Although the movie Field of Dreams makes for a great way to spend an evening, the lesson “if you build it, they will come” is about as far from “good advice” as you can get in the world of corporate decision-making. More and more, business leaders are realizing that simply building or purchasing a “big data” system does not automatically result in valuable, data-driven-business outcomes.Read More
This week, we conduced a Q&A series with Simon Avenell, a Partner at one of River Logic's long-time consulting partners PricewaterhouseCoopers (PwC). The Q&A focused primarily on the value that prescriptive analytics has brought to PwC over the last several years. For consultants or business leaders interested in learning more about prescriptive, its value and how to get started, this is a must read!
I recently read Prescriptive models take analytics one step beyond, written by Scott Robinson, Louisville Metro government, and published by SearchBusinessAnalytics.Read More
Our VP Product Management, Nari Viswanathan, was featured in CIO Review with an article titled "Big Data: Stop Exploring the Past and Look to the Future." In it, he discusses how big data's ROI will come from a) the adoption of prescriptive analytics and b) shifting the focus of business planning toward addressing the right business problems.Read More
Over the past two weeks, we've been busy discussing the application of algorithms and mathematical optimization in business planning and execution. Here's a quick re-cap in case you missed any of the posts:
- Our first post in the series defined algorithms, specifically as they might relate to business.
- The second defined mathematical optimization, again as it relates to application in business planning.
- Part III discussed the up-and-coming topic of "algorithmic business," a term coined by Gartner. In the words of Peter Sondergaard, Senior Vice President at Gartner and Global Head of Research "Algorithms are where the real value lies.”
- In the fourth post of the series, we discuss the ever-increasing importance of applying mathematical optimization in business, specifically the monetary gains it can bring to companies and enterprises.
- Our final post of the series ties together all three concepts: algorithmic business, mathematical optimization and business.
Big data incorporates data-sets on the order of terabytes and petabytes. Self-correcting and self-monitoring, big data systems make outlier data more noticeable and allow development of statistical models and trends. This facilitates predictions from supply chains to human resources and everywhere in between. Machines "learn" to operate from inductive and predictive analyses. Savvy industries worldwide have caught on and employed such inductive statistical analysis in order to diminish operation costs. Following are five ways big data has changed supply chains.Read More