A key management challenge of our time is to advance business analytics beyond descriptive methods, into higher order predictive and prescriptive techniques. In the video link below, Dr Jai Menon of IBM argues that while business analytics includes descriptive and predictive phases, the final phase of the journey is prescriptive.
Firms that are analytically competitive are not only practiced in descriptive and predictive methods, but are also adept at prescriptive techniques that can actuate responses to what happened (descriptive) or what might happen (predictive) in the future. Follow the link below to a related post that discusses what differentiates decriptive, predictive, and prescriptive analytics from each other.
Business Analytics: Going the Distance
Links for 12-10-2013
2 hours ago