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• Prescriptive Analytics
https://store.theartofservice.com/the-prescriptive-analytics-toolkit.html
Business intelligence
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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.
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Business intelligence Applications in an enterprise
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.
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Business analytics - Types of analytics
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* Prescriptive analytics recommend decisions
using optimization, simulation etc.
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Prescriptive analytics
'Prescriptive analytics' is the third
and final phase of business analytics
Business analytics|(BA) which
includes descriptive, Predictive
analytics|predictive and prescriptive
analytics.
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Prescriptive analytics
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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
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Prescriptive analytics
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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
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Prescriptive analytics
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
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Prescriptive analytics
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.
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Prescriptive analytics - History
The data inputs to prescriptive
analytics may come from multiple
sources: internal, such as inside a
corporation; and external, also known
as environmental data
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Prescriptive analytics - Applications in healthcare
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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, volumebased 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.
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Prescriptive analytics - Applications in healthcare
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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.
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Prescriptive analytics - Applications in healthcare
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.
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Prescriptive analytics - Applications in healthcare
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.
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Prescriptive analytics - Applications in oil and gas
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Prescriptive analytics software can help with both
finding and producing oil and gas
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Prescriptive analytics - Applications in oil and gas
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.
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Prescriptive analytics - Applications in oil and gas
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.
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Prescriptive analytics - Applications in telecommunications and cable
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.
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Prescriptive analytics - Further reading
* Bertolucci, Jeff, [
http://www.informationweek.com/bi
g-data/news/big-dataanalytics/prescriptive-analytics-andbig-data-nex/240152863 Prescriptive
Analytics and Data: Next Big Thing?]
InformationWeek. (April 15, 2013).
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https://store.theartofservice.com/the-prescriptive-analytics-toolkit.html
Prescriptive analytics - Further reading
* Basu, Atanu, [ http://www.analyticsmagazine.org/march-april-2013/755executive-edge-five-pillars-of-prescriptiveanalytics-success Five Pillars of
Prescriptive Analytics Success] Analytics.
(March / April 2013).
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https://store.theartofservice.com/the-prescriptive-analytics-toolkit.html
Prescriptive analytics - Further reading
* Robert R. McCormick School of
Engineering and Applied
Science|McCormick Northwestern
Engineering [
http://www.analytics.northwestern.e
du/analytics-examples/prescriptiveanalytics.html Prescriptive analytics
is about enabling smart decisions
based on data].
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