The Growing Role of Prescriptive Analytics in Supply Chain Management
To achieve this transformation, supply chains need to build consistent and constant growth in the way the organization uses advanced analytics, shifting from one way of analyzing data to another according to projected and expected results.
The need for speed vs. the need for valuable analysis
Using advanced analytics in a smart way helps create a value chain through improved decision making. Prescriptive analytics supports optimization and planning in order to allow organizations to set better goals. "Previous analytic models have not been able to understand how different actions, in multiple scenarios, for example product development, supply chain optimization, pricing, marketing mix, sales strategies, fulfillment options, etc., would impact on consumer demand," said Hansa Andersson, senior director and industry advisor for EMEA at Oracle. "Maybe we, as a brand, might be able to change preferences, not only understand customers' preferences.”