• Home
  • About
  • Life Style
  • Family
  • Tips
  • Health
  • Business
  • Pets
  • Recipes
  • Contact
    • Facebook
    • Instagram
    • Twitter

When Parents Text

When Parents Text

Top Rated Prescriptive Analytics Solution

July 7, 2021 by Annie

Every business needs the best intelligence it can get to make the right decision at the right time. The best business decisions, whether they’re meant to cut costs, improve efficiency, or find better ways to market products and services, are based on data. Of course, thanks to the constantly growing volume of big data, it’s impossible to gather actionable insights using legacy systems or traditional means.

Modern business intelligence (BI) relies on advanced analytics, and prescriptive analytics is one of the best tools in the kit. To understand how prescriptive analytics can assist you with business process management, however, it’s important to have a grasp on some other analytics techniques.

Data Analytics

img

Descriptive Analytics: This is the process of examining historical data to understand past changes in the business. This gives business leaders a holistic view of business performance during the selected time period to provide greater context to business functions and help guide better decisions in the future.

Diagnostic Analytics: If descriptive analytics tells you what happened in your business, then diagnostic analytics tells you why it happened. This is often done through data mining, which combs through extremely large data sets to find patterns and trends. If customer satisfaction dropped last quarter, for example, your diagnostic analytics might uncover that some of your best customers were displeased when dealing with automated IVR customer support rather than the support agents they’re used to.

Predictive Analytics: This type of analytics is used to make predictions on what will happen based on a combination of historical and current data patterns. An example could be analyzing past and current customer behavior to predict future market trends and gain a competitive advantage.

It might sound like these are all the tools you need, but prescriptive analytics takes things a step further by, not only predicting future outcomes but also presenting the possible consequences of each one. This type of data analytics seeks to draw insights into the best course of action for each business problem. Here’s what you’ll need to know to master a top-rated prescriptive analytics solution.

Breaking Down Business Problems

img

One thing that business users have to remember about a prescriptive analytics platform is that the possible outcomes and insights it produces are only as accurate as the data that’s entered in the first place. If you’re trying to increase sales for the next quarter, for example, you’ll need to take into account all the things that affect sales. This includes product design, pricing, customer service and support, and even the efficiency of your supply chain.

Breaking each problem down into individual factors and then feeding the most accurate available data into your prescriptive analytics tools will produce better recommendations. Most platforms use computer algorithms empowered by machine learning to create their statistical models at a rate much faster than any data scientist could on their own. By gathering the right information from the appropriate data sources, you can produce actionable insights based on your business rules in near real-time.

Prescriptive Analytics in Practice

img

There’s no denying that prescriptive analytics can be just what you need to take your business intelligence to the next level, but it’s important to remember that the results are essentially simulations of possible outcomes. Depending on your own business rules and what’s possible for you during a given time period, every suggestion offered may not be possible. For example, if one of the analytics solutions suggested raising prices beyond what you know customers to be comfortable with in order to boost revenue, you’d likely rather pursue a different option that allows for a better customer experience.

No matter how useful technology is, there are always some constraints. With some practice, you’ll learn how to identify and pursue your best possible options and improve decision-making.

 

About Me

Hi! I'm Annie and I have 3 kids (all in their teens - yikes!). My mommy blog isn't all about lunches and DIY - it's also about humour. Like how my kids make fun of my texts as if I don't know how to use emojis (I DO!). Now that I have a bit more time - since my kids don't want to hang out with me (teenagers), I have taken up blogging.

ONE: Assisting Financially-Strapped Families With Inflation Pressures

May 24, 2022 By Annie

Some Questions That You Want to Ask About From A Residential Structural Engineer

May 20, 2022 By Annie

What does a pillow protector do that makes it useful?

May 19, 2022 By Annie

What is the best step for better beard care?

May 19, 2022 By Annie

img

The Basics of Home Warranties and What They Cover

May 19, 2022 By Annie

  • Facebook
  • Instagram
  • Pinterest
  • Twitter
  • Facebook
  • Google+
  • Twitter

ONE: Assisting Financially-Strapped Families With Inflation Pressures
  • Business

ONE: Assisting Financially-Strapped Families With Inflation Pressures

By Annie  / May 24, 2022
During the past few years, simply securing money to cover household expenses and family needs has been hard enough. With...
Read More
Some Questions That You Want to Ask About From A Residential Structural Engineer
  • Tips

Some Questions That You Want to Ask About From A Residential Structural Engineer

By Annie  / May 20, 2022
Structural Engineers are specialized people that determine the integrity of homes and buildings. When it comes to questions about buildings...
Read More
What does a pillow protector do that makes it useful?
  • Health

What does a pillow protector do that makes it useful?

By Annie  / May 19, 2022
If you have recently come across pillow protector then you may not entirely be familiar with the concept and all...
Read More
What is the best step for better beard care?
  • Health

What is the best step for better beard care?

By Annie  / May 19, 2022
If you are passionate about starting your journey towards better beard care then you might be wondering what the best...
Read More
The Basics of Home Warranties and What They Cover
  • Business

The Basics of Home Warranties and What They Cover

By Annie  / May 19, 2022
There is no doubt that your home is a valuable investment. It is likely the largest purchase you will ever...
Read More
Newborn Photography Tips for New Parents
  • Tips

Newborn Photography Tips for New Parents

By Annie  / May 18, 2022
Newborn photography is an art form that takes perfecting- but you may only have one chance per child- so it's...
Read More
Can a Chapter 7 Bankruptcy Ruin Your Credit Score?
  • Uncategorized

Can a Chapter 7 Bankruptcy Ruin Your Credit Score?

By Annie  / May 17, 2022
The short answer is no it will not ruin your credit scores, but the longer answer is that of course...
Read More
5 Ways That Digital Tech Can Help Mums
  • Family

5 Ways That Digital Tech Can Help Mums

By Annie  / May 16, 2022
If you are approaching motherhood, this is an exciting time for sure! Of course, it is perfectly normal to be...
Read More
Styles in tee shirts!
  • Life Style

Styles in tee shirts!

By Annie  / May 11, 2022
Tee shirts are more famous than they ever had been earlier than. They have the precise potential to give your...
Read More
How Moms Can Plan a Memorable Northeast Family Vacation
  • Tips

How Moms Can Plan a Memorable Northeast Family Vacation

By Annie  / May 6, 2022
Going on vacation can be a great way to spend time together as a family, and there is plenty to...
Read More

About Us

Hi! I’m Annie and I have 3 kids (all in their teens – yikes!). My mommy blog isn’t all about lunches and DIY – it’s also about humour. Like how my kids make fun of my texts as if I don’t know how to use emojis (I DO!)... Read More…

When Parents Text

  • Home
  • About
  • Life Style
  • Family
  • Tips
  • Health
  • Business
  • Pets
  • Recipes
  • Contact

© 2022 · Pretty Creative WordPress Theme by, Pretty Darn Cute Design