We have previously written how prescriptive analytics is both driving a new era of Big Data and pointing to the future of business growth. However, while prescriptive analytics points to a bold period in the evolution of Big Data, how can businesses leverage it today?
For those unfamiliar with prescriptive analytics, it aims to build on predictive analytics to change how Big Data is used. Instead of predicting potential outcomes, prescriptive analytics can have a role in current decision making and help digital marketers refine their strategy.
Many services have emerged that help organizations tap into prescriptive analytics, and in this article, you can read about some of the best.
IBM Prescriptive Analytics
IBM is one of the leaders in Big Data and with its prescriptive analytics solution the company is expanding how customers can work with data information. With IBM Prescriptive Analytics, digital marketers in industries as diverse as financial, government, retail, and healthcare can make the most of their information. For organizations that have data-intensive requirements, IBM’s solution can take analyzed data and make actionable recommendations in real-time.
To achieve this powerful level of Big Data management, IBM uses predictive models, rules on a local level, optimization features, and more. For digital marketers that need rapid access and response to Big Data, IBM Prescriptive Analytics is an excellent option. Perhaps the only downside to IBM’s platform is its cost, which at $99 per month is higher than some other similar solutions. However, for their money, businesses get perhaps the most complete prescriptive analytics service available.
- Use data to protect against future risks.
- Allows recommendations to update based on new data information.
- Decision-making can be automized.
Profitect is amongst the most popular prescriptive analytics tools. Digital marketers value the service for its rich feature set that allows deep analysis on their data and the ability to act on it. Recommendations include ways to utilize data to expand sales, profitability, functionality, and other core aspects of a business.
Thanks to how fast and efficient Profitect is at delivering actionable results, it makes it much easier for marketers to simply pass on actions to other teams without needing to explain data analytics. By working with Profitect’s Profit Amplification technology, customers can find paths to enhance revenue or to reduce costs across an organization.
- Large suite of tools
- Can make recommendations based on individual company standards.
- Regular improvement of recommendations.
- BI Solution
Prescriptive analytics solutions from AYATA also give customers access to both predictive and actionable outcomes. Helping with business goals, the technology analyzes Big Data to highlight how the information can be leveraged in the future. AYATA provides insights and recommendations towards helping to reach those goals.
Accurate decision-making is something AYATA aims for with a technology that the company is seeking a patent for. This platform approaches Big Data in a novel way, allow concise decision making across a range of options.
- Research into company operations
- Natural language processing support
- Patter Recognition
- Image and Speech Recognition
NGDATA uses prescriptive analytics techniques to aid Big Data-reliant companies in understanding their information and using it for growth. Developed by Lily Enterprise, NGDATA is especially potent for financial companies, media, and telecom brands. It offers quick capture of Big Data and a fast turnaround for almost real-time insights into information.
One of the differences between NGDATA and other prescriptive analytics tools is it is more focused on individual users as opposed to organizations. It uses artificial intelligence models to learn users behavior and provide personalized actions for Big Data. Because it is oriented to the customer, the platform has become especially popular amongst consumer-fronted enterprises.
- Bespoke customer experience tools
- Solutions for actionable outcomes
- Business analytics strategies
LIONoso is a change of pace in the prescriptive analytics realm because it is not specifically for organizations looking to drive revenue growth. Instead, the platform is focused on allowing non-profit, research, and educational groups the power to turn Big Data into actionable results. Using machine learning, LIONoso provides a gateway into managing heterogeneous components.
Through orchestration, the service can help to autonomize processes across software components that link to data. For example, simulators, models, and decisions can come from the prescriptive analytics of the machine learning technology.
- Analytics solutions for healthcare
- Recommendations for research and non-profits
AIMMS is something different for digital marketers and businesses looking to tap into prescriptive analytics. It is focused on developing and rolling out applications that can enhance the enterprise experience. With that in mind, the platform uses prescriptive analytics for optimization purposes, allowing users to boost competitiveness and achieve measurable results.
When using AIMMS, customers offers recommendations based on individual data. This approach means organizations can roll out ideas for moving forward without having to share and get bogged down by the data.
- One of the fastest prescriptive analytics tools
- Offers web-based solution
- Versatile analytics
- Interactive Dashboard
- Ability to build apps based on analytics
Prescriptive analytics is a new frontier in the Big Data space. For the first time, organizations can take data and turn it into something incredibly powerful and valuable. No longer are businesses left with data that only tells them what did happen or predicts what could happen. Prescriptive analytics allows you to use that data in the moment to help you achieve growth goals. With the tools above, leveraging prescriptive analytics in your organization is simple and effective.
By Luke Jones