Figure 1. Role of Prescriptive Analytics in Next Generation Decision Support
There is a new technology revolution in the making with the explosion of Internet of Things (IoT), machine learning, self-driving cars, etc., which conjures an image of large-scale automation of decisions based on real-time information. It is a vision that applies to the supply chain planning world as well.
However, one important aspect has to be understood by everyone: the brain behind the success of a self-driving car is really the algorithms behind it that determine the best route to follow and if there are hurdles along the way (accidents, detours, etc.). The ability to recalculate the best route becomes crucial. In other words, algorithms are a key enabler of this utopian vision of high levels of automation.Read More