The 3 Ways to Drive Business Outcomes With Data Analytics

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.

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Are You Doing Cost Modeling Right?

For both businesses and government/non-profit organizations, shareholders and tax-payers expect managers to make the most out of the money allocated to the organization, as well as any other resources invested.

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Why Embrace Optimization and Prescriptive Analytics?

Why Embrace Optimization and Prescriptive Analytics?

If you have not heard about or read articles or blogs about Big Data and business analytics until now, then welcome back from the coma you were apparently in the last couple of years. For the rest of you, who of course are the vast majority, do you have the same nagging question that I have?  “Is Big Data and business analytics such a big deal that if our organization is late to the party deploying them, then we will never catch up to our competitors that have deployed them?”

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Protecting Intellectual Property on Prescriptive Analytics

protecting intellectual property on prescriptive analyticsEven in companies using highly automated systems, subject matter experts (SMEs) are still needed for making many tactical and strategic business decisions. Optimizing these same decisions requires prescriptive modeling techniques. But a company investing in prescriptive analytics must be willing to do more than just throw money at technology and labor.

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Journey to Prescriptive Analytics

Prescriptive analytics like those provided by Enterprise Optimizer (EO) are the holy grail of business analytics. The ability to develop, deploy, and embed prescriptive analytics in the business has huge long-term cost saving or net income maximization potential for the business. Much like saving a small amount of time or cost in a manufacturing process can provide sustained long-term gains, making economic decisions optimally, repeatedly, and removing a sub-optimal manual decision process can provide huge, repeated long-term gains. Build up enough of these throughout the business and those gains become compounded.

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Prescriptive Analytics in Healthcare

presctiptive analytics in healthcarePrescriptive analytics – or optimization – is a very powerful science. It started in logistics in the 1940s and has largely remained in the supply chain space. Until recently, that is. 

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Opportunities for Enterprise Consultants Embracing Advanced Analytics

Enterprise consultants are uniquely positioned to maximize the benefits derived from advanced analytics, provided they act swiftly. The nature of new, complex, advanced analytics requirements places consulting firms at an advantage over traditional software companies. Consulting firms, understanding their advantaged position, are rapidly adopting predictive and prescriptive analytics, due to the following:

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River Logic, Inc. cited as Innovative Business Analytics Company Under $100M to Watch

International Data Corporation (IDC) recently released the report titled “Innovative Business Analytics Companies Under $100M to Watch.” The report features vendors that are innovating around three key trends in the business analytics market. These trends are: Collaborative Decision Management, Cloud-based Analytics, and Mobile Analytics.

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IT – Are We Gatekeepers or Leaders?

IT managers and staff are under fire, spending most everyday keeping existing systems up and running, and more often than not, they are understaffed, lacking in processes, and viewed too frequently as the bad guys. I’ve been known to refer to them as the “Department of No”, because of the numerous times I’ve heard, “Not on my network.” Given the daily battles and the emphasis on minimizing downtime by other department managers, IT teams become gatekeepers. They take extraordinary measures to protect IT assets, because ultimately it’s their necks on the block if systems and processes are not managed properly. Innovation takes a back seat to the core mission of an IT department.

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Supply Planning: Strengthening the S&OP Process with What-if Analysis

supply planning and what-if analysisThis post is the third in a series providing guiding principles for S&OP managers and their partners to help them better understand which best practices are possible through what-if analyses.

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Supply Chain Brief