Prescriptive Analytics

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.

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.

Business analytics - Types of analytics 1 * Prescriptive analytics recommend decisions using optimization, simulation etc.

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.

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

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

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

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.

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

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.

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.

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.

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.

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

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.

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.

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.

Prescriptive analytics - Further reading 1 * Bertolucci, Jeff, [ data/news/big-data-analytics/prescriptive- analytics-and-big-data-nex/ Prescriptive Analytics and Data: Next Big Thing?] InformationWeek. (April 15, 2013).

Prescriptive analytics - Further reading 1 * Basu, Atanu, [ magazine.org/march-april-2013/755- executive-edge-five-pillars-of-prescriptive- analytics-success Five Pillars of Prescriptive Analytics Success] Analytics. (March / April 2013).

Prescriptive analytics - Further reading 1 * Robert R. McCormick School of Engineering and Applied Science|McCormick Northwestern Engineering [ ytics-examples/prescriptive-analytics.html Prescriptive analytics is about enabling smart decisions based on data].

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