Prescriptive Analytics: The Pathway to Data-Driven Decision Making

How prescriptive analytics works?

Define the Objective: Clearly establishing the specific decision or issues you wish to tackle, such as maximizing pricing strategies or resource distribution.

Consolidate Your Data: Assembling and unifying pertinent data from diverse sources, ensuring we have a thorough and precise dataset for analysis.

Construct Data Model: Develop a robust algorithm/model that amalgamates historical data, current variables, and potential outcomes to create possible solutions and suggestions.

Implement Model: Incorporate the model within your company's systems to analyse real-time data and yield actionable insights as new data is gathered.

Execute Decisions: Utilize the suggested actions or strategies from our prescriptive model to make data-driven decisions that are in line with your company's objectives and anticipated results.

Benefits

Make better decisions about what your next course of action should be. This could involve any aspect of your business, such as increasing revenue, reducing customer churn, preventing fraud, and increasing efficiency.

Make data-driven, not instinct-driven decisions

Our models recommend a specific course of action based on a wide variety of factors including historical and current performance, available resources, and probability-weighted projections and scenarios. This lowers the chance for human bias or error.

Simplify complex decisions

Prescriptive analysis simulates a variety of scenarios and provides the probability of different outcomes, both immediate to long term. This makes it much easier for you to not only understand the specific recommendation from our tool but also know the probability of a worst-case scenario and incorporate that into your plans.

Focus on execution rather than making decisions

Your organization is likely flooded with data from a wide variety of sources. And the pace of business today requires you to move fast. The best prescriptive analytics tools first break down data silos to analyse integrated data set and then provide instant, specific recommendations on your best course of action. This allows you to focus your effort on executing the plan.

See it in action

IN22 Labs' business intelligence solution supports prescriptive analytics through robust features and functionalities. Prescriptive analytics, a form of advanced analytics is characterized by techniques such as graph analysis and complex event processing, IN22 Labs' data visualization enables users to produce interactive reports and dashboards, presenting difficult information in a clear and accessible format. Our capabilities enable organizations to not only predict future outcomes but also get recommendations on the best course of action to achieve their business objectives.

• For manufacturers, the ability to model prices on a variety of factors allows them to make better decisions about production, storage, and new discoveries.
• In healthcare business intelligence, prescriptive analytics is applied across the industry, both in patient care and healthcare administration. For practitioners and care providers, prescriptive analytics helps improve clinical care and provide more satisfactory service to patients.
• Insurers, banking, and finance use prescriptive analytics in their models to prevent fraud, limit risk, provide pricing and premium information for clients.
• For pharmaceutical companies, prescriptive analytics helps identify the best testing and patient cohorts for clinical trials. This reduces the costs of testing to eventually help expedite drug development and possible approval.