Four Best Practices for Tapping the Potential of Prescriptive Analytics

In a world of increasingly complex decisions, competitive growth and unexpected challenges, it’s not surprising that investments in big data, advanced analytics and business intelligence are at an all-time high.
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4 Ways to Maximize Arbitrage Opportunities Using Prescriptive Analytics

Day traders, hedge fund managers, commodity brokers, and energy traders routinely take advantage of market price differences to turn immediate profits. Maximizing an arbitrage opportunity requires precise timing and confidence in your market data, otherwise what looks to be a sure profit could turn into a net loss. That’s why more financial, energy, and commodity traders are relying on prescriptive analytics to ensure their arbitrage profits.

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The New Oil and Gas Quarterback to Climate Change Solutions: Prescriptive Analytics

Most Americans who hear the phrase “Hail Mary” (outside of church) think of football. It  brings to mind a long pass in the last seconds of the game that scores a victory for the team who would otherwise have lost.

In June, the Vatican had its own pep talk for “Team Earth” with oil and gas executives: quit drilling for fossil fuels that cause harm to the environment and impact the world’s poorest. At the event, the Pope emphasized his interest in the renewables strategy, much like a “Hail Mary” for humanity.

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Six Transformational Values Realized from Prescriptive Analytics

Courtesy of our partners over at TBM Consulting!

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Use Prescriptive Analytics to Make Decisions that Will Help Your Company Make More Money

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.”

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Transform the Finance Function with Prescriptive Analytics

"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!

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Using Prescriptive Analytics to Decrease Supply Chain Disruptions

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.

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Barrel Up: Oilfield Digitization Comes of Age

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. 

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Leveraging Prescriptive Analytics to Drive Digital Transformation in Oil & Gas

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.

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Business Analytics: Real-World Applications Get Prescriptive

Have you wondered why all the buzz about prescriptive analytics?

Think about this for a moment. Smart people have probably told you that your company needs to be using such capabilities. In fact, Gartner Research predicts up to 40% of companies will be using prescriptive analytics by 2021.

To understand the challenge of making the move to prescriptive analytics, we look at real-world applications and, more importantly, how such capabilities can make your company more efficient and more profitable.

Check this out: Prescriptive analytics uses algorithms to create a flexible performance model of your business that can provide managers insights into the best decision to make in a given situation. It has the benefit of fully respecting the constraints and objectives of the business while also reporting the financial impact. That’s right. The dashboard chart below shows the types of business analytics and their role in planning and decision-making processes.

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Supply Chain Brief