Prescriptive and advanced analytics is when businesses use past data to predict future behavior. Prescriptive analytics allows you to have a laser-like focus and answer specific questions happening across your business.
Advanced and prescriptive analytics tools can be used:
- To increase company profits – determine and train your staff to sell the right products at the right price to the right people
- For a behavioral analysis - to predict customer behavior and assess when you can next expect particular customers to buy your products. If an important customer has unexpectedly stopped purchasing from you, you can assess how long it has been since their last purchase. You can then create alerts for your sales team to focus their attention on particular customers so your team is proactively chasing sales.
- Customer management - to identify and measure customers who are spending a large amount such as $200,000 per annum. You can then introduce filters for factors such as industry type or location to determine where to focus your attention in order to increase revenue or maximize margins
Watch the video below to see how simple it is to use prescriptive analytics to anticipate opportunities and increase margins and sales through business intelligence software.