JDA Labs recently held a meetup on Optimization Algorithms and Graph Databases: Tools for Better Decision Making. It was an evening based around data science and technologies for innovative decision making.
A Mathematical Approach to Optimal Inventory Decisions
The first topic presented a mathematical approach to make optimal inventory decisions: Inventory management, a new look on a common problem. Inventory management is a problem that every retailer must tackle. Usually this problem is solved using common statistical tools such as Poisson and Normal distributions. However, a large part of these inventories is poorly handled due to their nature. Many items have very few customers’ demands, sometimes once a week or even less, but need to be stocked nonetheless for a variety of reasons. This gives rise to a variety of challenges, but also opportunities for more flexible algorithmic tools. During the meetup, the JDA Labs team provided an overview and rationale of the different models involved, starting from probabilistic forecasting as an input, to an inventory control policy optimization with Markov Decision Processes.
Graph Databases: When Data Relationships Really Matter
The second topic focused on how graph databases can be used when a decision process relies on data relationships. Graph databases have gained popularity in the recent years as a powerful technology that allows understanding of relationships between data records. The presentation explored some popular graph databases in the market, such as Neo4j and JanusGraph running on top of Cassandra and Hbase, to determine their usability in a production-ready cloud environment. In this presentation, the JDA Labs team shared findings and lessons learned. Attendees were shown a concrete example of graph database usage to address a specific business problems.
Interested in learning more about the Optimization Algorithms and Graph Databases: Tools for Better Decision Making presentation? You can access the slides here.
Check back for more information on the upcoming JDA Labs Meetup in collaboration with Google, which is taking place on Tuesday, November 14.