Enabled a leading IT company to predict operations accurately and predicting the service cost
Maximizing Profits with Route Optimization Analytics
- Devised and built a heterogeneous resource allocation algorithm to allocate and optimize the number of TC and VC ships
- Cleansed and prepared historical data for processing
- Used historical data and Holt-Winters algorithm to forecast by time-series analysis and overcome the model’s seasonality effect
- Enabled linear distribution of the voyages in the model
- Calculated the posterior probability of each voyage trip in a given month using
- Used the resulting probability to determine future voyages
- Calculated the corresponding TC cost, VC cost, and the number of days of the round trip journey based on the determined voyages
- Fed the determined values to the algorithm to allocate the number of TC and VC to minimize the total charter
- R
- RapidMiner
- Oracle Database
The supply chain scheduling and route optimization analytics solution helped the client to predict the schedule for voyages for the following year efficiently. Moreover, the client was able to minimize the total charter cost by planning and strategizing based on the predictive results. Therefore, the client was also able to fully automate the voyage schedule generation reducing manual workforce and resources.
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