Making timely decisions based on relevant, available data is crucial to business success, yet a high number of companies still rely on historical information to steer their decision-making. Others are tapping into the value of predictive analytics - the use of statistics, modeling, machine learning, and data mining to analyze current and historical facts and make future predictions - to manage various aspects of their supply chains and logistics operations.
Predictive analytics have already proven their worth on several fronts. In Revising an Outdated Business Model? Try Predictive Analytics, for example, the author discusses how sensors were monitoring a Swiss airliner's engines during a recent trans-Pacific...