Supply chain intelligence cloud provider FusionOps, Inc. has today announced that they have added pre-defined prescriptive analytics to their cloud platform

The new feature will give enterprise users access to data science-backed recommendations that can be used to optimize inventory in order to reduce operational cost and improve customer service levels.

FusionOps says that due to their pre-built prescriptive analytics being integrated into its scalable cloud platform, it is able to leverage a massive compute infrastructure to deliver accelerated time-to-insights, giving users daily access to information they can use to make decisions versus the current situation with other providers where the data is often only available monthly, or by having to rely on IT and a team of data scientists to compile, harmonize, and translate the information.

“We continue to innovate on our Supply Chain Intelligence Cloud to deliver real results for our customers,” FusionOps Chief Executive Officers Gary Meyers said in a statement sent to SiliconANGLE.  “Delivering prescriptive analytics for inventory in addition to our existing diagnostic and predictive analytics is a natural evolution for FusionOps and a quantum leap for business users. We are opening the door to the latest in data science and putting it into the hands of people who need it the most, business users.”

Inventory advantages

The new service is said to allow enterprise users to gain new data science-based insights that allow a reduction of working capital by minimizing excess inventory by delivering real-time access to data, along with the ability to run that data through millions of simulations that are able to recommend the lowest possible inventory that delivers a desired service level for the company.

By prescribing the optimal inventory quantity and service level for each product based on the demand forecast and balance of associated cost, users are able to quickly understand the trade-off between the cost of disservice and inventory cost in order to set optimal inventory levels around each product.

The addition of what-if analysis that prescribes optimal inventory to maximise customer service levels allows users to understand risks and upsides with different scenarios.

More details on the new service are available from the FusionOps website here.

Image credit: FusionOps.