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How Prescriptive Analytics Is Changing The Face Of Every Industry Across The Globe

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kathleen brown
How Prescriptive Analytics Is Changing The Face Of Every Industry Across The Globe

This data consists a diverse range of data types such as texts, weblogs, GPS locations, sensor information, graphs, videos, audio and everything online.

Talking about Prescriptive analytics,it can be defined as something that involves bringing out optimal planning decisions given the predicted future and addressing questions such as “what shall be done in this case?” and “why shall it be done?”

In industries like logistics, predictive analysis or analytics is done with respect to operational performance metrics such as delivery service levels and impact analysis of external factors such as exchange rates, fuel prices, and carrier rates.

Other practical applications include collaborative Sales and Operations Planning (S) by connecting statistical forecasting methods for demand planning.

In a recent Crowe Horwath LLP webinar involving bank executives from a broad array of organizations, most of the participants 63 percent of them said that they were interested in moving beyond descriptive and diagnostic data studies.

Source: Crowe Horwath LLP webinar survey, June 29, 2017

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