{"id":1459,"date":"2017-06-09T11:39:37","date_gmt":"2017-06-09T16:39:37","guid":{"rendered":"http:\/\/dev-mhisolutionsmag.officialdirectory.com\/?p=1459"},"modified":"2017-09-15T08:54:16","modified_gmt":"2017-09-15T13:54:16","slug":"a-calculated-approach-to-predictive-analytics","status":"publish","type":"post","link":"https:\/\/www.mhisolutionsmag.com\/index.php\/2017\/06\/09\/a-calculated-approach-to-predictive-analytics\/","title":{"rendered":"A Calculated Approach to Predictive Analytics"},"content":{"rendered":"

\"\"When Each Piece Complements the Whole and \u2018Failure\u2019 Isn\u2019t a Bad Thing<\/em><\/strong><\/p>\n

It wasn\u2019t that long ago that the concept of predictive analytics was the stuff of thought leadership pieces and futuristic white papers.<\/p>\n

The recently released 2017 MHI Annual Industry Report, <\/em>\u201cNext-Generation Supply Chains\u2014Digital, On-Demand and Always-On,\u201d however, places predictive analytics squarely in the category of here and now.<\/p>\n

The new report, developed for the fourth year in collaboration with Deloitte Consulting, features numerous in-depth case studies. They cover a wide variety of technology advances, all with the hope of providing practical illustrations and realistic applications.<\/p>\n

\u201cIt\u2019s always good to see a concrete example,\u201d said Randy V. Bradley, Ph.D., assistant professor of information systems and supply chain management at the University of Tennessee. \u201cThese are not just concepts, or technology that we\u2019re talking about for the sake of talking about technology\u2026. They give the reader something to chew on.\u201d<\/p>\n

That\u2019s not all: The case studies in the report present predictive analytics not as a standalone concept, but as a component in the larger context of making better supply chain decisions overall.<\/p>\n

\u201cWhen we talk about these digital technologies, or the solutions identified in the report, there is no one solution that is likely going to create a major competitive advantage,\u201d said Bradley, who was quoted in the report. \u201cIt\u2019s going to be the combination, the amalgamation of these things and the complementary effects they have on one another, that will create a competitive advantage that\u2019s sustainable. What good would it be to generate more data from sensors, but yet not have a predictive analytics platform that\u2019s able to handle the proliferation of data that\u2019s coming in, and then also be able to provide you insight that can become actionable in near time if not real time?\u201d<\/p>\n

Each year, the report has provided updates on innovative technologies\u2014including predictive analytics\u2014that were expected to have the most potential to transform supply chains; it\u2019s based on a survey of 1,100 manufacturing and supply chain industry leaders. In 2017, according to the report, \u201ca full 80 percent of survey respondents believe the digital supply chain will be the predominant model within five years. Another 16 percent say it already is.\u201d In addition, though only 17 percent of respondents have predictive analytics in use today, 57 percent believe it could be a source of either disruption or competitive advantage within the next decade (up from 38 percent in 2015).<\/p>\n

By Fiona Soltes<\/em><\/p>\n

Read more\u2026<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

When Each Piece Complements the Whole and \u2018Failure\u2019 Isn\u2019t a Bad Thing It wasn\u2019t that long ago that the concept of predictive analytics was the stuff of thought leadership pieces and futuristic white papers. The recently released 2017 MHI Annual Industry Report, \u201cNext-Generation Supply Chains\u2014Digital, On-Demand and Always-On,\u201d however, places predictive analytics squarely in the …<\/p>\n","protected":false},"author":40,"featured_media":1421,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-1459","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology"],"yoast_head":"\nA Calculated Approach to Predictive Analytics - MHI Solutions<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.mhisolutionsmag.com\/index.php\/2017\/06\/09\/a-calculated-approach-to-predictive-analytics\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A Calculated Approach to Predictive Analytics - MHI Solutions\" \/>\n<meta property=\"og:description\" content=\"When Each Piece Complements the Whole and \u2018Failure\u2019 Isn\u2019t a Bad Thing It wasn\u2019t that long ago that the concept of predictive analytics was the stuff of thought leadership pieces and futuristic white papers. 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