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Prescriptive Analytics is Disrupting All Industries- Here’s Why

Prescriptive Analytics is Disrupting All Industries- Here’s Why

Predicting organisational threats and prescribing the corresponding action plans to root out threats and mitigate their impacts is a common skill essential for any organisation. Any organisation faces a clutter of uncertainties, dynamic conditions, risks, dangers and even frauds that can cause permanent damages to the business’ growth. Having the needful intelligence, resources and tools to overcome these challenges are fundamental to creating business value and enhancing the efficiency and effectiveness of a business.

In recent years, prescriptive analytics gained more attention from data-driven organisations to help in responding to predictive insights with the correct approaches. It allows the business to simulate alternative response approaches and help you understand the probability of success of each by clarifying the level of risk in certain events. This technology has facilitated a range of technology-driven industries, like:

  • Airline Industry
  • Banking and Finance Industry
  • Cybersecurity Industry
  • Energy and Utility Industry
  • Healthcare and Pharmaceuticals Industry
  • Manufacturing Industry
  • Retail Industry
  • Travel and Transportation Industry

This article helps you understand the ins and outs of Prescriptive Analytics and why your organisation must leverage it to enter the new age.

What is Prescriptive Analytics, and Why is it Important?

Almost all companies struggle to find solutions to unanswered questions, but with technology augmenting to find solutions promptly, accurately and fact-based, many organisations are gaining limitless competitive advantages. The power of using data is incredible at this point. WIth AI models, IIoT technologies, and cloud computing taking over the industrial and business worlds, businesses are even more at an advantage. This is where Prescriptive Technology makes its way in.

Prescriptive Analytics is an indispensable technology used by stakeholders that make critical decisions to meet unique organisational goals and objectives. This technology binds techniques and principles of a business by integrating big data to AI-driven algorithms, automated KPI detectors, mathematical and logical models and business rules to prescribe solutions for problems that are pending to occur in future. It manipulates big data, historical data, real-time data feeds, transactional data and high-frequency data to offer two types of decisions: heuristic decisions and optimisation decisions.
Optimisation-Based Decision Support
The new advancements in the data science trends have allowed large companies to scale their problem-solving abilities from a single task to enterprise-wide decision support systems. One of the latest technologies committed to this expansion and optimisation is prescriptive technology. Prescriptive analytics models are built by adjoining the value chains with other vital aspects like finance, operational excellence and production to unlock a stream of high-quality information- in other words, business intelligence. This technology has the potential to wade through numerous factors (constraints, objectives, compliances, trade-offs and more) to single-out alternative business approaches that suit a particular event. It offers unique analytical capabilities by ensuring feasible decisions to meet favourable outcomes. This optimises the strategization of a competent business plan while respecting business realities because these algorithms, schemas and models are working on actual facts and figures.
Heuristics-Based Automated Decision Making
This type of prescriptive analytics is more rule-based than the formerly discussed type. It is a reactive program that activates on the fly with regard to a pre-programmed set of rules that have been plugged in before utilising a system. These rules are based on human intuition and human intuition alone. They do not follow mathematical representations, logic or KPI patterns, unlike prescriptive analytics that facilitates Optimisation-Based Decision Support. This type of prescriptive technology is limited to programmed reactions, so it can be used in solving issues that do not require a “deep dive” into mathematical or logical processing.

Cerexio’s Predictive Algorithms- Leverage the Full Power of AI and Simulation Technology and Prescribe Better Than Ever

Cerexio is one of the few technology providers that enables reliable and precise predictive and prescriptive technology powered by trained AI models. This technology is paired with predictive maintenance models that help asset managers predict imminent failures, risks and suboptimal performances.

This technology enables more than 80% reduction of spontaneous or unscheduled breakdowns and allows your organisations to save time, money and efforts wasted on maintenance inefficiencies. The prescriptive models have trained to influx the predictive insights and suggest the aptest solution. This will automate not only the process of estimating the problems but also automate the most-fitting solution to solve the problem even before the occurrence of the issue.

Optimise your business decisions by utilising our prescriptive analytics solutions to identify your best causes of action to meet organisational goals faster than ever. Let us probe your business situation and answer the question: what action should we take in this situation? Connect with Cerexio to learn more about why Cerexio Prescriptive Tools are the best technological advancements to optimise direct savings, lower inventory and ensure that your asset networks are online, healthy and constantly show outstanding performance. Join us on a journey to learn more about this technology and how you can adapt it to make your organisation target-oriented and thrive in the digital age.

Prescriptive Technology is The New Favourite Analytics Tool of Leading-edge Organisations

Forward-thinking businesses of the new age derive business value by optimising their impending business decisions with better perspectives by using prescriptive analytics technologies. This technology is one of the most potent and reliable decision optimisation tools that can guide your organisation. It can predict the likelihood of a churn in your operations and tailor the most befitting solution to solve the issue or mitigate the impacts of a threat and conquer your weaknesses and transform them into strengths. Utilise prescriptive technology to capitalise on your seaming big data and funnel down the best business approaches to make your business resilient to dynamic environments, make bold market entries and boost productivity singularly. As an ending note, prescriptive technology is transformational, so delaying your decisions in adopting it can cost you priceless business opportunities.

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