For many organizations, prescriptive analytics potentially represents the “promised land” of Big Data-driven decision making. After all, it evolves beyond predictive analytics to help solve complex business problems with multiple constraints and objectives. This methodology fuses data, business objectives and customer centricity in such a way that even micro-segmented customer treatments are possible and timed with the best possible outcomes.
Still, prescriptive analytics may seem a distant dream for businesses that are still using diagnostic and/or predictive analytics to make decisions. Indeed, while prescriptive analytics can exist alongside these tools, the end game is different, as an a highly regarded industry analyst states in this Information Age article. According to the analyst, “Unlike other type of analytics the output is a decision. That’s where it's really different. It's about trying to find the best decision, where best is defined by you, whether that's lowest cost, most efficient process, higher revenue, or one that meets customer needs. Fundamentally the focus begins with the business decision.”
Indeed, businesses are making prescriptive analytics real – as this Southwest Airlines video indicates, you can optimize just about any business problem you want and generate extra margin, employee productivity, and customer satisfaction. Or, per this Sprint video, onboarding new customers gets more profitable, less risky, and more desirable for them.
To help businesses across all industries see first-hand the potential of this often untapped analytic capability, FICO has developed a three-part complimentary webinar series titled Unlocking the Power of Prescriptive Analytics. The first webinar, Faster, Smarter Business Decisions Using Prescriptive Analytics, takes you through a day in the life of any of us – where, behind the scenes, prescriptive analytics are helping deliver profitable, compliant, and customer-centric decisions.
The webinar will be held on Thursday, December 10, 2015, 11 am Pacific / 1 pm Central / 2 pm Eastern. Click here to register.