Clear-cut, concise, and comprehensive roadmaps to success don’t exist, as much as we’d like them to. Finding a guide on how to achieve your goals would be like finding the holy grail, especially if you could leverage that surefire strategy in your business.
Prescriptive analytics does just that.
But how do you find this roadmap for success? For the most part, data companies have pushed insights past descriptive analytics. Now, we’re able to tell you exactly what you need, instead of delivering confusing, sophisticated, sometimes unwieldy flat files. Making decisions doesn’t have to be difficult, especially if you have data-driven insights. Prescriptive analytics takes these insights one step further and empowers you to make Go-To-Market decisions and complementary or competitive displacement decisions with confidence.
Prescriptive analytics gives you a decision—not just a report, statistic, or estimate of future outcomes—it’s a roadmap to success.
Today, you don’t need to be data sophisticated, or even data literate, to benefit from big data. Further, you don’t need to overhaul your team to hire data scientists or analysts or reinvent the wheel. Prescriptive analytics gives you a 360-degree view of your customer accounts, prospects, or any company in the market and tells you exactly what you need to do to achieve your business goals.
How Prescriptive Analytics Are Your Map Forward
Driving a car is a great metaphor for prescriptive analytics. As we explored in a previous article in this series, there are three different types of data-driven analytics available today.
These three types of analytics are the tools in a car that help you get to your destination, for example:
- Descriptive analytics is the rear-view mirror that shows you what’s happened (past)
- Predictive analytics is the GPS that tells you what it thinks is happening or will happen (present)
- Prescriptive analytics is a self-driving car that drops you off right at your destination (future)
And just like a self-driving car, where much of the computing happens thanks to AI and machine learning tools behind the scenes, prescriptive analytics brings you where you need to go. It is a roadmap to your destination.
Data-driven insights power prescriptive analytics. They give you the speed to scale with velocity and leave your competition in the dust by giving you a comprehensive view of the market, so you can find when, where, and how to Go-To-Market strategically.
The Power of Prescriptive Analytics
The most helpful part of prescriptive analytics is its ability to remove the noise of data. It takes you beyond data-driven insights to answer the question:
“What should we do?”
Prescriptive analytics removes the need for additional data processing that many companies simply don’t have. Essentially, it removes ambiguity from your strategy so you can act with confidence.
Firstly, it increases the quality of your data by cleansing it. Deduping, structuring, and integrating your data eliminates the need for complex in-house data science work. In turn, this allows you to focus on whatever’s relevant to the decision you’re making, and nothing else. And this means massive savings in time, energy, and money (more on this in the next section). Another benefit is that it cleans up your workflow. This cleansing then shows you how to build better processes, achieve greater alignment on your teams, and allows you to integrate right into your CRM, sales and marketing campaign management, and more.
Secondly, the next benefit of prescriptive analytics is the clarity it brings to your decision-making. Using AI to cut through the sea of data removes gut instinct from the equation. Straightforward insights for straightforward decisions. It shows you everything you need to consider with concision and confidence. Actionable, intelligent, efficient decisions.
Additionally, prescriptive analytics integrates your data to one single source of truth, giving you a comprehensive overview of the entire ecosystem. This intelligence, enriched with data-driven insights, gives you the intelligence crucial for success.
Competitive displacement opportunities
Prioritize accounts with scoring
Target with segmentation
What tech they’re using
What tech they’re missing/ have yet to adopt
How often, and where they use it
When their contracts end
Though you don’t need prescriptive analytics to see this trend in the market, you do need to embrace it to get ahead.
Prescriptive analytics gives you a clear and comprehensive roadmap to the finish line.
[This article is the second in a series of generating demand and filling sales pipeline. The first article can be found here.]