The Value and Role of Predictive Analytics in an Era of Multiple Sources of Truth Randy V. Bradley, PhD, CPHIMS, FHIMSS rbradley@utk.edu @randyvbradley linkedin.com/in/randyvbradley +1-334-354-5966
PROVEN. RESULTS. FASTER.
Meet Your Speaker Randy V. Bradley, Ph.D., CPHIMS, FHIMSS • Associate Professor of Information Systems and Supply Chain, University of Tennessee • Bradley’s expertise includes digital supply chains and the strategic application of business analytics and IT in the supply chain • Currently teaches IT and supply chain strategy with a particular focus on emerging technologies and the digital supply chain
Where Are We Going? 1 The Data Gold Standard vs. Reality 2 The Role of Predictive Analytics and Value of Prescriptive Analytics
3 Got data? Get insights!
â‘ The Data Gold Standard vs. Reality
Single Source of Truth (SST): The Gold Standard
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The Reality: Multiple Sources of Truth and Data “Swamps”
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By The Numbers
Source: MIT/SAS 2019
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By The Numbers
Source: MIT/SAS 2019
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â‘¡ The Role of Predictive Analytics and Value of Prescriptive Analytics
What Is Predictive Analytics?
10 Image Source: http://www.billfrymire.com/
What Is Predictive Analytics?
11 Image Source: http://www.billfrymire.com/
What Is Predictive Analytics?
12 Image Source: http://www.billfrymire.com/
This Is Prescriptive Analytics
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Current Analytics Approach: MST = OBL Multiple Sources of Truth
Analytics Engine
One Big Lie
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The Role of Predictive Analytics: Truth Teller
Multiple Sources of Truth
Analytics The Truth Engine
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The Role of Predictive Analytics: Truth Teller Multiple Sources of Truth
Analytics Engine
Various Insights
The Truth
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The Role of Prescriptive Analytics: Value Realizer
Experience & Expertise
AnalyticssAnalytic Engine Engine
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Various Insights
The Challenge and Opportunity How well does your organization manage capturing, processing, and integrating data streams from multiple sources?
There’s Room For Improvement: Capturing, Processing, and Integrating Data Streams From Multiple Sources Are you kidding me‌I have no idea!
6%
We have no formal mechanism for measuring this
15% 32%
Poor
31%
Fair
12%
Good Excellent
4%
Total Results: 510 19
â‘¢ Got Data? Get Insights!
Data-Driven Decisions?
When you say or hear data-driven decisions, what do you mean/is meant?
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Data-Driven Decisions?
Do you mean‌ Data Drive Decisions!
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Data-Driven Decisions?
Do you mean‌ Data Should Drive Decisions!
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Data-Driven Decisions?
Do you mean‌ Data Systems Make the Decisions!
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Data-Driven Decisions?
Do you mean… Data Should Support Decisions!
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Data-Driven Decisions?
Do you mean‌ Data Should Support Decision-makers!
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Data-Driven Decisions?
Do you mean… Data Influence the Decisions!
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Data-Driven Decisions?
Do you mean‌ Data Inform Decisions!
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Data-Driven Decisions?
Do you mean… Data Should Help Analyze Decisions!
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The Challenge and Opportunity
You can’t mine, analyze, and understand data you can’t integrate.
Got Data…Get Insights
Presents an opportunity to leverage collected data for better value chain insights
Businesses can gain true-time insights from rich data: • Identify product persistence o Dwell time
o Product expiry • Improve recalls and returns/reverse logistics
• Increase customer, consumer, and supplier engagement and trust 31
Analytics‌Strategy‌Anyone? Yes 19% No 81%
Summary for 1 poll
Total Results: 632 32
Source: MHI 2019
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Keys to Capitalizing on MST • Pay attention to data “flows” instead of data “stocks” • Go beyond providing access to data and tools • Be more specific about desired decisions to more closely link data and decisions
Data harmonization may not be the most profitable thing to do, but it is one of the most trust-earning things.
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Thank You! Randy V. Bradley, Ph.D., CPHIMS, FHIMSS
rbradley@utk.edu @randyvbradley linkedin.com/in/randyvbradley +1-865-974-1761 +1-334-354-5966