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Prescriptive analytics brings together computational sciences and mathematical operations (and algorithms) to determine what decisions should be made to leverage a future business scenario. Also known as the final frontier of business analytics, this technology predicts multiple business scenarios and prescribes best possible action plans for these scenarios, which provides companies with the liberty to comprehensively assess all the viable options and make informed decisions.
Mining data in house for analysis and predictions can be time-consuming and prone to errors. Outsourcing this task to a reliable partner can help businesses get the latest insights into their business operations, basis which predictions such as which direction your business may head to in future, as well as what moves you should be making for the growth of your business can be made. At Flatworld Solutions, we have been offering accurate and reliable prescriptive analytics services for over a decade now.
Prescriptive Analytics Solutions We Offer
At Flatworld Solutions, we offer a comprehensive range of prescriptive analytics services that precisely cater to the business requirements of our clients. We provide concrete solutions that help organizations in making better, futuristic business decisions.
The simulation approach is best suited for design situations, where it is applied when there is a requirement to understand and predict the behavior of a particular system under different configurations. Following this approach will ensure that all the vital performance-enhancing metrics are successfully met.
Optimization approach is widely adopted for supporting ongoing strategic, tactical, and operational business planning, which is often performed at an advanced level. The approach leverages liner programming to identify best possible recommendations for a business. As it is performed at an advanced level, the approach ensures complete internal data consistency and quickly identifies infeasible outcomes.
This process analyzes the data and automatically creates accurate future models, which can be implemented by the organizations to accomplish all their important business goals. Our multi-model evaluation approach enables us to come up with the best possible options that help businesses in making critical decisions at the right time.
Deployment of Prescriptive Model
Here the analytical results generated from the prescriptive model are deployed into the actual decision-making systems to achieve the desired results. Our professionals will also help you in setting up decision-making systems that automatically make decisions based on prescriptive modeling.
Statistical analysis is mainly done for testing and validating all the assumptions and hypotheses made using different statistical models. This ensures that the recommendations we provide will be highly accurate.
Stochastic Analytics Services
We also offer stochastic analytics services, in which the decision making systems that consider the uncertainty in the data. Stochastic analytics solutions are often provided using minimizing or maximizing a statistical or mathematical function's value when the input parameters are subjected to randomness. Businesses in sales, manufacturing, communications, service, and finance can outsource stochastic analytics services to get feasible recommendations in spite of data uncertainty.
How Can Businesses Benefit from Prescriptive Analytics?
Using prescriptive analytics, numerous businesses in different data-intensive industry sectors, such as finance, manufacturing, telecommunications, healthcare, etc., are able to find optimal and actionable choices at the click of a button. Following are some of the major business paybacks of prescriptive analytics -
As decisions are hugely data driven, there is reduced risk and enhanced accuracy in the decisions suggested
Enables organizations to streamline and optimize their business strategies and other associated processes
Optimization of processes often reduces costs and maximizes profits
Businesses can work more efficiently than ever before, as complications and issues in a project are quickly identified and suitable actions are recommended for process improvements
Recommends more than one solutions, which enables companies to access numerous possible outcomes based on the solution implemented
In the sales sector, this technology highlights customer preferences and maximizes sales likelihood
In the financial sector, prescriptive analytics enables credit risk departments to drastically mitigate credit risks by helping them optimize their strategies for debt collection
Why Should You Partner with Flatworld Solutions?
For more than a decade, we have been providing accurate and reliable prescriptive analytics services to our esteemed clients, across industries and geographies. Our Prescriptive analytics services will provide you with suitable recommendations, which can be used to make and implement important business decisions to get the desired results. You will be able to understand the trends in your data insights, get the predictions that we provide, and also pre-empt the kind of impact those predictions can have on your business. This will help you to proactively plan solutions to problems that may arise in the near future. Our prescriptive analytics services, coupled with predictive analytics, aids in automating the process of decision-making, wherever possible. With our prescriptive analytics services, you can -
Enhance your business operations and reduce inefficiencies
Reduce probability of risk
Enhance customer service
Implement stochastic optimization
Imbibe a forward-thinking style and become proactive
Establish sound business rules for events that may occur in the future
Analyze real-time and historical data using advanced analytics tools and algorithms
Automate tasks that are repetitive in nature
Partner with Flatworld - A Top Prescriptive Analytics Service Provider
At Flatworld Solutions, we have a multi-domain industry experience of over a decade in serving global clients with quality web analytics services. We have a rich talent pool consisting of data scientists, data analysts, big data professionals and analytics geeks who are well-versed with different types of analytics methods and tools and offer quick and efficient reporting and analytics services at cost-effective rates. We know the importance of data security and hence follow strict data security policies to ensure that your data remains safe with us.
Contact us now to outsource prescriptive analytics services and discuss your business requirements with our professionals.