8 Smart Ways To Use Prescriptive Analytics

8 Smart Ways To Use Prescriptive Analytics

8 Smart Ways To Use Prescriptive Analytics

This session will cover best practices in identifying and managing the data that is right for your

Somewhere between blind faith and skepticism is the world of prescriptive analytics. Here, machine-generated action items and potential outcomes meet human decision making. Finding the right balance between algorithms and common sense can be tricky, so consider these tips.

Marketing and retail have been two of the most publicized use cases for prescriptive analytics, a type of predictive analytics software which recommends one or more courses of action and shows the likely outcome of each decision.

While prescriptive analytics isn't as mature or widely adopted as descriptive analytics or predictive analytics, Gartner estimates the prescriptive analytics software market will reach $1.1 billion by 2019. Beyond marketing and retail, such tools are starting to be applied in cybersecurity, fraud prevention, supply chain optimization, and resource optimization, among other areas of business.

"Prescriptive analytics can take processes that were once expensive, arduous, and difficult, and complete them in a cost-effective and effortless manner," said Doron Cohen, CEO of Powerlinx, a business-to-business matchmaking service, and chairman of Dun & Bradstreet Israel. "The ROI derived from having more time, energy, and money can then be used to identify new opportunities as a business."

Read Also:
Visual Business Intelligence – We Must Vet Our Data Visualization Advisers with Care

Prescriptive analytics systems learn over time, and there's no guarantee their output will always be reliable. "Application of algorithms is not a substitute for robust investigational methodology or common sense," said Willy McColgan, president and general manager of machine intelligence analytics company Zoomi, in an interview.

 



Chief Analytics Officer Europe

25
Apr
2017
Chief Analytics Officer Europe

15% off with code 7WDCAO17

Read Also:
Balancing the Demands of Big Data With Those Of Accurate Data

Chief Analytics Officer Spring 2017

2
May
2017
Chief Analytics Officer Spring 2017

15% off with code MP15

Read Also:
Why Power BI is a Revolutionary Business Intelligence Tool?

Big Data and Analytics for Healthcare Philadelphia

17
May
2017
Big Data and Analytics for Healthcare Philadelphia

$200 off with code DATA200

Read Also:
Building smart business on the four pillars of predictive analytics

SMX London

23
May
2017
SMX London

10% off with code 7WDATASMX

Read Also:
7 Ways To Improve Your Business Using Business Analytics

Data Science Congress 2017

5
Jun
2017
Data Science Congress 2017

20% off with code 7wdata_DSC2017

Read Also:
4 Easy Tactics for Infusing AI and Predictive Analytics Into Sales Processes
Read Also:
3 Key Steps to Transforming Healthcare with Predictive Analytics

Leave a Reply

Your email address will not be published. Required fields are marked *