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3.The article discuss the use of prescriptive analytics in marketing context. Elaborate on the potential prescriptive...

3.The article discuss the use of prescriptive analytics in marketing context. Elaborate on the potential prescriptive analytics in operations and supply chain management field.

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Answer #1

Prescriptive analytics is a decision making tool, that depends on data collected using predictive analytics and uses the same to determine future outcomes and help organizations to take business decisions. Machine learning and programmed algorithms are used in this method to help decide a course of action.

Potential prescriptive analytics in operations and supply chain management include:

  • Past customer behavior data can be used to predict and prescribe the type of products to be offered to the customers using prescriptive analytics.
  • Data of time taken in the past to ship products on each route to distributors and retailers can be used by prescriptive analytics to decide upon the shipmemt strategies.
  • Historical data from past product launches can be analysed for successes and failures and the same can be used to decide the product launch dates and places using prescriptive analytics.
  • Location data of different factories, warehouses, distribution centres and retail outlets can be used by predictive and prescriptive analytics to decide the best locations for any new unit.
  • Production and inventory data from past can be analysed and prescriptive analytics can be used to decide optimal inventory and manufacturing policy.
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