Prescriptive analytics is the final phase of any analytics project as this information makes predictions and suggestions about what to do before each of the predicted events occur. Showing the possible results of many different actions helps a business make choices that will move them in the right direction.
Not only does prescriptive analytics present “what” and “when” information, it also presents the “why” in a situation. This information gives a business analytics team their superpower: the ability to mitigate risk while taking advantage of great opportunities.
This type of analytics information helps managers take appropriate, low-risk, high-reward, appropriate action in areas that may have presented past challenges. Finding actionable insights within predictive analytics is the key to successful prescriptive analytics.
Here are some examples of what information prescriptive analytics may offer to a sales team:
A hypothetical prescriptive analytics report may include a close examination of all potential sales in an up-to-date sales pipeline report. The report would include levels of engagement, risk factors, and how much effort has been put into developing each potential sale to-date. Sales managers use this type of information to guide their sales reps through the decision making process and determine which prospects should be prioritized ahead of others in order to maximize short term sales numbers and eliminate dead-end prospects that aren’t likely to convert into quality customers. Sales reps can then direct their focus toward opportunities that could be turned into sales with additional effort.
Improving outcomes in the sales department puts a company on the fast track to massive growth in short amount of time. Prescriptive analytics is a proven means by which to determine which specific actions will increase customer satisfaction, boost sales numbers, and bring the company closer to its growth goals.