Information is one of the most invaluable assets of the organization. It is reaching an inflection point for organizations to unleash their business potential via advanced analytics.
Analytics in real-time coupled with a powerful rules engine poses a challenge to the market with the goal being people-centricity. If predictive analysis intends to tell you what could happen in the future, then prescriptive analysis show you better choices for handling problems effectively But it still takes time for getting technology maturity, methodology/process maturity and talent maturity;
Analytics can follow the logical steps in decision smart: Ask questions: who we are individually and who we are collectively; collect reliable information, articulate logic, filter out bias, and perceive the consequences. Prescriptive analytics has also been stretched to include performance management, scorecarding, and other guided analytics in the contextual business knowledge.
Analogically, think about prescriptive analytics as finding a route on a GPS with traffic information. The system knows where you are and where you want to go. It knows the likelihood you will run into traffic and how long it will delay you. And then, depending on what your preference is, it recommends a route. That is prescriptive analysis-.finding the optimal answer under a set of conditions.
Prescriptive analytics is suggesting actions to benefit from the predictions and showing the implications of each decision option: Prescriptive Analytics is based on information driven predictions and its implications. It defines a set of analytical capabilities that include: defining a preferred course of action; calculating expected outcomes of alternative decision options, etc.
You have your past data -> Model building -> Prediction based on your model -> Action based on prediction and its implications. So prescriptive analytics will provide you with the reasonable choice in which the work orders need to be serviced within the budget, time and other constraints.
Prescriptive analytics is about finding the optimal solutions under a set of conditions or varying circumstances: The data is there but how do you refine it to capture fresh insight on how to solve either strategic concerns or operational issues through analytics? Predictive analytics can be used to predict the customers’ needs, the future product/service trend, talent management, etc. Prescriptive analytics provide rational choices, alternative options for improving customer satisfaction, increasing business management agility.
Advanced analytics involves multipath logic from a technological lens, philosophical lens; or sociological perspective. Analytics professionals demonstrate professional qualities such as intellectual curiosity, motivation, creativity, critical reasoning, engagement, etc; they can initiate information based dialogues, take logical steps to achieve capability based goals, improving their problem-solving intelligence smoothly
Organizations need to pay particular attention to their data, improve information quality, build an analytical roadmap and invest in software, people, and technologies to run a smart business.”Good prescriptive” management” would be well grounded and ideally, with really best principles and practices for improving overall business agility and speed.