What is prescriptive analysis?
This is a new buzzword for technical data, and it is considered the third branch of the three big data branches. Prescriptive analysis will use simulation and optimization algorithms to determine the best options for the future. It aims to help a business answer the question “What should we do?” according to xyz scenario.
Since the branch of prescriptive analytics is quite new, many companies do not use it in their operations, but some have heard of it and use it to help them direct their inventory to the right supply chains. and optimize their production. Here are some of the principles by which prescriptive analytics can be of interest to a business:
- It is an efficient management tool for the end user;
- Help learn how to tell the customer what to do so that you can make more profit;
- Optimize the experience your customer gets when they use your product or service;
- Deliver the right products at the right time;
- Optimize your production in order to reduce waste and lost profits;
- Plan and guide your inventory to the right supply suppliers as needed;