Prescriptive Analytics

Prescriptive analytics

Big Data has started an era of data analytics that takes multiple forms like prescriptive analytics. This type of market analytics helps you to find the right solution for a particular situation. This is also known as the third or final component of market analytics which also includes descriptive analytics and predictive analysis. Prescriptive analytics leverages predictive analytics and descriptive analytics to extract ideal conclusions or strategies from helping you address business problems, and it drives the future of big data.

Advantages in big data

Prescriptive analytics comes with some advantages you can leverage with Big Data, such as increased awareness of the impact of new technologies or techniques, improved resource utilization, and increased insight into consumer patterns and habits. You can use prescriptive analytics, for example, to assess the best opportunities to take on social media interaction. Lithium Reach helps businesses accomplish this by suggesting the best time of day for posting content through social media channels. To front-line jobs, too, prescriptive analytics is beneficial. It can be used, for example, to assess a client’s best-personalized choice to improve the customer experience. For example, is using the technology from Bain & Company to enable customer chat sessions with wine experts to improve consumer loyalty. In addition, prescriptive analytics allow data analysis on an industrial scale so that businesses can scale up internal decision processes. UPS ‘Orion System demonstrates this to give the correct routing information to its drivers.

Transforming the face of big data for business

The future of prescriptive analytics will promote more analytical growth for automated analytics where it replaces the need to make human decisions with automated business decision-making. Automated analytics, for example, would be able to use applications to pick the best marketing email to deliver to clients, rather than requiring a marketing director to make this decision. The demand for prescriptive analytics is also rapidly increasing and is projected to increase to $1.1 billion by 22 percent between 2014 and 2019. It is also projected to be incorporated into business analytics software by 2020.

It’s shaping the future of big data with the growing use and benefit of prescriptive analytics. With the power of prescriptive analytics to refine the rationale of their business decisions, corporate leaders may prevent risky business activities and reduce financial losses. When you integrate prescriptive analytics into your Big Data strategy, it will help you make business decisions more efficiently to increase your company’s performance and profitability.

All you need to know about Business Analytics

Introduction to Business AnalyticsCareer Options after Business Analytics
Business Analytics in Business GrowthDifference between Data Science vs Business Analytics
Skills you need for Business analyticsBenefits of Business Analytics
Demerits of Business AnalyticsSalary After Business Analytics courses

Learn Business Analytics

Top 7 Business Analytics University/ Colleges in IndiaTop 7 Training Institutes of Business Analytics
Top 7 Online Business Analytics ProgramsTop 7 Certification Course of Business Analytics

Learn Business Analytics with WAC

Business Analytics WebinarsBusiness Analytics Workshops
Business Analytics Summer TrainingBusiness Analytics One-on-One Training
Business Analytics Online Summer TrainingBusiness Analytics Recorded Training

Other Skills in Demand

Artificial IntelligenceData Science
Digital MarketingBusiness Analytics
Big DataInternet of Things
Python ProgrammingRobotics & Embedded System
Android App DevelopmentMachine Learning