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What is prescriptive data analytics?
Prescriptive data analytics help you forecast the future and make informed choices. Prescriptive data analysis guides you toward making informed decisions and gaining clearer insights. Prescriptive analytics software enables you to make data-driven decisions.
The Four Pillars of Data Analytics
These are the four foundational pillars of data analytics:
- Descriptive Analytics: Descriptive analytics are the storytellers of the past. Descriptive data analysis analyzes historical data. This past data analysis gives you insight into events, market trends, and patterns.
- Diagnostic Analytics: Diagnostic analytics are the detective of data. Diagnostic analytics uncovers the root causes and factors behind specific events.
- Predictive Analytics: Predictive analytics are the soothsayers of scenarios. Predictive analytics uses statistical algorithms, data modeling, predictive models, and machine learning techniques. Predictive analytics forecasts potential future events or outcomes. Predictive models give you a glimpse into your business’ future outcomes, future trends, and more.
- Prescriptive Analytics: Prescriptive analytics are the strategist of solutions. Prescriptive data analysis recommends specific actions to achieve your desired outcomes. Prescriptive analytics work as recommendations and guidelines on the optimal course for your business decisions.
Real-world Prescriptive Analytics Examples
Here are some prescriptive analytics use case scenarios:
Sales: The Power of Lead Scoring
As a sales representative, you have a list of a thousand potential leads. Which leads do you prioritize? A prescriptive analytics tool tells you where to start. Prescriptive analytics predicts which leads are likely to convert. Prescriptive analytics also creates a priority listing for you. That’s the power of prescriptive analytics in lead scoring.
Product: Sale Price Adjustment
You need to set the right price for your product. Too low a price and you lose out on revenue. Too high a price and you lose out on customers. Prescriptive analytics models analyze various factors to help you find the right price. Data modeling factors can include: customer data, customer behavior information, market demand, competitor pricing, and historical sales. Prescriptive analytics prescribes the right price for your product.
Marketing: Campaign Optimization
You can optimize your marketing campaigns in real time, using prescriptive data analysis. Prescriptive analytics prescribes which channels to focus on. Prescriptive analytics tools highlight what messaging resonates with your target audience. Prescriptive analytics informs how to allocate the budget for maximum ROI.
Prescriptive Analytics in Graphite Note
Graphite Note enables you to use prescriptive analytics, without needing to code. Our no-code predictive analytics feature democratizes business analytics. Raw data can be overwhelming, especially if it’s unstructured data. That’s why Graphite Note simplifies the prescriptive data analysis for you. Graphite Note creates actionable insights using prescriptive analytics narratives. Graphite Note’s data storytelling features guide you on what steps to take next. Graphite Note gives you advanced data analytics tools without needing to have data science skills. You can use any type of data inputs to get actionable recommendations with Graphite Note. Without human input, you can weigh up a possible decision, or different decisions for your business. You can make better decisions. You will know the best possible decision to make for your business.
The Benefits of Using Graphite Note for Prescriptive Analytics
- Designed with the user in mind: Graphite Note’s easy to use interface is designed with the user in mind.
- Streamlined approach: Graphite Note enables you to make decisions on the fly, quickly and effectively.
- Data-driven decision making: Graphite Note empowers you to make data-driven decisions. Backed by data, you know which effective step to take next.
- Simplified complex data narratives: Rather than overwhelming you with information, you get simplified data storytelling features with Graphite Note.
- Ease of use: To use prescriptive analytics with Graphite Note, you’re just a few clicks away from knowing what to do next.
- Time and resources saved: You don’t need specialist skills to use Graphite Note. Graphite Note’s seamless interface ensures you can dive straight into the data. You can extract valuable insights without the need for extensive coding knowledge. You get all the benefits of using a machine learning model and machine learning algorithm, without needing to spend money or time on skills.
- Actionable strategies: With its emphasis on prescriptive models, Graphite Note gives you a roadmap for your business. Your best course of action is based on real-time data. Graphite Note uses data mining, data aggregation, advanced algorithms, and statistical methods to empower your business strategies. You can make strategic decisions backed by big data and artificial intelligence, in the best way.
Conclusion
Graphite Note is your partner in business growth. Prescriptive analytics helps you build a better business, starting today.
