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Working with the Panama Canal Authority (ACP), IHS convened a workshop of ACP representatives from each stakeholder group to discuss the challenge of accurately forecasting traffic through the canal. The goal was very specific:
1 – Identify the data needed for accurate forecasting.
2 – Define the analytics and models needed to extract insight from the data.
3 – Develop the tools and visualizations that communicated these insights.
A workshop leader moderated the discussion, asking stakeholders for information and insight, and drafting outlines and visualizations for participants to critique. The discussion allowed stakeholders to hear others’ perspectives and build consensus.
The result was a significant expansion of the type of data that was needed as well as changes in tool design, structure, calculations, and final visualization of the solution. By having the group work together, new details of trade flows and canal operations came to light, resulting in a more robust model and more accurate forecasts.
|Extracting actionable, valuable insight from complex data||Experts in your industry and domain who frame the right questions, connect the right data, and apply advanced analytics to uncover insights unique to your business|
|Asking the right questions of complex data||Deep understanding of how interconnected dynamics influence your business, including economic, industry, regulatory, technology, supply chain and geopolitical trends|
|Using the right data for answers you need||Access to a comprehensive collection of reliable, up-to-date, and hard-to-find data from IHS and trusted partners, tailored to suit your analytical needs|
|Applying the right advanced analytics to gain valuable insights||Team of data scientists and analysts with deep expertise in your industry, applying customized advanced analytical models or the right COTS tools as needed|
With responsibility for managing one of the world’s foremost shipping channels, this agency set out to estimate how a planned $5 billion expansion would impact its revenues. Its managers successfully predicted how the canal’s expanded capacity might transform its market share – including a 140% increase in petroleum products transit by 2017.Learn More About Our Customers Success
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