Advanced analytics support a world of business decisions
Dow Chemical Company improved forecast accuracy to within 10%
Dow Chemical executives wanted to do more than supply raw materials for finished goods. They wanted to offer solution-based products, invest in green technology and expand their global presence. So they turned to Paula Tolliver and Dave Asiala to lead a team tasked with providing advanced analytics across the company.
Better decisions from big data
Dow manufactures 5,000 products at facilities all over the world, which results in massive amounts of data. Competitive advantage comes from turning that data into smarter business decisions, says Tolliver.
"We source over $24 billion worth of products and services a year," she says, "and so a small change in our ability to buy more strategically generates significant value and receives a lot of attention."
Dow uses advanced analytics to reduce its carbon footprint and to find more efficient ways to ship products or produced them closer to the end consumer. "In order to maintain our margins, you have to keep freight and logistics costs under control, thereby driving gains in sustainable practices as well,'' says Asiala.
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