Prescriptive Analytics

Prescriptive analytics builds on predictive analytics and deals with the effects of different courses of action on future events. This results in recommendations for action and the possibility of automated decision-making. These are based on analytical models or Monte Carlo simulations, which enable predictive process optimisation under the influence of random variables. Today, prescriptive analytics is used especially in the healthcare sector. Under the influence of certain factors, personnel requirements, bed capacity and the use of medical products can be determined. However, prescriptive analytics is rarely used in medium-sized industry.

Requirements for use

Data collection

The basis of presciptive analytics is data. This data must be collected in order to make predictions for the future. In order for this data to be collected at all, machines or systems must be upgraded or replaced.

Data analytics

Data collection alone is not enough to do prescriptive analytics. For this, the collected data must be properly analysed. The knowledge about influencing factors of future events is in the foreground here.