10 Ways Predictive Analytics Improves Innovation - InformationWeek

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3/12/2016
12:06 PM
Lisa Morgan
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10 Ways Predictive Analytics Improves Innovation

From drug discovery to price optimization, across virtually every industry, more companies are using predictive analytics to increase revenue, reduce costs, and modernize the way they do business. Here are some examples.
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Meet Customer Demand 

Handmade photo product company PhotoBarn has increased its throughput 500% by creating warehouse software and lean manufacturing processes that are built around predictive analytics. Before its transformation in 2015, the company struggled to balance supply and demand. 
About halfway through 2015, the company started using predictive analytics to forecast sales, inventory, and raw materials to anticipate what it would need before and during the holiday season. That and its new lean manufacturing process enabled the company to move five times more product using the same number of people.
'The spikes and volumes in the holiday period are hard to handle. In 2015, we reimagined our supply chain from suppliers to customers,' said PhotoBarn's business analytics and marketing chief Ryan McClurkin. 'We were able to handle the order volumes without hiccups [because] we're anticipating versus reacting, and it pays huge dividends.'
(Image: blickpixel via Pixabay)

Meet Customer Demand

Handmade photo product company PhotoBarn has increased its throughput 500% by creating warehouse software and lean manufacturing processes that are built around predictive analytics. Before its transformation in 2015, the company struggled to balance supply and demand.

About halfway through 2015, the company started using predictive analytics to forecast sales, inventory, and raw materials to anticipate what it would need before and during the holiday season. That and its new lean manufacturing process enabled the company to move five times more product using the same number of people.

"The spikes and volumes in the holiday period are hard to handle. In 2015, we reimagined our supply chain from suppliers to customers," said PhotoBarn's business analytics and marketing chief Ryan McClurkin. "We were able to handle the order volumes without hiccups [because] we're anticipating versus reacting, and it pays huge dividends."

(Image: blickpixel via Pixabay)

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