There’s untapped value in data we already capture and opportunities to drive actionable intelligence back into the business. Our data scientists are turning this data into information and insights throughout Stanley Black & Decker. For example, in our Commercial Electronic Security business artificial intelligence is optimizing the dispatch of our service technicians, resulting in faster resolutions and a more scalable operation, while reducing drive-time carbon emissions.
In Tools & Storage, machine learning is improving the effectiveness of promotional offers, leveraging data from hundreds of previous promotions, enriched with economic, demographic and industry trend information to determine which promotions we should run. And in our Engineered Fastening business we are developing algorithms and mathematical models to better predict demand and manage our manufacturing and supply chain operations in response to the volatility inherent in developing thousands of customer-specific fasteners for all the diverse industries we supply. This is enabling us to better match our global capacity and inventory to our customers’ needs.
In addition, we are recognizing that the data and insights our own products capture have tremendous value to our customers. For example, our stud welding and riveting solutions now provide real-time data on throughput and quality of customer assembly lines, which our customers then leverage to drive their own improvements.