I am happy to announce the launch of my Prescriptive Analytics Channel on BeyeNETWORK. For those of you that are unfamiliar with Prescriptive Analytics, it is a decision science area that provides the best options for given situations based on the concepts of optimization. Prescriptive analytics lies at the far end of the analytics maturity spectrum that starts with descriptive analytics, progresses to diagnostic analytics, predictive analytics and finally finishes with prescriptive analytics.
Where descriptive analytics is reactive in nature and allows an understanding of what has happened in the past, both predictive and prescriptive analytics support identifying what may be best in the future based on a variety of scenarios in a solution space. The types of real-world problems businesses face today are often quite complex and can be solved by taking multiple courses of action. This is where prescriptive analytics, modeling and optimization can be used to evaluate those complex options to help select the best one. Prescriptive analytics can’t solve all problems – but – it can be incredibly powerful!
For more information on prescriptive analytics, skills, popular tools and use cases, please tune into my new article series on BeyeNETWORK.