Companies that apply analytics usually have a goal in mind. This may be ad hoc or strategic, focused on a specific asset or process section or part of a corporate initiative such as operational excellence or continuous improvement. Corporate initiatives must be structured and ensure all contributors use the same methodology and tools, to make analyses comparable. To work well, these initiatives also need corporate executive and expert support.
There are many types of analytics, ranging from visualization and discovery and could be predictive or prescriptive. Often, it can be difficult to understand what technique, or combination, works best and when. That confusion certainly applies to the use of data-driven analytics versus optimization using first "grey-box" models, as used in model-predictive control. This session will create clarity for industry professionals looking for solutions, whether ad hoc, focused, or enterprise-driven.
The discussion will cover how corporations can set up and organize analytics activities to support corporate performance goals. To turn theory into practice, several use cases from end users will demonstrate how analytics can be applied in corporations and which outcomes can be reached for corporate initiatives, and using shared methodologies, for example.