prescriptive analytics

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• Prescriptive Analytics https://store.theartofservice.com/the-prescriptive- analytics-toolkit.html

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• Prescriptive Analytics

https://store.theartofservice.com/the-prescriptive-analytics-toolkit.html

Business intelligence

1 BI technologies provide historical, current and predictive views of business operations. Common

functions of business intelligence technologies are reporting, online

analytical processing, analytics, data mining, process mining, complex

event processing, business performance management, benchmarking, text mining,

predictive analytics and prescriptive analytics.

https://store.theartofservice.com/the-prescriptive-analytics-toolkit.html

Business intelligence Applications in an enterprise

1 Analytics – program that builds quantitative processes for a business to arrive at optimal decisions and to

perform business knowledge discovery. Frequently involves: data mining, process mining, statistical

analysis, predictive analytics, predictive modeling, business

process modeling, complex event processing and prescriptive analytics.

https://store.theartofservice.com/the-prescriptive-analytics-toolkit.html

Business analytics - Types of analytics

1 * Prescriptive analytics recommend decisions using optimization, simulation etc.

https://store.theartofservice.com/the-prescriptive-analytics-toolkit.html

Prescriptive analytics

1 'Prescriptive analytics' is the third and final phase of business analytics

Business analytics|(BA) which includes descriptive, Predictive

analytics|predictive and prescriptive analytics.

https://store.theartofservice.com/the-prescriptive-analytics-toolkit.html

Prescriptive analytics

1 Prescriptive analytics automatically synthesizes big data, multiple

disciplines of mathematical sciences and computational sciences, and

business rules, to make predictions and then suggests decision options to take advantage of the predictions

https://store.theartofservice.com/the-prescriptive-analytics-toolkit.html

Prescriptive analytics

1 The final phase is prescriptive analytics, which goes beyond

predicting future outcomes by also suggesting actions to benefit from the predictions and showing the

implications of each decision option

https://store.theartofservice.com/the-prescriptive-analytics-toolkit.html

Prescriptive analytics

1 Prescriptive analytics ingests hybrid data, a combination of structured

(numbers, categories) and unstructured data (videos, images,

sounds, texts), and business rules to predict what lies ahead and to

prescribe how to take advantage of this predicted future without compromising other priorities

https://store.theartofservice.com/the-prescriptive-analytics-toolkit.html

Prescriptive analytics

1 All three phases of analytics can be performed through professional

services or technology or a combination. In order to scale,

prescriptive analytics technologies need to be adaptive to take into

account the growing volume, velocity, and variety of data that

most mission critical processes and their environments may produce.

https://store.theartofservice.com/the-prescriptive-analytics-toolkit.html

Prescriptive analytics - History

1 The data inputs to prescriptive analytics may come from multiple sources: internal, such as inside a

corporation; and external, also known as environmental data

https://store.theartofservice.com/the-prescriptive-analytics-toolkit.html

Prescriptive analytics - Applications in healthcare

1 Multiple factors are driving healthcare providers to dramatically improve business

processes and operations as the United States healthcare industry embarks on the necessary migration from a largely fee-for service, volume-based system to a fee-for-

performance, value-based system. Prescriptive analytics is playing a key role to help improve the performance in a number of areas involving various stakeholders: payers,

providers and pharmaceutical companies.

https://store.theartofservice.com/the-prescriptive-analytics-toolkit.html

Prescriptive analytics - Applications in healthcare

1 Prescriptive analytics can help providers improve effectiveness of their clinical care

delivery to the population they manage and in the process achieve better patient satisfaction and retention. Providers can do better population health management

by identifying appropriate intervention models for risk stratified population

combining data from the in-facility care episodes and home based telehealth.

https://store.theartofservice.com/the-prescriptive-analytics-toolkit.html

Prescriptive analytics - Applications in healthcare

1 Prescriptive analytics can also benefit healthcare providers in their capacity planning by using analytics to leverage operational and

usage data combined with data of external factors such as economic data, population demographic trends and population health trends, to more accurately plan for future

capital investments such as new facilities and equipment utilization as well as understand the trade-offs between adding additional beds and expanding an existing facility versus building a

new one.

https://store.theartofservice.com/the-prescriptive-analytics-toolkit.html

Prescriptive analytics - Applications in healthcare

1 Prescriptive analytics can help pharmaceutical companies to expedite their

drug development by identifying patient cohorts that are most suitable for the

clinical trials worldwide - patients who are expected to be compliant and will not drop

out of the trial due to complications. Analytics can tell companies how much time and money they can save if they choose one patient cohort in a specific

country vs. another.https://store.theartofservice.com/the-prescriptive-analytics-toolkit.html

Prescriptive analytics - Applications in oil and gas

1 Prescriptive analytics software can help with both finding and producing oil and gas

https://store.theartofservice.com/the-prescriptive-analytics-toolkit.html

Prescriptive analytics - Applications in oil and gas

1 In the area of Health, Safety and Environment|Health, Safety, and

Environment, prescriptive analytics can predict and preempt incidents that can lead to reputational and

financial loss for oil and gas companies.

https://store.theartofservice.com/the-prescriptive-analytics-toolkit.html

Prescriptive analytics - Applications in oil and gas

1 Prescriptive analytics software can accurately predict prices by modeling

internal and external variables simultaneously and also provide

decision options and show the impact of each decision option.

https://store.theartofservice.com/the-prescriptive-analytics-toolkit.html

Prescriptive analytics - Applications in telecommunications and cable

1 Telecommunications industry|Telecom and cable companies have large field service

organizations to install, repair and resolve issues at customer sites, both in homes or at

businesses. Mastering field service operations is critical because field services

impact customer satisfaction, cost and Churn rate|churn. Prescriptive analytics enables

telecom and cable providers to dramatically improve effectiveness and efficiency of field

service operations.

https://store.theartofservice.com/the-prescriptive-analytics-toolkit.html

Prescriptive analytics - Further reading

1 * Bertolucci, Jeff, [ http://www.informationweek.com/big-data/news/big-data-analytics/prescrip

tive-analytics-and-big-data-nex/240152863 Prescriptive Analytics

and Data: Next Big Thing?] InformationWeek. (April 15, 2013).

https://store.theartofservice.com/the-prescriptive-analytics-toolkit.html

Prescriptive analytics - Further reading

1 * Basu, Atanu, [ http://www.analytics-magazine.org/march-april-2013/755-executive-edge-five-pillars-of-prescriptive-analytics-success Five Pillars of Prescriptive

Analytics Success] Analytics. (March / April 2013).

https://store.theartofservice.com/the-prescriptive-analytics-toolkit.html

Prescriptive analytics - Further reading

1 * Robert R. McCormick School of Engineering and Applied Science|

McCormick Northwestern Engineering [

http://www.analytics.northwestern.edu/analytics-examples/prescriptive-

analytics.html Prescriptive analytics is about enabling smart decisions

based on data].

https://store.theartofservice.com/the-prescriptive-analytics-toolkit.html