What is Prescriptive Analytics?
Prescriptive analytics is a type of data analytics—the use of technology to help businesses make better decisions through the analysis of raw data. Specifically, prescriptive analytics factors information about possible situations or scenarios, available resources, past performance, and current performance, and suggests a course of action or strategy. It can be used to make decisions on any time horizon, from immediate to long term.
Prescriptive analytics anticipates what, when and importantly, why something might happen. After considering the possible implications of each decision option, recommendations can be made in regard to which decisions will best take advantage of future opportunities or mitigate future risks. Diwo’s Decision Intelligence solutions improves upon prescriptive analytics by providing a recommendation for action relative to a user’s business situation or question.