Our year in review on the types of analytics and how they have evolved in the market brings to mind the classic song, Let’s Call the Whole Thing Off. It’s a good-natured battle about the pronunciation of the words Potato and Tomato. When it comes to classifying advanced analytics, our clients seem to think of predictive analytics as simply a different way of saying prescriptive analytics. But in reality, the two are much different when it comes to solving crucial business and supply chain problems.Read More
Most people are familiar with predictive analytics. In short, predictive is there to answer the question “what is the likelihood that x, y, or z will happen based on the data I have?”. While this is a useful — and in many cases essential — question to answer, the main limitation of predictive analytics isn’t the analytics itself…It’s how a business responds when the “likelihood” of a good/bad event occurring reaches a certain threshold that requires action.Read More
In the movement to digitize the enterprise and connect all things IoT and more, a former supply chain buzzword has re-emerged with more momentum than ever… and confusion! The supply chain term “control tower” is used many ways, causing some vendors to meld its point solutions into a new layer of technology and tout a beacon of insights across the supply chain with promises to include:Read More
Are you up to date with how predictive analytics and machine learning could help your business?
There are an increasing number of use cases coming to light from small, forward-thinking and innovative businesses right through to large corporations. Wherever you sit on the scale, we’re certain there are ways your business can benefit from predictive analysis and machine learning.Read More
Feeling and logic. Throughout corporate history, these primary behaviors have been respectively assigned to women and men, although we know these labels aren’t always accurate. Take Steve Jobs. Most would probably remember him as a feeling kind of person, whereas, Meg Whitman may be viewed as a person of logic.Read More
Have you wondered why all the buzz about prescriptive analytics?
Think about this for a moment. Smart people have probably told you that your company needs to be using such capabilities. In fact, Gartner Research predicts up to 40% of companies will be using prescriptive analytics by 2021.
To understand the challenge of making the move to prescriptive analytics, we look at real-world applications and, more importantly, how such capabilities can make your company more efficient and more profitable.
Check this out: Prescriptive analytics uses algorithms to create a flexible performance model of your business that can provide managers insights into the best decision to make in a given situation. It has the benefit of fully respecting the constraints and objectives of the business while also reporting the financial impact. That’s right. The dashboard chart below shows the types of business analytics and their role in planning and decision-making processes.
Gartner recently identified the top eight disruptive technologies most likely to impact organizational supply chains in 2018. Keep in mind, these trending technologies are scattered throughout the various stages of the Gartner Hype Cycle, which charts the development of technologies from concept to maturity and adoption. Starting with those closest to commercial viability, here are the eight supply chain trends that you can't ignore when it comes to the S&OP process.Read More
The benefits of data-driven analytical decision making are becoming increasingly apparent. Consequently, CEOs are accelerating plans to use data and analytics (D&A) to drive organizational growth. They realize that effective use of analytics increases revenue and improves profitability.Read More
The business world is in a state of flux as new technologies continually change the way companies operate. The pace of innovation is fast. Those in the lead respond to changing market demands quickly and efficiently, leaving behind those who rely on inflexible and dated supply chains.Read More