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Next up for Data Science: Prescriptive Analytics
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Re: A bit of background
  • 7/22/2015 9:25:33 AM
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@Seth. What comes after prescriptive analytics in the continuum? Hmmm, maybe HAL?

Re: A bit of background
  • 7/21/2015 8:14:50 PM
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Sounds like another sound step towards A.I. If prescriptive analytics is the third and final stage in B.I., what's after that?

 

A bit of background
  • 7/21/2015 11:54:05 AM
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..

From their website, here's a bit of info about Blue Hill Research:


Blue Hill Research is a provider of research and analysis on the global IT industry. Blue Hill Research is U.S. Government-certified as a Veteran-Owned Small Business (VOSB), and as a global diverse supplier with the Minority Business Enterprise (MBE), and is a member of the Greater New England Minority Supplier Development Council and the Federation of American Scientists.

Founded in 1993, New Technologies and Associates (NTA) has been a leader in industries such as oil and gas, manufacturing, legal, financial services, and banking, as well as government at the federal level. We have provided hands-on leadership and consulting to startup companies, individual entrepreneurs, and nonprofit organizations that seek to identify seed and series A funding options; navigate complex legal processes related to negotiating contracts and filing USPTO applications for patents, trademarks, copyrights and licensing; or develop collaborative relationships with global IT solution partners and software development firms as they build and enhance their product and service offerings.

Blue Hill Research, a subsidiary of NTA, is a natural extension of the efforts that New Technologies has pursued over the past 20 years to maximize the value of unique technologies brought to market, provide enterprises and end-users with a clear path to successful and profitable technology implementations, and ensure that technology deployments align with the unique governance, risk management, and compliance concerns that each organization has.

By combining New Technologies' expertise with success-based data-driven insight, Blue Hill Research provides companies with a roadmap for success for the three key stakeholders: technological, financial, and line of business executives.


 

Here's a pretty darn succinct definition of prescriptive analytics:


Prescriptive analytics is a type of business analytics that focuses on finding the best course of action for a given situation, and belongs to a portfolio of analytic capabilities that include descriptive and predictive analytics.


 

Here's more about prescriptive analytics from Wikipedia (footnotes omitted):


Referred to as the "final frontier of analytic capabilities," 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.
...
Predictive analytics answers the question what will happen. This is when historical performance data is combined with rules, algorithms, and occasionally external data to determine the probable future outcome of an event or the likelihood of a situation occurring. 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.

Prescriptive analytics not only anticipates what will happen and when it will happen, but also why it will happen. Further, prescriptive analytics suggests decision options on how to take advantage of a future opportunity or mitigate a future risk and shows the implication of each decision option. Prescriptive analytics can continually take in new data to re-predict and re-prescribe, thus automatically improving prediction accuracy and prescribing better decision options. 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.


 

Sound interesting?

 



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