Use of Prescriptive Analytics to Better Drive Business Insights

Prescriptive analytics is a powerful tool that can help businesses make more informed decisions. Prescriptive analytics uses data to determine the best course of action based on historical data and future trends. These insights are then used to predict future outcomes that might affect your business. This predictive technology helps you find the best course of action for your organization at any given time so that you can make intelligent decisions about how to proceed. This can be extremely helpful for businesses looking to make better decisions that ultimately improve their bottom line. Prescriptive analytics allows you to identify what actions you should take and when you should take them to achieve your desired outcomes. This technology benefits organizations whose success depends on making the right decisions at the right time.

What is prescriptive analytics?

Prescriptive analytics is a subset of predictive analytics. It uses data to make predictions about the future, then uses those predictions to help solve complex business problems and make decisions.

Prescriptive analytics has been defined as an “automated process for discovering, understanding, and explaining the cause-effect relationships that exist in historical data.” In other words, it’s the use of data to predict what will happen next so you can act now.

This differs from traditional predictive analytics in that prescriptive analysis goes beyond simply predicting future outcomes; it also offers recommendations on how best to achieve those outcomes given certain constraints or tradeoffs. For example: What if we want our sales team to meet their monthly goal? Or what if we wish to have our marketing campaign budget spent wisely? The prescriptive analysis would give us specific actions they could take based on their current situation—and under different circumstances—that would get them closer than any other feasible option towards achieving their goals.

How can prescriptive analytics be applied to your business?

Prescriptive analytics can help you make better predictions, recommendations, and forecasts. Here are just a few ways prescriptive analytics could be applied to your business:

Prescriptive Analytics Applied to Marketing & Sales – In this scenario, salespeople would use prescriptive analytics to drive more revenue from existing customers through specific product recommendations. For example, if it was determined that the average customer spends ₱X on products A and B, then the salesperson should recommend these products when speaking with each customer. The same could also be done for marketing campaigns so that they are appropriately targeted at customers most likely interested in purchasing products/services mentioned in those campaigns. In addition, marketers may also use prescriptive analytics to predict which customers will respond best based on past purchase history (i.e., “what is the likelihood someone will buy again after receiving an email campaign?”).

Prescriptive analytics in action – one example

Prescriptive analytics is a tool that helps you make better decisions. It analyzes your data and recommends your business’s best course of action.

Let’s say you’re trying to decide where to open a new store in town. You have three locations in mind, but you’re still determining which one will be the best for your business. Prescriptive analytics can help! It can analyze all the critical factors involved with opening this new store: location, rent prices, construction costs, traffic patterns near each site…and more! Then it’ll tell you what its best course of action would be based on all these factors combined—which locations are best suited for success given these criteria? The answer might surprise you!

Finding a partner that provides precise data and helps you use this data to drive decisions within your company is essential.

A good partner can help you determine what questions need answering, whether using prescriptive analytics or another method. If a partner cannot provide you with precise data and metrics that can be used for decision-making, then it might be time to look elsewhere.

It’s also essential for your company’s success that the partnership is mutually beneficial; both sides should feel like they are getting something out of working together. For example, if your product needs improvement but needs more resources internally, partnering with a third party who can assist in improving your outcome could be just what you need!

Takeaway

Prescriptive analytics is a new way to look at the available data and will help you make smarter decisions regarding your business. This means you can use powerful data analytics software to analyze the information and devise a solution based on those findings. The key takeaway here is that prescriptive analytics isn’t just about finding answers but also about creating solutions for whatever problems may arise and providing insight into what needs fixing so that everything runs smoothly!

Push It Ahead

If you’re looking for more help to drive business insights through prescriptive analytics, we at EXP Digital Marketing would love to hear from you!

We can help you get the most out of your existing assets and maximize your investment return by leveraging our machine learning and artificial intelligence expertise. We can help you identify patterns in past data and apply them to future decisions so that you can make the best choices possible for your company’s growth.