Courtesy of our partners over at TBM Consulting!Read More
Efficiency Gains and Cost Savings Don’t Always Drop to the Bottom Line. Prescriptive Analytics Can Explain Why and What to Do About It.
How prescriptive analytics can help manufacturers set priorities and realize greater financial gains from capital investments and improvement efforts.
During employee team meetings, the CEO of one of our clients would always make a point of reviewing how the company made money. “We take a bunch of random raw materials,” he would say, “and convert them into something we can sell for more than what it costs to make. What’s left over is called profit. We’re in business to make more of that stuff called profit.”Read More
"Big data” (a buzz word) is a term that more and more businesses know. It's essentially a term that signifies large and complex amount of data sets — structured and unstructured — that are notoriously hard to process and analyze with traditional applications. What's important isn’t the quantity but what organizations DO with “big data”. A major problem with big data (or data in general) is that companies are not focused on analyzing data for insights; they simply don't know where to start or what to do with it!Read More
An article by Nari Viswanathan, Vice President of Product Management for River Logic, was recently featured on Supply Chain Management Review. In this article, Nari discusses the fact that Supply Chain in particular has been slow to adopt advanced analytics capabilities, mainly due to their apprehensiveness around replacing existing systems. However, Nari makes the argument that, given recent advancements in technology, data and more, it's now easier than ever for Supply Chain leaders to embrace the change that their companies are so greatly need. Below is a blurb from Nari's article. The full article can be accessed on Supply Chain Management Review.Read More
A company making a widget that sells for $50 but in a matter of months gains demand, allowing the price to be bumped up to $70, would sound like a great thing. Right?
If only it were that simple in the Energy industry. The barrel price of Brent crude — the thermometer of industry health — has made a comeback that has many stakeholders more skeptical than elated. Why? Unlike other industries, Energy turns on an axis of its own as we covered earlier. However, what makes this time different is that the uptick, for most U.S. firms, comes from a position of offense as a leading exporter rather than playing defense because of foreign oil actions. The equation has changed.Read More
Over the last year, here at River Logic we have had the opportunity to make some pretty major waves in the Energy Industry — more specifically in the world Oil & Gas. Our internal knowledge of the space and the breadth of our solution delivery have both grown drastically. This is largely due to our relationship with our Energy partners, mentioned below. Given the nature of optimization-based prescriptive analytics, understanding how to apply this technology in a somewhat foreign industry can be a pretty big challenge. The truth is, optimization is complex — everything from understanding the best technology to use, to knowing what problems to tackle first, to ensuring your implementations will drive the fastest, and largest return.Read More
We come across a lot of companies — of all sizes, across all different industries — that hear the word "prescriptive analytics" and run for the hills. I honestly can't blame them, given the misinformation that exists in the market space today around this topic. Even top-ranked analyst firms speak about the category as if it's something that only the most advanced companies can take advantage of and see value from. They see it as a crawl > walk > run approach, in which you first need to implement your BI, then your predictive, and only then can you think about implementing prescriptive.Read More
Gartner recently identified the top eight disruptive technologies most likely to impact organizational supply chains in 2018. Keep in mind, these trending technologies are scattered throughout the various stages of the Gartner Hype Cycle, which charts the development of technologies from concept to maturity and adoption. Starting with those closest to commercial viability, here the the eight supply chain trends you can't ignore.Read More
The business world is in a state of flux as new technologies continually change the way companies operate. The pace of innovation is fast. Those in the lead respond to changing market demands quickly and efficiently, leaving behind those who rely on inflexible and dated supply chains.Read More
Author’s comment: this is part 1 of 2 of a hypothetical case study. The story described below can be any company willing to consider using a Prescriptive Analytics approach to improve their decision-making abilities.Read More