The Trade Index which we are developing, will provide quantitative insights into Singapore’s import and export trends. With the Trade Index, we will able to tell, which country is contributing the most to imports; the government will then know which country is driving the export or likewise the import. The government can then make decisions whether it should release more resources, or whether it should exercise restrain, whether the industry is in good or bad health… The Trade Index will help to make recommendations to drive the market from red to green. When combined with client data through statistically significant quantitative models, these insights will enable local corporations to proactively predict sector specific consumption with greater accuracy. This will lead to significantly improved operational and strategic decisions in key areas such as sourcing, inventory management, distribution and allocation of working capital investments.
•Business analytics is all about what is likely to happen in the future.(Prediction)
•Business analytics is all about using historical data to forecast future values (Forecasting)
•What is the worst that can happen? What is the best that can happen? (Simulation)
•How should we take action? How will we measure the impact of our actions? (Optimisation)
•Which action will result in the most ROI? (Optimisation)