What Is Prescriptive Analytics, How To Implement Prescriptive Analytics, The Benefits Of Using Prescriptive Analytics

by Dr. Harrison Sachs

Overview

This essay sheds light on what is prescriptive analytics, demystifies how to implement prescriptive analytics, delineates the benefits of companies leveraging prescriptive analytics, and expounds upon the problems with companies not implementing prescriptive analytics. Succinctly stated, prescriptive analytics is deemed to be "a type of data analytics" that refers to the practice of harnessing artificial intelligence techniques to recommend courses of action for companies to implement. Artificial intelligence techniques can be leveraged to not only comprehensively understand the data, but to also recommend befitting courses of action for companies to implement. Engaging in prescriptive analytics can render it possible for companies to receive guidance during the strategic planning decision-making process. Companies should aim implement prudent strategic planning decisions. Furthermore, companies should also aim to bolster their operational efficiencies. Engaging in prescriptive analytics can be an act of prudence since it can render it possible for companies to be at a higher probability to implement provident strategic decisions in which the data that is meticulously analyzed by artificial intelligence techniques to recommend courses of action is characterized by validity and reliability. Even though engaging in prescriptive analytics can render it possible for companies to ascertain the befitting courses of action for them to implement, there is, however, no guarantee that implementing these recommended courses of action will yield desirable outcomes for companies in the pending future. This is because the future is enigmatic and obscured behind a penumbra of time. Engaging in prescriptive analytics can also aid companies in expediting the strategic planning decision-making process. This is because engaging in prescriptive analytics can significantly reduce lag in the strategic planning decision-making process The recommended courses of action for companies to implement can be swiftly generated during the prescriptive analytics process by harnessing artificial intelligence techniques to generate the recommended courses of action for companies to implement. Engaging in prescriptive analytics can also aid companies in implementing provident strategic decisions on time-horizons of different lengths. Furthermore, engaging in prescriptive analytics can also aid companies in implementing strategic planning decisions on a short time-horizon, medium time-horizon, or long time-horizon. Engaging in prescriptive analytics can also aid companies in reducing their need for personnel. This is because engaging in prescriptive analytics can aid companies in ascertaining how to ameliorate their operational efficiencies. If companies ameliorate their operational efficiencies by enhancing their operations workflows and automating their operations tasks, then they will reduce their need for personal. Companies are often eager to minimize the size of their workforce since minimizing the size of their workforce is conducive to minimizing their non-executive employee labor costs. It is a viable feasibility for companies to implement prescriptive analytics. Implementing prescriptive analytics is simply a matter of identifying business objectives and subsequently inputting a sizeable amount of germane data into datasets before harnessing artificial intelligence techniques to generate recommended courses of action. There are disparate types of techniques that can be harnessed during the prescriptive analytics process to recommend courses of action for companies to implement. Some of the different types of advanced artificial intelligence techniques that can be harnessed during the prescriptive analytics process to recommend courses of action for companies to implement encompass harnessing advanced machine learning algorithms and harnessing advanced artificial intelligence-powered optimization algorithms. Some of the rule-based system techniques that can be harnessed during the prescriptive analytics process to recommend courses of action for companies to implement entail harnessing "expert systems and harnessing business rules management systems". The efficacy of the application of artificial intelligence techniques is predicated upon the validity and reliability of the data that is meticulously analyzed by artificial intelligence techniques to recommend courses of action for companies to implement. If the data that is meticulously analyzed by artificial intelligence techniques to recommend courses of action for companies to implement is characterized by validity and reliability, then the recommended courses of action for companies to implement that are generated by artificial intelligence techniques are at a higher probability to yield a high level of accuracy.

Product Details

ISBN-13:	9798317656959
Publisher:	Barnes & Noble Press
Publication date:	04/20/2025
Pages:	20
Product dimensions:	8.50(w) x 11.00(h) x 0.04(d)