We come across a lot of companies — of all sizes, across all different industries — that hear the word "prescriptive analytics" and run for the hills. I honestly can't blame them, given the misinformation that exists in the market space today around this topic. Even top-ranked analyst firms speak about the category as if it's something that only the most advanced companies can take advantage of and see value from. They see it as a crawl > walk > run approach, in which you first need to implement your BI, then your predictive, and only then can you think about implementing prescriptive.
WRONG WRONG WRONG. We've implemented plenty of solutions over the last 17 years for companies that would be considered immature in their planning processes, their analytics capabilities, their data management, or all the above. You'd be surprised, but some of our biggest customers were still wrangling dozens of spreadsheets in an attempt to analyze/run scenarios and create sometimes feasible (and never optimal) plans! [P.S. You can read a great article about why using spreadsheets for this is a poor, outdated method here.]
For those customers, it only took us three short months to show them that:
- They wereready for prescriptive analytics
- Their data wassufficient and substantially clean to see high ROI from implementing prescriptive (15X ROI, in some cases)
- They did notneed any kind of predictive analytics, machine learning, IoT, or any other trendy, innovative capabilities
- It wouldn'ttake a year to see ROI from the initiative and become an IT nightmare (ehem, SAP, Oracle, etc.)
My goal here is not to sell you on River Logic — my goal is to inform the masses. In fact, that's our mission as a company: Inform business executives across every industry and business function that there is a better way to make decisions...and you can start TODAY! In our attempt to un-scare people away from prescriptive analytics, we created a little video to help you understand if YOU'RE ready.
Here's my advice to you: Make your own decision on whether you're ready for this type of technology. Don't just assume you aren’t, because it's quite possible your competitors are already one step ahead of you.
Are you ready for prescriptive analytics technology? Watch our video below to find out.
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"Yesterday, we wanted to see what happened, so we created reports. Then, we wanted to make comparisons so we created analytics. Then, we decided we could use analytics to predict behaviors with a high degree of confidence. Now, we can kiss guessing goodbye and simply KNOW...with prescriptive analytics."
-Gene Carlino, Director of Supply Chain Sales for River Logic | Musician | Creative Genius