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.
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.
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:
DALLAS, June 28, 2017 /PRNewswire/ -- River Logic today announced that it is pioneering advanced analytics by bringing its prescriptive analytics platform to the cloud through Microsoft Azure and Cortana Intelligence Suite in the Microsoft Azure Marketplace.
Back in 2016, Gartner produced its first research note on prescriptive analytics technology, the Forecast Snapshot of Prescriptive Analytics. Once again, River Logic was noted as one of the few major players that hold around 85% of the market share in the prescriptive technology space. The prescriptive analytics software market is set to reach $1.57 billion by 2021, with a 21% CAGR from 2016.
On May 23rd at the Gartner Supply Chain Executive Conference, we gave a 45-minute presentation entitled "The Next Frontier: Prescriptive Analytics for the Non-Data Scientist," presented by Ray Cline, former Global Industry Lead at CGI Oil & Gas and Gene Carlino, our very own Director of Sales.
Although I was in our speaking session the entire time, we heard from a handful of attendees that our session had about four times as many attendees as the other three speaking sessions that took place during the same time slot (hooray!).