Prescriptive analytics: A game changer for business

• Main Authors: RAVINDRAN, S., NAH, Fiona Fui-hoon
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 2017
• Subjects: Databases and Information Systems
• Online Access: https://ink.library.smu.edu.sg/sis_research/9555
• Institution: Singapore Management University

As the data analytics space continues to grow and evolve, prescriptive analytics is expected to reach the highest growth and adoption rate in business when compared to descriptive and predictive analytics. Prescriptive analytics not only offers strategies for handling critical decisions but also suggests optimal solutions to achieve business objectives. The foresight offered by prescriptive analytics enables organizations to make major decisions in a short time period with greater accuracy. This article highlights the need for, and importance of, utilizing prescriptive analytics in business processes. We begin by outlining descriptive, predictive, and prescriptive analytics in general and follow that discussion with the strategies, technologies, and techniques to enhance prescriptive analytics in business. We also discuss the risks and challenges of implementing prescriptive analytics in the context of machine learning.