Big Data has ushered in an era of data analytics that is taking different forms, including prescriptive analytics. This type of business analytics helps you find the best approach for a specific circumstance. It is also considered the third or final part of business analytics, which also encompasses descriptive analytics and predictive analytics. Prescriptive analytics leverages predictive analytics and descriptive analytics to derive ideal outcomes or solutions from helping you solve business problems, and it is driving the future of Big Data. Here's how:
Differences Between Prescriptive [...]
By 2020, approximately 20.4 billion devices are estimated to be connected to the internet. These IoT devices are getting smarter, connecting to intelligent applications, such as Amazon's Alexa or Apple's Siri, and helping consumers make transactions and complete tasks. However, they are also sparking conversational AI, and it stands to change customer service. Explore conversational AI, its benefits and challenges, and how it will help change customer service:
What Is Conversational AI?
Conversational AI consists of an advanced technology that uses natural language processing (NLP) so that [...]
With technological advancement, artificial intelligence is set to touch and modify the financial sector, specifically retail banking in many different ways. It's still the beginning stages of AI adoption for most banks. A Narrative Science survey highlighted that 32 percent of financial executive participants utilize AI technology, such as voice recognition and predictive analytics. Moreover, an Accenture survey noted that 76 percent those surveyed believe most banks will use AI interfaces primarily for customer interaction by 2020. But AI is changing retail banking in more ways than one. [...]
The earth is having a difficult time, for quite a while now. Deforestation is still happening at a large scale across the globe, in Brazil alone, 40,200 hectares were deforested in the past year. The great pacific garbage patch is still growing and smog in Beijing is more common than a normal bright day. This is nothing new, unfortunately, and with Trump leaving the Paris agreement, it seems that problems will remain for a bit longer. However, there is some good news. Since a few years, scientists, companies and governments are turning to Big Data to solve climate change problems or even [...]
Prescriptive analytics can be seen as the future of Big Data. If we see descriptive analytics as the foundation of Business Intelligence and we see predictive analytics as the basis of Big Data, then we can state that prescriptive analytics will be the future of Big Data. There are three stages of big data analytics: descriptive analytics, predictive analytics and prescriptive analytics, where each stage offers more and better insights to create a better organisation. Each phase also growths in complexity as does the value it can offer the organisation.
Descriptive analytics enables [...]
Of course, you know all about web analytics or social media analytics, which has been around for years. However, web analytics and social media analytics alone is not enough to gain an understanding of your (online) business. There is another type of analytics that cannot be overlooked, which is content analytics. What makes it so special and why should you be paying attention to it?
Content analytics can be defined as unlocking business value from unstructured content via semantic technologies to find answers to important questions or discover causes to certain trends. Companies can use [...]
Customer Relationship Management involves a company’s interaction with current and future customers. It is a combination of all customer contact moments and it is used to provide a better customer service. CRM has always involved data, but most of it used to be structured data such as contact information, latest contacts, products bought etc. With the Big Data techniques, it is also possible to process, store and analyse massive amounts of unstructured data not supplied by the customer and use this to gain additional insights. Using Big Data technologies, Customer Relationship Management can[...]
The transportation sector is on the brink of a paradigm shift thanks to big data. Smarter transportation will result in operational efficiency, improved end-to-end customer experiences, reduced fuel consumption and increased flexibility. Logistics companies are already working hard to use sensor data in trucks to optimize the routing and decrease fuel consumption. American logistics company US Xpress has installed almost 1.000 sensors in each truck to monitor where the trucks drive, how fast it drives, how often it breaks, when maintenance is required and even the capabilities of the driver. [...]
Analytics-as-a-Service is the combination of analytics software and cloud technology. Instead of hosting any analytics software on premises using your own servers, you use a ready-to-go solution that is easy to deploy and most of the time has a pay-as-you-go payment system. It is part of a larger ‘as-a-Service’ solutions such as ‘Software-as-a-Service’ or ‘Platform-as-a-Service’. Thanks to the advancements made by well-known hosting providers such as AWS and Microsoft Azure, Analytics-as-a-Service has really taken off in the past years and is here to stay.
There are a lot of [...]
As discussed in the 7 Big Data Trends for 2017, organisations need to apply big data analytics to make sense of their organisation and their environment. The impact big data analytics will have on your organisation depends on which type of business analytics is applied within the business. There are four types of analytics, ranging from descriptive and diagnostic analytics to the more advanced predictive and prescriptive analytics. These are different stages of understanding your business and the more advanced the analytics is, the more complex it will be, but also the more value it can [...]