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Unit 4.4

Prescriptive Analytics focuses on finding optimal solutions for everyday business problems, particularly in areas like supply chain optimization. It involves a structured approach including data collection, mathematical modeling, and decision support to enhance decision-making and reduce risks. Social media analytics complements this by analyzing data from social channels to understand trends, customer sentiment, and competitive positioning.

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3 views13 pages

Unit 4.4

Prescriptive Analytics focuses on finding optimal solutions for everyday business problems, particularly in areas like supply chain optimization. It involves a structured approach including data collection, mathematical modeling, and decision support to enhance decision-making and reduce risks. Social media analytics complements this by analyzing data from social channels to understand trends, customer sentiment, and competitive positioning.

Uploaded by

shivamsharma23jan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Unit 4.

4
Prescriptive Analytics

• Prescriptive Analytics is the area of Business


Analytics dedicated to searching out the best
solution for day-to-day occurring problems.
• It is directly related to the other two
comparable processes
Prescriptive Analytics
Implementation Approach in Prescriptive Analytics

• Suppose A company wants to optimize its


supply chain network by determining the most
cost-effective locations in the city for
warehouses and distribution centers to
minimize transportation costs while meeting
customer supply and demand for goods.
Prescriptive Analytics Approach
Step 1: Data Collection
Step 2: Mathematical Modeling
Step 3: Optimization
Step 4: Scenario Analysis
Step 5: Decision Support
Step 6: Implementation
Descriptive Analytics Vs Predictive Analytics Vs Prescriptive
Analytics

• Descriptive analytics works over the Statistical Data to


give us details related to the past.
• Predictive analytics uses a Machine Learning Model
consisting of all the relatable key trends and particular
scalable patterns with the help of historical data and
feeds.
• Prescriptive analytics is used to make next-level and
advanced usage of predicted data. Business enterprises
use the predicted possibilities to develop and provide
better services to their customers/consumers.
Advantages of Prescriptive Analytics

• Effortlessly map Business analysis to declare out steps


necessary to avoid failure and achieve success.
• An accurate and Comprehensive form of data
aggregation and analysis also reduces human error and
bias.
• Helping in decision-making threads related to problems
rather than jumping to unreliable conclusions based on
instincts.
• Removing immediate uncertainties helps in the
prevention of fraud, limits risk, increases efficiency, and
creates logical customers.
Social Media Analytics
Social media analytics is the ability to gather
and find meaning in data gathered from
social channels to support business decisions
—and measure the performance of actions
based on those decisions through social
media.
Importance of Social Media Analytics
Why is social media analytics important?
Social media analytics helps companies address these
experiences and use them to:
• Spot trends related to offerings and brands
• Understand conversations — what is being said and how it is
being received
• Derive customer sentiment towards products and services
• Gauge response to social media and other communications
• Identify high-value features for a product or service
• Uncover what competitors are saying and its effectiveness
• Map how third-party partners and channels may affect
performance
Major Key Areas for Social Media Analytics

• Product development
• Customer experience
• Competitive Analysis
• Operational efficiency
Key capabilities of effective social media
analytics
• Natural language processing and machine
learning technologies
• Segmentation
• Behavior analysis
• Sentiment analysis
• Share of voice
• Clustering analysis
• Dashboards and visualization

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