How Predictive Analytics and Machine Learning Can Improve Your Planning and Decision Support Process

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.

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Prescriptive Analytics and Machine Learning at the Cusp of Innovation

Emerging technologies go through what is described as a hype cycle. As presented by Gartner, this represents the curve technology goes through from inception to maturity. Critical phases include:

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Introducing Machine Learning, and how it’s giving businesses like yours a competitive edge

Like it or not, the world of technology is set for huge growth in the sector of Artificial Intelligence (AI). Did you know that AI is actually a vast field that encompasses many different areas? Machine Learning (ML) is one such sub-category within AI that’s getting a lot of attention.

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Supply Chain Planning 2030: Prescriptive Analytics Takes a Lead Role

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.

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Supply Chain Brief