Prescriptive analytics can suggest decision options for how to take advantage of a future opportunity or mitigate a future risk, and illustrate the implications of each decision option. In practice, prescriptive analytics can continually and automatically process new data to improve the accuracy of predictions and provide better decision options. Advancements in the speed of computing and the development of complex mathematical algorithms applied to the data sets have made prescriptive analysis possible. Specific techniques used in prescriptive analytics include optimization, simulation, game theory and decision-analysis methods.
Prescriptive analytics is related to both descriptive and predictive analytics. While descriptive analytics aims to provide insight into what has happened and predictive analytics helps model and forecast what might happen, prescriptive analytics seeks to determine the best solution or outcome among various choices, given the known parameters. However, prescriptive analytics is not fail proof, but is subject to the same distortions that can upend descriptive and predictive analytics, including data limitations and certain unaccounted-for external forces. The effectiveness of prescriptive analytics also depends on how well the decision model captures the impact of the decisions being analyzed.
Prescriptive Analytics Market: Drivers and Challenges
Few of the major driving factors of prescriptive analytics market are the growing prominence of big data, rise in cyber-crimes and the need for crime prediction and prevention. Another major factor that aids the growth of prescriptive analytics market is the rising popularity of automated business decisions that are being implemented by various organizations across verticals.
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Few of the companies in Prescriptive Analytics market are: International Business Machines Corporation, FICO, River Logic, Inc., Ayata, Angoss Software, Profitect, Frontline, Panoratio, TIBCO Software, and NGData. These companies are focused towards innovating and enhancing their existing solutions in order to increase their market share in prescriptive analytics market.
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