In the age of Big Data, corporate leaders have more power at their disposal than ever before. Meanwhile, globalization has increased the number and quality of competitors fighting for the same customers. There is enormous pressure on planners to achieve economical, efficient strategies that increase return on investment with as little risk as possible. In the past, intuition was a planners’ tool of choice, but most today are tech savvy enough to have moved onto better techniques. With the sheer number of variables to consider, there are not enough hours in the day to cope with the resultant information overload.Read More
DALLAS, July 7, 2017 -- River Logic today announced its new partnership with Spinnaker, a supply chain services company that helps clients grow, manage risk, reduce costs and improve customer service by developing world-class supply chain capabilities.
Optimization and Operations Research have been around for the past 60-70 years, with their origin in World War II. However, in the past optimization has always been in the realm of specialist knowledge with a niche focus. It is only in the past few years that it has taken up a new avatar in the form of Prescriptive Analytics and started being taken seriously as a business user tool. The following Figure 1 illustrates the evolution of different types of analytics and the realization that Prescriptive Analytics is the highest echelon in this hierarchy.Read More
The first question that came to my mind is, “what exactly is a smart city?”. When I did research on smart cities, I came to the conclusion that there is no universally accepted definition of it either. It means different things to different people and is often used in political contexts with confusing agendas. Our goal for this blog is not to analyze the evolution of smart cities. Instead, our goal is to create a simple definition of a smart city and define clear goals for them. Then we can look at how we can enable the goal of these smart cities using both existing as well as future technologies.Read More
According to Wikipedia, prescriptive analysis is — after descriptive and predictive analysis — the third and final stage of business analytics. Gartner plots prescriptive analysis as the final and most difficult stage of data analytics.
This article will draw an analogy with the mapping and car industry to suggest that prescriptive analysis as an opportunity to support Integrated Business Planning (IBP) and business optimization, is not a final stage, but just at the beginning of a new planning era.Read More
In a recent article, “Forecast Snapshot: Prescriptive Analytics, Worldwide, 2015” published on February 5, 2016, Gartner analysts Jim Hare, Christine Adams, Bhavish Sood, Alys Woodward and Hai Hong Swinehart provide encouraging predictions for the prescriptive analytics market.Read More
In our first post on optimizing supply and demand through demand shaping, we expanded upon the traditional definition of demand shaping to mean a process where the optimal demand and supply decisions are made by using all available supply and demand information.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.