New paper on Analytics in Manufacturing published in Production Planning & Control Journal
The paper “Selecting advanced analytics in manufacturing: a decision support model” has been recently published in Production Planning & Control Journal. The paper is authored by Dr. Rafael Lorenz, Dr. Mathias Kraus, Hergen Wolf, Prof. Stefan Feuerriegel and, Prof. Torbjørn Netland.
It is challenging for managers to identify advanced analytics technologies that yield economic benefit. We propose a multi-criteria decision model that managers can use to select efficient AATs tailored to company-specific needs. Based on a data envelopment analysis, our model evaluates the efficiency of each AAT with respect to cost drivers and performance across common application areas in manufacturing. The effectiveness of our decision model is demonstrated by applying it to two manufacturing companies. For each company, a customized portfolio of efficient AATs is derived for a sample of use cases. Thereby, we aid management decision-making concerning the efficient allocation of corporate resources. Our decision model not only facilitates optimal financial allocation for operations in the short-term but also guides long-term strategic investments in AATs.
The full paper is available external page online (Open Access).