While some businesses may choose to run the same way in the future as they do today, doing so could render them unproductive and noncompetitive.
As the Big Data Analytics space continues to evolve, one of the breakthrough technologies that businesses will be talking about in the coming years is prescriptive analytics. The promise of prescriptive analytics is certainly alluring: it enables decision-makers to not only look into the future of their mission-critical processes and see the opportunities (and issues) that are potentially out there, but it also presents the best course of action to take advantage of that foresight in a timely manner. What should we look for in a prescriptive analytics solution to ensure it will deliver business value today and tomorrow?
Consider the following five pillars to prescriptive analytics success:
1. HYBRID DATA
Most businesses today run on structured data – numbers and categories. According to IBM, 80 percent of the data currently produced is unstructured – text, image, video and audio. While some businesses may choose to run the same way in the future as they do today, doing so could render them unproductive and noncompetitive. These businesses may not survive as their customers, suppliers and competitors move beyond them by taking full advantage of hybrid data, a combination of unstructured and structured data. Hybrid data empowers businesses to use all the available data to make the best decisions possible