2019 HPRCT Conference

Many company leaders are very adept in utilizing descriptive statistics to understand the past performance of their firm.  However, many of these leaders have not adopted the subsequent innovations of Predictive and Prescriptive Analytics, which precludes the use of Machine Learning and other profitable innovations.  Because of the competitive advantage afforded by Industry 4.0 technologies, the Internet of Things (IoT), and Artificial Intelligence (AI), it has never been more essential to the performance and sustainability of the firm that managers and executives move beyond descriptive analytics and connect with the full potential of their data to enhance their decision-making processes (Evidence-Based Decision Making).  By taking the next step into predictive and prescriptive analytics, leaders can understand the working relationships between variables that they monitor better, accurately forecast near-term performance, project long-term results, and use predictive modeling to provide decision support.    Often the most significant challenge is understanding how to evaluate the need for these innovations, how to implement these technologies, and how to evaluate the results of adding innovations to the operations of the business.  A thorough description of predictive and prescriptive analytics, as well as the principles for implementation, are included to enable the practical application of the leading edge concepts in this presentation.