From Predictive to Prescriptive: The Next Frontier in Data Science
From descriptive and diagnostic analytics to predictive analytics, data science has advanced significantly. Prescriptive analytics, on the other hand, is the next frontier in data-driven action recommendation. Proactive decision-making made possible by prescriptive analytics has the potential to completely transform industries. The transition of data science from predictive to prescriptive analytics will be discussed in this article, along with any possible commercial implications. Understanding Predictive vs. Prescriptive Analytics: Predictive analytics forecasts future trends based on historical data, while prescriptive analytics recommends specific actions. For example, predictive models might forecast customer churn, while prescriptive models suggest retention strategies. As businesses seek competitive advantages, the shift towards prescriptive analytics will become more pronounced. Applications of Prescriptive Analytics in Various Industries: Prescriptive anal