In order to properly prepare for logistics, it wants to develop forecasting models to determine how much cargo should be anticipated each day for transportation.
- Business Objective: Maximize cargo revenue
- Business Constraint: Optimum data unavailability
A low-cost airliner, Maxjet, from Europe wishes to implement a green strategy by adopting sustainable practices. Currently, none of the low-cost airlines in the market have adopted this strategy. So, there is no benchmark available. How can the airliner go green?
- Business Objective: Minimize carbon footprint
- Business Constraint: Maximize green fuel usage
For the past few years, a low-cost airline has been losing money. It has a small airport that has poor last-mile connection for travellers that is owned and located on the outskirts. Although there are more flights in operation, there are fewer passengers on board. The perceived expense of travelling to the airport is too great. What is the budget airline supposed to do?
- Business Objective: Maximize flight occupancy
- Business Constraint: Ensure passenger-airport connectivity
Business Problem Statement: Financial Regulatory
Basel III is a global administrative agreement with the goal of enhancing the rules, supervision, and risk management for the banking sector. Minimum capital requirement is one of its three foundations. supervision evaluation and market control. It outlines the minimum regulatory capital requirements for banks. To gauge a bank's lending capacity, this capital is used. The more capital a bank maintains, the more money it can lend. Risk-weighted assets are assets that pose hazards for a bank. Different risks are associated with each asset type, which has a commensurate effect on capital. In order to have more money to lend, the bank makes an attempt to buy low risk associated assets. How should banks deal with this?
- Business Objective: Maximize quality lending
- Business Constraint: Minimize Risk-Weighted Assets
Business Problem Statement: Financial Credit
Due to a lack of sustainable financial business ratios, assessing financial credit for institutional lending is a fuzzy area, which makes it challenging for financial organisations to lend. This classifies the borrowing institutions as high-risk companies that charge higher interest rates on loans, reducing their ability to compete with banks that have better credit evaluation and lending standards. What actions should bank take?
- Business Objective: Maximize lending portfolio
- Business Constraint: Minimize information dependence
Business Problem Statement: Financial Products
Financial services companies employ a working paradigm that consists of a "phone relationship manager" (PRM) and a "feet on street" (FOS) relationship manager to provide wealth management services to its clients. The PRM routinely offers advice on suitable wealth products, such as insurance, equity investments, debt investments, time deposits, etc., and administers the client's account. The designated FOS sees the customer in person to complete the paperwork and verification procedures once the client decides to invest. The wealth management sector has a monthly revenue target that it must meet. Depending on the nature of the business, the PRM may need to conduct several phone calls with customers for wealth advice sessions in order to fulfil the objectives. Ideally, the PRM must schedule five meetings for the FOS on each day of a given month. The difficulty occurs when the FOS must visit a sizable geographic area in a single day in order to wrap up all customer appointments. The FOS often travels at least 200 kilometres every day (scenario of major cities since clients would be situated out of various sections of a city that are distant from one another). This has an impact on the FOS's productivity and makes it more difficult to finish all 5 customer sessions. The squad is under a lot of pressure to meet the goals because of this. Here, it is necessary to schedule the meetings for FOS so that there is minimal travel time and distance.
- Business Objective: Maximize wealth management revenue
- Business Constraint: Minimize FOS travel time
Business Problem Statement: Banking Operations
Lending is consumer banks' main line of work. The bank must get savings accounts from clients who keep balances in the accounts in order to lend. Lending is done with the remaining funds. The battle for market share among banks is intense. Banks have developed rapid kits that enable them to provide non-personalized atm cum debit and cheque books right away, streamlining the process of client account acquisition. With it, the consumer may open an account and start making transactions right away. The bank places a high value on the immediate kits, which are kept in fire-resistant cabinets to comply with all legal requirements. At the end of the day, the bank's personnel is supposed to return any unused instant kits and keep them in fireproof containers. When the staff is genuinely unable to return the immediate kits by the deadline each day, a problem occurs. This indicates that there is a very high danger of information breach because the immediate kits are with the employees over night. According to banking compliance standards, if the unused immediate kit returns are not made by the deadline, the personnel may face disciplinary action. This has an impact on the efficiency and motivation of the banking employees, which is bad for the bank. The bank must develop procedures and take actions to improve the security of immediate kits. The bank must create procedures and take actions to protect immediate kit security while maintaining high levels of staff engagement and productivity. The bank should what?
- Business Objective: Minimize compliance risk
- Business Constraint: Maximize market share
Business Problem Statement: Insurance
The market has seen a lot of insurance misselling. Wealth managers participate in the sale of insurance products to consumers by either using scare tactics or by overcommitting in terms of product features and perks due to the high expectation of fulfilling business objectives each month. The same group of consumers return to the bank later and seek a refund since their expectations were not satisfied. The bank ultimately compensates the clients in order to maintain a positive brand reputation and high market equity. This has a negative impact on the bank, causes business loss, and reduces its trustworthiness with clients. What measures may the bank take to prevent the mispronunciation of insurance products?
- Business Objective: Minimize mis-selling incidents
- Business Constraint: Maximize insurance revenue
Business Problem Statement: Microfinance
Microfinance (MFI) aids in the development of a stable, inclusive financial system. It genuinely aids the weak. As a result, it is the only industry within the financial sector in India to boast of low NPAs. However, the sector is plagued with problems. In order to collect repayments and verify them, MFI organisations in India must either engage a large number of foot on the street (FOS) resources or outsource the local operations to other, smaller organisations operating locally. This eliminates MFI's ability to communicate with customers directly. Ghost loans are on the rise, and manual repayments are not disclosed. How can MFIs overcome these difficulties?
- Business Objective: Minimize lending loss
- Business Constraint: Maximize direct customer contact
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