For years now, User Experience (UX) has been a major limitation of modeling and optimization solutions being used for collaborative business planning processes — so much so that planners have resorted to using optimizationless planning applications or 10s / 100s of Excel spreadsheets linked by complex equations, simply because they feel more comfortable with the UX. This has resorted in sub-optimal (when businesses incorrectly use rules-based planning when optimization is actually necessary) or black-box planning (when only a sub-set of people understand how Excel or programming language-based models are linked, etc).Read More
Have you asked yourself what it will take for your company to stay ahead of the competition or weather an unexpected economic storm?
These are the hypothetical questions that executives must continuously ask, examples such as:
- What should we do if the price of energy begins to skyrocket?
- What should we do if legislation decides to pass a regulation that will make production more difficult?
- What should we do to maximize profits from a promotional program?
More and more, executives are relying on technology for the answers.
So, why is scenario analysis important to your business? Because now, prescribing the best paths forward based on data analytics — what we call prescriptive analytics — is within reach with the River Logic platform.Read More
Thomas Jefferson said, “With great risk comes great reward.” However, he failed to mention that with great risk comes the potential for great loss. Risk is not something only investment firms have to acknowledge. Every company, especially manufacturing companies with large supply chains, have the challenge of managing risk.
Because of the potential for loss, it is important for organizations to mitigate, manage, and handle risk in their supply chain if they want to ensure customer satisfaction, experience greater profitability and outcompete competitors. People running supply chains certainly know that risk management is important, but do they know just how important it is?
The data says no.
Previous studies have found that many supply chain executives are apathetic towards managing and assessing risk. For example, none of the organizations in the study use an outside source for assessing the risk in their supply chain, yet most organizations will bring in consultants for employee management, marketing, sales, and finance. A shocking 90% of organizations do not consider risk when outsourcing their production, which could have dramatic effects on the speed of their supply chain.Read More