article thumbnail

MRO spare parts optimization

IBM Big Data Hub

Many managers in asset-intensive industries like energy, utilities or process manufacturing, perform a delicate high-wire act when managing inventory. Consider these questions: Do you have a platform that combines statistical analyses, prescriptive analytics and optimization algorithms? What’s at stake?

article thumbnail

What is data analytics? Analyzing and managing data for decisions

CIO Business Intelligence

More specifically: Descriptive analytics uses historical and current data from multiple sources to describe the present state, or a specified historical state, by identifying trends and patterns. Predictive analytics is often considered a type of “advanced analytics,” and frequently depends on machine learning and/or deep learning.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

What are decision support systems? Sifting data for better business decisions

CIO Business Intelligence

Bayer Crop Science has applied analytics and decision-support to every element of its business, including the creation of “virtual factories” to perform “what-if” analyses at its corn manufacturing sites. QlikView is Qlik’s classic analytics solution, built on the company’s Associative Engine. Analytics, Data Science

article thumbnail

10 Best Big Data Analytics Tools You Need To Know in 2023

FineReport

For example, a computer manufacturing company could develop new models or add features to products that are in high demand. ” This type of Analytics includes traditional query and reporting settings with scorecards and dashboards. The most distinct is its reporting capabilities. Top 10 Big Data Tools 1.

article thumbnail

Incorporating Artificial Intelligence for Businesses : The Modern Approach to Data Analytics

BizAcuity

The healthcare industry stores ridiculously high amounts of big data- both structured and unstructured for research & development, population health management, technological innovations, patient health history and their medical reports management. AI comes handy for managing inventory, manufacturing, production and marketing.

article thumbnail

Three Types of Actionable Business Analytics Not Called Predictive or Prescriptive

Rocket-Powered Data Science

Decades (at least) of business analytics writings have focused on the power, perspicacity, value, and validity in deploying predictive and prescriptive analytics for business forecasting and optimization, respectively. How do predictive and prescriptive analytics fit into this statistical framework?

article thumbnail

Top 10 Analytics And Business Intelligence Trends For 2020

datapine

The development of business intelligence to analyze and extract value from the countless sources of data that we gather at a high scale, brought alongside a bunch of errors and low-quality reports: the disparity of data sources and data types added some more complexity to the data integration process. 3) Artificial Intelligence.