FusionOps adds predictive analytics to supply chain platform
November 3, 2015
Supply chain insights company FusionOps has added predictive analytics for the supply chain to its platform. This will include pre-defined predictive models based on statistical models and machine learning techniques.
Business users in the supply chain will have access to forward-looking insights that they can trust to make informed decisions. Thousands of new and existing users of FusionOps’ descriptive and diagnostic capabilities will have access to the predictive analytics.
Typically seen as the domain of only data scientists, predictive analytics have not received broad usage among the people who need future insights the most: business users. Furthermore, most predictive analysis efforts are time consuming, project-based and don’t have a continuous impact.
FusionOps predictive analytics addresses these issues by leveraging the intuitive self-service supply chain analytics platform. The platform automatically transforms sources of data into actionable information for business users without the need to employ data scientists.
“As the leader in supply chain analytics, predictive is a natural extension of our platform,” said Gary Meyers, CEO of California-based FusionOps. “Demand forecasting provides a remarkably powerful method to develop accurate forecasts down to the SKU level, as both an input to demand planning, as well as a statistical check on market and sales based forecasts. And users get this out of the box – without the time-consuming processes of curating data, developing models and visualising the results. We’re excited to continue providing the innovation fuelling the most efficient and advanced global supply chains.”
The predictive analytics capabilities will be applied to key aspects of the supply chain process, helping companies achieve success in initiatives such as mitigating supply risk, reducing inventory from returns, predicting maintenance requirements and improving demand forecasting.
Using predictive analytics for demand forecasting, companies can immediately improve the accuracy and efficiency of their forecasting process to drive more optimal production plans, thereby eliminating excess inventory and ensuring adequate supply. FusionOps claims to be the first company to automate the entire end-to-end process of extracting the data, applying the algorithms and visualising the results in a single application.
Thousands of SKU predictions can be made in just a few hours. Ten statistical models are available, with more in development, and these are automatically selected and applied on a per SKU basis.
The platform has the ability to aggregate and view demand across multiple dimensions, such as product line, region and time interval to support demand planning. Users can immediately understand revenue impact by quarter or by region in an intuitive LiveAnalytics infographics format. There is the flexibility to embed external data, such as Google Trends, macroeconomic data, weather and other domain-specific factors to analyse their impact on demand.
FusionOps provides a cloud-based analytics platform that mines the world’s information and makes it actionable to help people make faster, better business decisions. Thousands of users in more than 80 countries worldwide rely on the platform to optimise their supply chain performance to improve operations, bottom line business results and customer satisfaction.