Data analysis provides profound and useful insight into a business and its customers, but to benefit from it, one must know data interpretation techniques and apply them to the chosen business strategy. Prescriptive analytics view future scenarios in the development of a business and provides practical improvements (Newman, 2020). Machine learning and other artificial intelligence methods analyze all accumulated and processed data to find the best solutions for a specific situation.
Within my career field, prescriptive analytics plays a role of an informant. It implies that if an issue occurs during the working process, the machines can easily identify the fault and suggest an immediate solution. In addition, its ability to predict future trends is vital since it will allow for introducing new policies and suggestions into the field. This type of analytics will drastically reduce downtime and avoid costly delays. In general, it can help reduce the number of faults and boost performance in the selected career field.
Prescriptive analytics is still to develop because technological advances, especially those related to artificial intelligence, may greatly contribute to the development of this scientific area. The chosen article describes the tendencies of the market and how prescriptive analytics can affect it. Its ability to predict the presumable course of action is indispensable when processing data (Newman, 2020). Moreover, it is suggested that several decades ago, it was impossible to target the customer, whereas now, this type of analytics alleviates market segmentation. The establishment of an analytic data complex expands the range of activities for the business.
Nevertheless, when companies deal with big data, it is essential to establish a precise action plan. The automation of processes may replace human and introduce machine-based decision-making processes (Newman, 2020). For instance, the devices equipped with prescriptive analytical systems will be able to send emails to clients instead of waiting for a marketing manager to complete this task. On the whole, it is supposed to alleviate manual processes and reduce technological failures.
Reference
Newman, D. (2020). Why the future of data analytics is prescriptive analytics. Forbes.