Prescriptive analytics enables constant improvement with an AI model by continuously monitoring and adjusting based on evolving conditions.
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Prescriptive analytics will become an essential piece for scaling AI within organizations, by leveraging product and customer data to advise AI models on how to improve processes, adjust production and increase efficiency. For AI to have a significant impact across the value chain, prescriptive analytics will be the catalyst to optimize performance. manufacturers deploying advanced analytics in the past three years. Prescriptive analytics will be a key component for digital transformation success: Advanced analytics are becoming mainstreamed as businesses increasingly collect and analyze data across their organizations, with 35% of U.S. – Sri Raghavan, Director, Data Science and Advanced Analytics Product Marketing at Teradata In other words, no more piecemeal and no more just science experimentation. This current situation will change into one where analytics will be done on all data that the company has access to, with the capability of these analytics be implemented in a collaborative manner by a variety of interest groups with different skills sets (e.g., data science, lines of business leaders) and with a full-on focus towards operationalizing analytics insights in near real time.
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Companies cannot have highly departmentalized analytics implementations that have the effect of localized problem solving and the larger business not seeing the full benefit. Likely gone are the days of piecemeal analytics and reporting solutions that are likely fulfilling niche business use cases. – Alan Jacobson, Chief Data and Analytics Officer, at Alteryx Without a doubt, winners and losers in every industry will continue to be defined by those that are leveraging analytics and those that are not. This means that the analytic divide will further widen in 2021, and this trend will continue for many years to come. Like the much-publicized “digital divide” we’re also seeing the emergence of an “analytic divide.” Many companies were driven to invest in analytics due to the pandemic, while others have been forced to cut anything they didn’t view as critical to keep the lights on – and a proper investment in analytics was, for these organizations, analytics was on the chopping block.
The “analytic divide” is going to get worse. Gutierrez – Editor-in-Chief & Resident Data Scientist
Even if only half actually come true, Big Data in the next year is destined to be quite an exciting ride. We were very encouraged to hear such exciting perspectives. In order to give our valued readers a pulse on important new trends leading into next year, we here at insideBIGDATA heard from all our friends across the vendor ecosystem to get their insights, reflections and predictions for what may be coming. But the big data industry has significant inertia moving into 2021. 2020 has been year for the ages, with so many domestic and global challenges.
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