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, Wine.com 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
Learn Business Analytics
| Top 7 Business Analytics University/ Colleges in India | Top 7 Training Institutes of Business Analytics |
| Top 7 Online Business Analytics Programs | Top 7 Certification Course of Business Analytics |
Learn Business Analytics with WAC
Other Skills in Demand
| Artificial Intelligence | Data Science |
| Digital Marketing | Business Analytics |
| Big Data | Internet of Things |
| Python Programming | Robotics & Embedded System |
| Android App Development | Machine Learning |
