Vector-5.svg
< 1 Minute Read

What prescriptive analytics can do

It’s not enough to just have access to a lot of data — it has to generate useful insights that tell you the what, the when and the why.

Your route to better decision making

‘Data analytics’ is a term that covers a wide range of activities. Businesses can use their data to look at what has happened, why it happened and, ideally, make predictions of what might happen in the future.

Prescriptive analytics takes analysis of data a step further. This type of analysis not only anticipates what will happen and when it will happen. It also tells you why it will happen.

What’s the benefit?

In a nutshell, prescriptive analytics helps businesses translate their forecasts, predictions and business information into feasible, actionable plans.

This is because it suggests options for taking advantage of a future opportunity (or mitigate a future risk) and shows the implications of each decision. Prescriptive analytics can also continually take in new data to re-predict and re-prescribe forecasts, automatically improving accuracy.

In essence, prescriptive analytics helps you make the right decision for the future. For example, a retailer may want to choose the ideal sales promotion that will appeal to the right customers at the right time. It can use prescriptive analytics to evaluate its options and get a clear understanding of how customers are likely to react to different offers and promotions.

Businesses can also use ‘what if’ simulations and models to optimise their decisions, evaluating a range of actions and their likely outcomes. As with all data science, it’s about using the information at hand to make better business decisions.

What could you achieve?

At Ipsos Jarmany we regularly help our clients use prescriptive analytics to make better decisions that drive sales. Get in touch to find out more.

Read more blogs like this:

Beyond Cookies: How To Navigate The Upcoming Apocalypse

Are third-party cookies really disappearing? It’s a fair question since their demise has been gradual, to say the least. Back in 2015, Apple allowed Safari users to install content blockers in iOS, and Mozilla offered Tracking Protection in its Firefox web browser. Then, in 2020, Google Chrome announced plans to cut off support for third-party cookies.
Time icon
5 Minute Read

A Guide To Next-Level Product Performance Analysis For 2024

Data analytics for product managers is a higher priority than ever. As we showed in a previous post, product performance analysis allows you to glean deeper insights into the performance of your products and the driving factors contributing to this, enabling you to make more-informed strategic decisions to drive sales and business growth, even in times of increased competition.
Time icon
9 Minute Read

Ipsos Jarmany’s Year In Review

2023 has been a big year for the world. From economic uncertainty and the rising cost of living to major advancements in artificial intelligence, you could say it’s been a memorable year. But, whilst all this has been going on in the world, we’ve been focused on making 2023 one of our best yet so we can continue to provide world-class service to our clients and deliver data, analytics and AI solutions to help them drive growth and deliver efficiencies.
Time icon
5 Minute Read