Who does not want to know about the future happenings? Yes, everyone wants to know it, and the same is the case with academic researchers. With so many advancements happening worldwide, it is difficult to tell what will happen next. So, researchers use prescriptive analytics to know about the future. This is practical in the business industry, where companies want to know what will happen next. To perform these analytics effectively, companies use different tools. Describing those tools is the epicentre of our today’s discussion. So, let’s start our discussion at Eco Postings with the very basic question given below:
What Is Prescriptive Analytics?
Prescriptive analytics is a method of analysing data and making immediate recommendations. It tells how to improve company procedures to meet a variety of expected results. Prescriptive analytics takes “what we know” (data). Upon taking the data, it analyses it thoroughly to forecast what might happen. It recommends the best next moves based on informed simulations. With so much competition in the market, companies want to make informed decisions. This analytic technique helps them do so.
It is a computerised data processing technique that uses different algorithms to predict the future. It also uses artificial intelligence techniques to tell what customers think about the companies. Based on these, the companies then make informed decisions.
What Data Analysis Tools Are Used In Prescriptive Analytics?
As we know that prescriptive data analytics is computerised data processing, one thing that we still do not know is how to run these analytics. What are the tools used in these analytics? We talked with expert researchers providing masters dissertation writing services to understand this. According to our conversation, here is a brief description of all the analysis tools as follows;
IBM Prescriptive Analytics
IBM is a reputable data storage and business intelligence supplier. The focus of this tool is on corporate, higher education, and multinational organisations with large data stores. IBM provides several data management products. The most notable is the Cognos Analytics tool. This tool includes analytics and visualisation tools and AI-assisted data combination features.
Further, IBM provides various prescriptive analytics tools. These tools range from decision support tools, like difficult scheduling and planning. It also provides help for financial and scientific applications. The Watson Studio Package of this tool contains tools for academic researchers interested in data science.
The second tool that you can use for prescriptive analytics is Altreyx. This tool combines data from databases, apps, business software such as CRM and ERP, and individual files. Its Analytic Process Automation (APA) platform gathers data and visualises it in reports and dashboards. It also automates business insights so that any business user may access data analysis findings. The Alteryx prescriptive analytics tools offer a comprehensive set of optimisation choices. It includes linear, mixed-integer, and quadratic programming. Optimisation tools give intelligent suggestions for variables. They also quickly help you choose the best collection of circumstances for the desired outcome. Companies can use Monte Carlo simulation analytics to make quick business decisions.
Knime Analytics Platform is an open-source tool. Data scientists can quickly combine and develop visual data preparation and analysis workflows. Also, the software comes with thousands of available workflows for a quick start on analysis or idea generation. Communicating with the rest of the team represents insights into classic and advanced visualisations. However, if you want to make a custom analysis, you can buy the Knime Server subscription. Business users can utilise it for self-service prescriptive analytics and modelling.
It is the most modern prescriptive analysis used in most insurance and energy industries. It combines real-time data with internal information to predict the way forward. The real-time data includes data about weather, geography, and demography. On the other hand, the internal information is about grid uptime, supply chain metrics, and financials. This analytics tool also uses a meta-algorithm approach. It uses algorithms to monitor how other algorithms analyse the data. This advantage of the tool helps your team manage the information from multiple sources.
NGdata is yet another powerful prescriptive analytics tool designed for enterprises. Its Intelligent Engagement Platform helps the consumer financial brands, retailers and industries. This tool builds the analytics on top of the customer data and it increases revenue for marketers and sales teams.
It understands each customer’s data using algorithms. This tool uses the real-time customer data profile to create attribution models. NGdata integrates critical financial and shipping data to create a complete picture of the customer lifecycle when used with other business intelligence tools.
What techniques are used in prescriptive analytics?
You know that prescriptive analytics is all about making predictions. To make these predictions, you apply some techniques to the data. This section is all about those techniques. So, a brief description of all the techniques is as follows;
- Business rules come first in each decision you make about the future. You must consider those rules and make decisions accordingly. The technique of considering those rules helps companies make informed decisions.
- Algorithms are most commonly used in this analysis to evaluate a large amount of data. This technique works faster and is more efficient than humans. Using “if” and “but” statements can easily analyse the data.
- Machine learning is yet another technique used in prescriptive analytics. It allows businesses to make their future course of action. This technique also takes place in a computer program or algorithm. It is best for handling large amounts of data.
- Computational modelling procedure is also a technique use in this analysis. In this technique, you make models and simulate the real-time data. You decide the future course of action based on those models.
The prescriptive analytics maps the road to the success of a company. Due to its effective forecasts, academic researchers can predict future changes correctly. The tools mentioned above can help companies a lot in making informed decisions.