With the advancement of technology and abundance of data your business receives on a daily basis, companies are now in need of analytics solutions that can draw meaningful data from volumes of information, to help improve operations and performance.
Before acquiring Predictive or Prescriptive analytics tools, know the purpose for each and see if it matches the concerns of your business.
Predictive Analytics is known to be the tool used by leading companies to help manage the data of their customers. The most popular online streaming service in the world, Netflix, utilizes millions of information that they receive from their users on a daily basis, including the content streamed and how much of it they’re consuming.
Data collected is used by Netflix in the following ways:
To predict which of their content each user would be most likely to consume (“Suggested Shows”)
To predict which content will most probably be successful if made available for streaming on their platform
Prescriptive Analytics assists in handling information for critical decision-making. It does this by simulating decisions that a business may make, and the probable impact of these decisions – predicting multiple scenarios and their multiple outcomes. This requires an in-depth study of the complexities their business problem may have.
UPS, a well known logistics service has been using prescriptive analytics to save their business from losing millions of dollars per annum on fuel. This was made possible through the analysis and aggregation of hundreds of sources for route optimization, which shaves 10.00s off each minute of travel.
Knowing the strengths of each data processor, we chose to compare three of the best software packages for each. Here is what we found:
Should you wish to know more about what tools are available to improve your business processes, get in touch with Fusion Professionals.
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