Today’s manufacturing organizations operate in a dynamic environment characterized by increased complexity and uncertainty. The financial performance of manufacturers hinges on their ability to rapidly adapt to constantly changing conditions, from demand fluctuations to delivery challenges, while managing production costs efficiently.
Prescriptive analytics helps companies see where process improvements could have the biggest, most immediate impact on their bottom lines. Predictive analytics helps companies understand the drivers behind customer buying patterns to anticipate which products customers want, how many they want and when. Prescriptive analytics, on the other hand, optimizes production planning, scheduling, inventory and supply chain logistics to meet business requirements.
Author: Sajan Kuttappa