Alteryx
Case Studies
Prescriptive Analytics: Unleash the Optimization Tool
Overview
Prescriptive Analytics: Unleash the Optimization ToolAlteryx |
Analytics & Modeling - Predictive Analytics Application Infrastructure & Middleware - Data Visualization | |
Buildings Equipment & Machinery | |
Procurement | |
Operational Impact
The use of the Optimization Tool and prescriptive analytics has taken the business analysis to the next level. It has enabled the identification of business problems that require optimization, setting of the objective function and list of constraints, preparation of inputs, and interpretation and presentation of results. The tool has provided precise recommendations on the best course of action, not based on probability but on the optimal solution that yields the highest value. This has led to more effective decision-making and improved business outcomes. | |
Quantitative Benefit
The optimization tool helped determine the optimal number of chocolate bars to produce to maximize profit. | |
The tool was able to handle multiple decision variables, allowing for the optimization of production of two different types of chocolate bars. | |
The optimal solution for two decision variables yielded a total profit of 55, which was higher than the profit from producing a single type of chocolate bar. | |