“I’ve invested in analytics and have thousands of data points streaming into our databases, yet life doesn’t seem any easier.” Unfortunately, this is a very common complaint about Big Data investments. Teams get overwhelmed with too much data, and analysis often takes longer if you throw more data at a problem. A newly emerging trend in this space is the use of “prescriptive analytics” — rather than simply collecting data, your team can rely on automated analysis tools to generate recommendations (i.e. prescriptions). This means no more lengthy data reviews, but simply allowing the prescriptive tool to make business decisions on its own.
If this sounds too good to be true (or scary!), you might be surprised to know that many companies already use such approaches. Review the examples below to see how companies are using prescriptive analytics to automate and grow their businesses.