From the course: Data Analytics for Business Professionals (2022)

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Prescriptive analytics

Prescriptive analytics

From the course: Data Analytics for Business Professionals (2022)

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Prescriptive analytics

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- Let's take a look at prescriptive analytics, which answers the question what should we do moving forward? Questions of this type are usually the most difficult to answer as they're at the intersection of a few key areas. Past events, future predictions and business acumen. We can see prescriptive analytics at work at Amazon as the company uses analytics to optimize their supply chain. Amazon tracks the inventory of warehouses that are closest to the supplier and customer in order to decrease shipping costs and improve efficiency. Amazon also analyzes the optimal delivery route, schedule and products through analytics in order to decrease shipping expenses. Amazon's use of data gave it the agility many other retailers lacked early in the pandemic that allowed it to thrive. One of the key components to effective prescriptive analytics is choosing the correct data to use. Amazon takes advantage of data on their prices…

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