Taking a systematic approach to analytics is one of the most important skills any large business should develop. Making the right decisions can be challenging for businessmen, especially if there is limited data available to support the decision. But there are technologies, tools, and techniques that can assist in this process. By analyzing historical data and aggregating it, predictive analytics can forecast future outcomes. It is often referred to as the "proactive component" of data analytics. Nevertheless, there is another technique that is being adopted nowadays by businesses as part of their decision-making process, and that is prescriptive analytics. It provides recommendations or insights that will allow business leaders to make better, quicker decisions in order to maximize the value of their data.
Why is Retail Moving from Predictive to Prescriptive Analytics? A larger trend seen in the retail sector in 2018 is the move by many retailers to move away from predictive analytics and adopt prescriptive analytics. Predictive analytics, for many, is now a case of ‘been