Are you sick of making business decisions based on assumptions? Do you desire a crystal ball that can foretell the future and direct you towards the ideal result? Prescriptive analytics software is the answer.
At eWAY, we specialise in developing prescriptive analytics applications that will assist you in making decisions for your business that are wiser and more informed. This blog article will discuss some of the most fascinating prescriptive analytics tools and how they can help your business.
What is Prescriptive Analytics?
Prescriptive analytics is a subset of data analytics that integrates real-time, historical, and predictive analytics to suggest the optimal course of action in a certain circumstance. Prescriptive analytics goes one step farther than predictive analytics, which focuses on predicting what will happen in the future, by offering recommendations for what action to take in response to those predictions.
Consider it to be a business-related GPS. Prescriptive analytics applications consider a variety of data points and proposes the best course of action, much like a GPS does when recommending the best route based on real-time traffic data.
Applications of Prescriptive Analytics
Supply Chain Management
The process of supply chain optimization is intricate and dynamic. There are several factors to take into account, including production timetables, shipping costs, and inventory levels. Prescriptive analytics enables you to instantly examine all of this data and take wise decisions to improve your supply chain.
Prescriptive analytics applications, for instance, can suggest the best course of action if you're running out on a specific product and want to make sure you have adequate inventory to satisfy demand. It could propose boosting output, altering the shipping path to cut expenses, or modifying the price to boost sales.
For many firms, especially those in the financial industry, fraud is a serious issue. Yet, prescriptive analytics allows you to identify and stop fraud before it even occurs.
Prescriptive analytics can find patterns and abnormalities that might point to fraudulent conduct by examining past data and current transactions. It can then suggest specific steps to take in order to stop that activity from happening again, like freezing an account or flagging a transaction for additional examination.
For many people and companies, financial planning might seem like an overwhelming chore. There are so many factors to take into account, including retirement planning, risk management, and investment opportunities. With the analysis of financial data and advice on the optimal course of action, prescriptive analytics may significantly improve the manageability of financial planning.
Prescriptive analytics, for instance, can assess prior investment performance and suggest the best investment options depending on your risk tolerance and financial objectives if you're attempting to select where to invest your money. Also, it may suggest particular risk management tactics, such portfolio diversification.
Optimizing Your Marketing
Understanding your audience and developing messaging that will appeal to them are the two most important aspects of marketing. You can take this a step further with prescriptive analytics by foretelling which messaging and distribution channels will be most successful for each unique customer.
Prescriptive analytics applications can suggest the ideal marketing messages and channels for each customer by examining data including past purchase history, browsing behaviour, and demographic data. You can generate more revenue and boost conversions by doing this.
Making Healthcare Decisions
Making the proper choices might actually spell the difference between life and death in the healthcare profession. By examining patient data and suggesting the most effective course of action, prescriptive analytics can assist healthcare professionals in making more informed decisions.
Prescriptive analytics might suggest the optimal course of action if a patient has a complicated medical history based on precedents from comparable situations. Real-time information, such as vital signs, can also be used to modify the treatment plan as necessary.
Maintaining an inventory is a tricky balance. You need to keep enough inventory on hand to meet demand, but not too much that you have extra stock that you can't turn a profit on. By examining previous data and projecting future demand, prescriptive analytics can assist you in finding that balance.
Based on that estimate, it can suggest particular actions to take, such as altering pricing to boost sales or lowering output to prevent an excess of inventory. You can improve your inventory levels by doing this.
Prescriptive analytics is an effective technique that can aid organisations of all sizes and sectors in making more informed decisions. Prescriptive analytics can suggest the optimal course of action in a particular circumstance by analysing historical data, real-time data, and predictive analytics.
Leading developer of prescriptive analytics software, eWAY is committed to assisting organisations in making informed decisions. With years of industry expertise, eWAY has a profound understanding of the requirements and difficulties faced by companies across a variety of industries. Our team of specialists develops unique Prescriptive analytics applications in Saudi Arabia that are catered to the particular demands of each firm by fusing cutting-edge technology with strategic insights.