“Caterpillar’s supply network optimization project is a shining example of how analytics can provide critical insights and make processes more efficient,” said IIA Co-Founder and CEO Jack Phillips.
Portland, Oregon (PRWEB) September 29, 2016
The International Institute for Analytics (IIA), the leading independent research and advisory firm focused exclusively on guiding its clients to leverage the power of analytics, named Caterpillar Inc. as the 2016 ANNY Award winner at IIA’s Analytics Symposium in Boston.
Caterpillar’s Global Supply Network team won the award for its supply network optimization project – the Assurance of Supply Center (ASC), a platform developed internally by the company and first launched four years ago. The data analytics and visualization platform solves issues of outdated processes, data unavailability and network complexity. It collects supply network data and transforms it into powerful tools used to drive decisions. These tools include dashboards and reports, supply network alerts, interactive and comprehensive inventory monitors for both production parts and finished goods, a situation and events communication portal, network modeling with complex algorithms and what-if analyses, a root cause identification tool, and supplier footprint maps.
“The goal of the ASC’s analytics capability is to improve overall business performance and profitability,” said Tori Rollings, Caterpillar assurance of supply manager. “We do this through unparalleled visibility, continuous monitoring and supply network simulation and optimization, which enables our users to fix problems in minutes rather than months.”
Since implementing the ASC in 2012, the capability has been used by nearly 10,000 users to dramatically improve the supply network performance to all-time highs, including a 25-percentage point improvement in shipping performance and a 50% reduction in supplier quality defects. Using the comprehensive network modeling tools has led to a significant reduction in transportation costs and transport time.
“Caterpillar’s supply network optimization project is a shining example of how analytics can provide critical insights and make processes more efficient,” said IIA Co-Founder and CEO Jack Phillips. “Congratulations to Caterpillar for creating such an innovative and successful analytics strategy.”
The ANNY award recognizes organizations’ dedication to using analytics to improve business results at the project or organizational level. Organizations were invited to submit an application or were nominated by IIA’s Research and Advisory Network of analytics experts and practitioners because they demonstrated excellence in their use of advanced analytics to drive measurable business impact. All nominees and applicants were asked to complete an in-depth application and were evaluated in five key areas: outcomes, ambition, scale, skills, and insights gained from the project.
The other six finalists for the 2016 ANNY were Hallmark Cards, Inc.; Lenovo; Owens Corning; Sydney Water Corp. together with Data61 and Commonwealth Scientific and Industrial Research Organisation; UnityPoint Health; and University of Utah Healthcare.
The Analytics Symposium is an event that brings together analytics practitioners and thought leaders — including IIA’s clients, faculty and expert network — for moderated discussions on key analytics topics, industry specifics and functional applications. This year’s event was held at the State Room in Boston and featured keynote addresses and guest speakers from organizations including Intel Corp., Cleveland Clinic, John Deere, Merck and Loblaw.
The International Institute for Analytics (IIA) is an independent research and advisory firm for organizations committed to accelerating their business through the power of analytics. Co-founded by Tom Davenport and CEO Jack Phillips, IIA works across a breadth of industries to uncover actionable insights from its network of analytics practitioners, industry experts and faculty. IIA’s Research and Advisory Network (RAN) clients gain access to an extensive research library, faculty-moderated discussions and an inquiry service with direct access to over 150 analytics experts. IIA also provides analytics assessments, evaluations, workshops, program strategy consulting and training, allowing business leaders and analytics professionals to keep their fingers on the pulse of analytics in the new data economy. Since its inception SAS, Intel, Teradata and Dell have supported IIA as underwriters. For more information about IIA, visit http://www.iianalytics.com/.