The new standard in Prescriptive Analytics Services

Prescriptive analytics involves using optimization techniques and algorithms to identify the best course of action to take in a given situation. It takes into account various constraints, such as resources, time, and budgets, and recommends the best possible solution to achieve a specific goal. Prescriptive analytics uses techniques like optimization, simulation, and decision analysis to identify the best course of action given certain conditions.

Predictive analytics, on the other hand, focuses on forecasting future outcomes and trends based on historical data. Using techniques like data mining, statistical analysis, and machine learning algorithms, predictive analytics identifies patterns and relationships in the data to predict future events.

The following are the benefits of implementing prescriptive analytics into your business:

• Creating scalable and repeatable processes: Prescriptive analytics allows your business to use historical data and run what-if analyses rapidly. Running multiple what-if scenarios, your business can quickly adopt the most effective option and turn it into a repeatable and scalable process

• Optimizing business actions for ROI fulfillment: Business owners can use prescriptive analytics to predict the course of action for any area, be it marketing, sales, or pricing, and deliver optimal month-on-month ROI seamlessly

• Reaching higher agility: Using prescriptive analytics to run and simulate various scenarios surrounding sudden market shifts, your business can determine the best possible ways to respond to such shifts promptly. This will strengthen your business to make near-time decisions and maintain maximum agility

• Eliminating underperforming channels: In a business, there can be many revenue channels that are underperforming, but go unnoticed. Prescriptive analytics can help identify such channels quickly and remove them to optimize your business across multiple areas, including your supply chain, finances, product lines, and more

• Establishing a long-term plan of action: Implementing prescriptive analytics also helps to remove data silos and unite teams through a collaborative business model to create a more consistent plan of action for the long run

When you procure prescriptive analytics services, you get the necessary tools to create and deploy optimization models that mathematically represent business problems, allowing you to simplify the decision-making process.

Prescriptive analytics is designed to use analytical algorithms and models to help businesses make a decision and obtain an actionable recommendation. Therefore, adopting prescriptive analytics will empower your business to make complex business decisions more easily by visualizing possible outcomes, opportunities, risks, and other business scenarios, obtained from analyzing various business data.

Integrating prescriptive analytics into your existing business processes and systems is a complex task involving multiple steps. This ranges from determining the problem areas to be solved, choosing the right technologies and talent, and obtaining executive support, to setting up a prescriptive analytics team, building and validating models, data preparation, and more.

However, you can simplify this entire process through Turing Prescriptive Analytics Services, where our in-house experts do all the heavy lifting. From data analysis and customer segmentation to risk management and business outcome visualizations, our experts leverage their vast expertise to handle every stage of incorporating prescriptive data solutions into your current business model.

Turing provides personalized prescriptive analytics services, where we analyze your current business structure, needs, data, and goals to create custom solutions. Leveraging our expansive prescriptive analytics experience, we provide customer segmentation, financial planning and forecasting, supply chain optimization, prescriptive modeling, and various other prescriptive analytics solutions tailored to your unique business objectives.