In a dynamic business environment every organization is seeking profit maximization & risk mitigation approach, the article talks about the latter, in uncertain business environment business leaders at time of complex & critical decision making take decision on the basis of intuition (gut feeling) rather than holistic analysis of situation. Even with data backed decisions there is a narrower approach attached in form of point estimates & averages. In this article a new approach Prescriptive Analysis is used where business are simulating probabilities to reduce risk that helps in robust analysis. This approach gives us broader perspectives showing us a range of possibilities & helps in better decision making.Read Full article at :- Target=_blankhttp://www.forbes.com/sites/gartnergroup/2016/03/24/use-prescriptive-analytics-to-reduce-the-risk-of-decisions/#465f9994785b

Prescriptive analytics is considered the third wave of the Big Data revolution after descriptive analytics and predictive analytics. Prescriptive analytics add a third layer of technology by evaluating possible actions in response to the data and produce a desired outcome. Combination of predictive and prescriptive analytics can be helpful for organizations which wants to do more in less time. Combining prescriptive and predictive analytics add more features into the equation, such as the responsiveness of a prospect to your outreach. Effective prescriptive analytics deliver more transparency and control. For more read: http://insidebigdata.com/2016/03/03/how-prescriptive-analytics-puts-complex-decision-making-on-rails/

Actionable data to support or automate decision making is used by predictive and prescriptive analytics. Prediction of a quantity i.e. regression is required by many use cases. The actions based on the predictions is more important than the actual quantity predicted. Predictions of future events in the context of predictive and prescriptive analytics needs a full probability density distribution. The predictions might give some estimated value of expected fluctuations, but details will still be hidden in the full probability density distribution. In this case, advanced predictive models can be used to derive best point estimator for a given scenario.
Read more at: http://www.blue-yonder.com/blog-e/2015/07/20/predictions-as-a-probability-density-distribution/

Big data analytics in healthcare industry, encompasses the whole transformation of data, beginning from the recording of the fundamental data to predicting diseases and alerting patients. Any health concern’s big data analytics capabilities fall into three major categories, descriptive, predictive and prescriptive. Descriptive analytics quantifies past events, like for example, the number of patients, who visited the hospital in the last month. It provides considerable insights into the data which can be later used to make predictions, regarding disease trends. Predictive analytics uses these descriptive data to predict the future, which often reduces unnecessary costs, related to controllable diseases, by making early detections. Finally prescriptive analytics provides suggestions on ways to mitigate the imminent threats, suggested by predictive analytics. Hence, an efficiently functioning data analytics infrastructure, incorporates all the three processes and is invaluable in the healthcare industry. Read more at:

http://healthitanalytics.com/news/healthcare-big-data-analytics-from-description-to-prescription

Sigmaway consultants have worked with clients in benefits solutions workspace providing analytics on healthcare plans. For more details visit http://www.sigmaway.us/

With increasing complexity in the sales environment, improvement in growth and retention of customers is required. Prescriptive guidance can provide answers to these. It is predicted that implementation of analytics tools and strategies will increase. So, B2B companies will reinforce a position for Chief Growth Office (CGO) who will require analytics tools to implement their ideas.
Thus, a step towards Prescriptive analysis and effective implementation plan will help B2B companies to improve their financial performance.
To know more about prescriptive analytics, follow the article written by Javier Aldrete (senior director of product management at Zilliant) at: http://www.inddist.com/articles/2015/05/rise-prescriptive-analytics-b2b-environment

A blog by Carlos Centurion, President, River Logic Solutions, talks about the third phase of analytics i.e. prescriptive analytics. Prescriptive analytics helps not only to anticipate what will happen and when will it happen, but also why will it happen.

Healthcare providers are using various tools of prescriptive analytics to enhance their performance and efficiency.  It also helps the provider to take better decisions. To know more about Prescriptive Analytics in Healthcare Provider Industry, please follow this link:

http://www.riverlogic.com/2014/02/prescriptive-analytics-healthcare-provider-industry/