EXAMPLE OF PRESRIPTIVE ANALYTICS

Rommel Arellano
REAL WORD EXAMPLES OF PRESCRIPTIVE
ANALYTICS IN ACTION
Now that we know what all these different kinds of analytics are, let’s look at
how prescriptive analytics work in a real-world business environment.
We can see and dissect information in real time. We can view it from a macro or
micro level. We can customize it, analyze it, and all too often get paralyzed by
it. This is why more and more companies spend money on data scientists.
Because with all this information at our fingertips, it’s never been easier to fall
prey to analysis paralysis
The goodnews is you don’t need an entire team of data analysts or a crystal ball
to take all this new found analytics data and use it to make good decisions.
Instead, you can simply rely on prescriptive analytics.
PRESCRIPTIVE ANALYTICS IN HEALTHCARE
When you think of analysing huge chunks of data, you’re likely to imagine giant
corporations and a wide variety of companies in the retail and financial sectors.
However, prescriptive analytics can be hugely beneficial to companies in any
field including healthcare. Take, for instance , health insurance companies.

Prescriptive Analytics in Sale

It should come as no surprise that one area where prescriptive analytics can
really have an impact is sales.
Taking all of your descriptive , diagnostic and predictive data and then analysing
it with the prescriptive methodology can impact every step of the sale from
maximizing first contact success rate to figuring out how to get customers at the
bottom of the sales funnel to complete their transaction.
PRESCRIPTIVE ANALYTICS IN RETAIL
We’re wiling to bet you’ve already had first hand experience with prescriptive
analytics and you probably didn’t even realize it.
Example is Amazon
Amazon and other large retailers are taking deductive, diagnostic, and predictive
data and then running it through a prescriptive analyticssysrtem to find products
that you have a higher chance of buying.
Back over in retail, prescriptive analytics can also help with scheduling, shipping
logistics, inventory control, and countless other ways. There really aren’t many
things it can’t provide insights.
PRESCRIPTIVE ANALYTICS IN HIGHER EDUCATION

When you think of places using and analyzing big sets of data , you may not
immediate think of colleges and university admission offices. But it turns out
prescriptive analytics can benefit them just as much as a retail chain.
An oft-cited example has a college admissions department receiving a report in
July that fall enrolment rates are down. Without prescriptive analytics, this could
cause panic and the implementation of a plan that may or may not work.
However , with prescriptive analytics, it’s entirely possible to look at the list of
potential students who have expressed interest in enrolling and determine what
approaches might get them fully commit
PRESCRIPTIVE ANALYTICS IN BANKING
Have you ever had the misfortune of having your bank contact you to let you know there
have been suspicious charges on your account? Then just have Experienced prescriptive
analytics.
While bank fraud departments are made up of flesh and blood human beings , machines
are the ones watching yours transaction made everyday.

Examples of Prescriptive Analytics

Businesses are prescriptive analytics to solve all sorts of real world problems.
Analysts in different industries can use to improve their processes:
• Marketing and sales
• Transportation industry
• Fonancial Markets
TOP 5 ISSUES OF PRESCRIPTIVE ANALYTICS
AND HOW TO OVERCOME IT
Prescriptive analytics is somewhat like predictive analytics on steroids. Prescriptive analytics
is a powerful addition to your usual predictive analytics. You don’t just predict future events,
but leverage this prediction to optimize your decisions.
Prescriptive analytics presents unique challenges as you dive into a melting pot of machine
learning and optimization techniques to understand and implement and advanced techniques.
It is also a challenge to communicate this to the end user. Here is the list of the top 5 issue
you encounter while implementing such as system, and ways to get around them.
• Defining a Fitness Function
• Derivative Free Optimization
• Complex Constraints
• Global Constraints
• Sparse Input Data
THANK YOU