Predictive Analytics Using External Data Augmented Analytics Use Case

Predictive Analytics Using External Data

The Objective

Businesses must often use internal and external data to understand and anticipate trends, patterns and factors that will affect the bottom line, the supply chain, resource and location planning and other aspects of business success. The ability to integrate data from sources outside the enterprise is crucial to the success of this type of prediction. External macro data is often readily accessible and government data is often available for free but analysis of multiple sources of external data can require a manual process that is tedious and time consuming if it is not easily handled by an augmented analytics solution.

The Solution

A business with products or services that depend on weather, GDP, or other macro factors out of its control must mitigate business downturn and anticipate the need to increase or decrease production, resources and other processes to accommodate related issues. For example, if a city or region is growing in population rapidly, a business may need to anticipate a growth in demand for building materials, cement, highway projects or other types of products or services. Where these factors will affect the success of the organization, the enterprise should consider these issues in the planning process. Advanced analytics can help the organization merge internal data and external data to look at weather, projected rainfall, the GDP for a region and other external factors.

This Technique Can Be Used in Many Industries, Including

Construction, infrastructure planning and management, government agencies, highway and toll management, agriculture, travel and hospitality, consumer goods, media, city planning

Benefits

Accurately plan for resources, locations, suppliers

Adjust and manage marketing messages and advertising

Optimize inventory, product supply, pricing and new products and services

Mitigate risk and downtime

Plan for maintenance and off-peak activities

Improve planning process

We invite you to explore our Advanced Analytics Use Cases here to find out how the Smarten Augmented Analytics product can help you to achieve goals and sustain a competitive advantage.
For more information, Contact us today.