Predictive and prescriptive analytics for greater insight
Think back to a difficult business decision you made recently. Did all of the information available to you – the Big Data that just keeps getting bigger – expedite or delay your decision making process? Today’s business leaders often tell us that information overload is reducing confidence during the decision making process. What they need isn’t more information. It’s more insight. That’s where advanced analytics comes in. With a deeper understanding of the interactions between your assets, network and customers, and accurate measurements of the length, frequency and likelihood of events, comes increased stability, reliability and performance.
How to turn information overload into an information advantage
Quintiq advanced analytics technology isn’t built to make complex decisions on your behalf – your years of experience are irreplaceable. Instead, it’s there to perform complex calculations on large volumes of data in order to identify patterns, and deliver insights, predictions and recommendations.
First, your data is analyzed and converted into knowledge. For example, the data might reveal to a manufacturer that a piece of machinery typically runs a few minutes slower with every year of its life, impacting production times. Or tell a logistics planner the typical length and frequency of delays in a particular area of coverage.
And then, Quintiq technology looks at your historical data in order to make ever-more accurate predictions of future outcomes. For example, the knowledge extracted from your data may reveal to a rail infrastructure manager when maintenance is likely to be needed on a particular section of track.
Finally, the system supports you in planning and optimizing on the basis of that knowledge. The planning and optimization platform then plots a recommended course of action that maximizes your critical performance metrics, such as profitability, customer satisfaction and efficiency levels. In the case of a steel plant, that might mean adding another shift and optimizing a revised production schedule to support a predicted spike in demand.
Quintiq's self-learning algorithms mean that the quality of plans and schedules will always increase as the system learns more about your business. As your and the system's understanding grows and scheduling becomes more accurate, you'll see performance and service delivery stabilize.
Ever better with the Self-Learning Supply Chain
Quintiq is uniquely positioned to exploit the combined power of planning, optimization and advanced analytics. Advanced analytics technology is applied to all of the data available in the Quintiq planning system. When combined with Quintiq’s world-record-breaking optimization technology, you have planning, advanced analytics and optimization all on one platform. In this way, Quintiq delivers the benefits of the Self-Learning Supply Chain, where self-learning algorithms continuously update and improve the accuracy of information and reliability of insights, which in turn leads to better planning, predictions and recommendations.
Here’s a taste of what you can achieve when you use Quintiq to transform information into insight:
Price optimization & revenue management
Combine your historical data with predictions of customer behavior and market trends in order to prescribe optimal prices for new and existing products and services. By getting an accurate reading of price sensitivity, available capacity is priced optimally and revenue is maximized.
Your business landscape is dynamic – opportunities and risks present themselves when you least expect it. Advanced analytics works in real time to allow you to identify and respond to changing circumstances and maintain optimal plans.
Knowledge discovery through master data management
Hidden in your data is valuable knowledge about your business. Quintiq’s advanced analytics component extracts that knowledge to provide up-to-date and accurate estimates of setup times, task durations, service times, travel times, and any other relevant factors that can be derived from your data.