FusionOps has extended its Supply Chain Intelligence Cloud platform to include predefined prescriptive analytics, giving users access to data science-backed recommendations to optimize their inventory for reduced operational costs and improved customer service levels.
FusionOps' prebuilt prescriptive analytics are integrated into its scalable cloud platform, leveraging a compute infrastructure, which can lead to accelerated time-to-insights.
"Prescriptive and predictive analytics is a natural next step for our platform. Inventory optimization has been an ongoing issue for our customers and the industry for a while," Gary Meyers, CEO of FusionOps, told eWEEK. "Until now, getting prescriptive insights required time-consuming data preparation and expensive data scientists to develop advanced analytics scenarios. Our big data platform bypasses a lot of the complexity by already having a wealth of harmonized, clean data for our customers."
FusionOps uses prescriptive analytics as a basis to add advanced analytics scenarios rapidly, such as inventory optimization and demand forecasting.
"We strive to be the single stop for end-to-end supply chain intelligence for our customers, including prescriptive and predictive analytics," he said.
The application automatically finds opportunities to reduce inventory without impacting service levels. A graphical interface highlights opportunities for savings, showing each SKU above or below an inventory baseline.
The inventory application leverages harmonized data from other FusionOps supply chain applications in the Supply Chain Intelligence Cloud including sales, procurement, inventory and production planning.
It also leverages key inputs from FusionOps predictive demand forecasting, which uses machine learning and imports external data.
FusionOps displays information in intuitive infographic and dashboard formats that are unique to the supply chain. The interactive formats enable users to run what-if scenarios in real time.
"The ability to interpret the mountains of data inside and outside of the business to make better decisions is more important than ever," Meyers said. "Data volumes are growing and the world is more competitive—legacy tools just can't keep up with the analytical needs of business users today. In addition, they lack the necessary domain expertise to apply to the data."
'That's why Meyers sees insights-as-a-service, specifically the FusionOps Supply Chain Intelligence Cloud, as the way forward."
"Much like how Salesforce.com revolutionized CRM, we're out to change how companies leverage their data to get deeper insights to drive business success," he said.