According to information from Forrester Research Analysts, prescriptive analytics for B2B/B2C companies is overtaking predictive analytics.
Data revealed at Forrester’s Virtual Data & Insights Forum, October 13–15, 2020, 93% of firms are operating WITHOUT insights-driven practices. The same research claimed that just 49% of all business decisions are being made based on quantitative information.
This presents a problem for a variety of reasons.
How can your firm overcome bad decision-making?
Predictive analytics provides you with raw data so you can build your own plans and actions, while prescriptive analytics does all of the work for you and provides actionable options.
Shifting through the vast quantities of data you have with human analysis is not practical or possible within a reasonable timeframe. But marketing decisions must be informed quickly to enable you to take corrective actions when needed. Prescriptive Analytics gives consistent recommendations on what to do next. Your decision making is validated, not replaced when using prescriptive tools.
How Prescriptive Analytics Works
These are the three core capabilities of Prescriptive Analytics, which incorporate machine learning to suggest actions:
- Anomaly Detection: identify deviations in performance from average baseline metrics
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Predictive analytics solution help banks and financial institutions to capture and analyze the customer data which help in fraud detection, application screening, customer acquisition and retention, understanding the consumer behavior, and feedback management.
Furthermore, the solution also helps in targeted marketing to acquire new customers and liquidity planning according to the past usage pattern such as to predict the potential consumer requirement.
This report on global Prescriptive and Predictive Analytics Market gives a comprehensive view of all market influencing factors including challenges and opportunities ahead.Industry NewsIn March 2018, SAP SE launched the application edition of its predictive analytics software.
The application also offers enterprises with the flexibility to add and modify the models.Get Free Sample Copy at: https://www.marketresearchfuture.com/sample_request/6845In May 2018, ONYX Insights released an advanced predictive analytics feature integrated to its ONYX fleetMONITOR platform for BP Wind Energy, a wind power producer.
This platform offers operation monitoring for 585 turbines across10 windfarms in the US.
Use of data driven predictive analytics platform offers safe and reliable operations of the wind turbines.Regional AnalysisThe global market predictive analytics is estimated to grow at a significant rate during the forecast period from 2018 to 2023.
According to information from Forrester Research Analysts, prescriptive analytics for B2B/B2C companies is overtaking predictive analytics.Data revealed at Forrester’s Virtual Data & Insights Forum, October 13–15, 2020, 93% of firms are operating WITHOUT insights-driven practices.
The same research claimed that just 49% of all business decisions are being made based on quantitative information.This presents a problem for a variety of reasons.
How can your firm overcome bad decision-making?Predictive analytics provides you with raw data so you can build your own plans and actions, while prescriptive analytics does all of the work for you and provides actionable options.Shifting through the vast quantities of data you have with human analysis is not practical or possible within a reasonable timeframe.
But marketing decisions must be informed quickly to enable you to take corrective actions when needed.
Prescriptive Analytics gives consistent recommendations on what to do next.
Your decision-making is validated, not replaced when using prescriptive tools.
