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Prescriptive Analysis

Prescriptive analysis uses data to determine optimal courses of action and make recommendations. It can harness descriptive and predictive analytics to provide actionable insights using algorithms. In banking, prescriptive analytics allowed a Turkish bank to improve credit card and credit limit offers, growing approvals by 45% and limits by 60%. It can also calculate the effects of tweaking mortgage qualification criteria. In marketing, it scores leads to identify the most valuable based on conversion likelihood, and analyzes customer feedback to identify trends to improve products and services.

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Saksham Jain
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549 views7 pages

Prescriptive Analysis

Prescriptive analysis uses data to determine optimal courses of action and make recommendations. It can harness descriptive and predictive analytics to provide actionable insights using algorithms. In banking, prescriptive analytics allowed a Turkish bank to improve credit card and credit limit offers, growing approvals by 45% and limits by 60%. It can also calculate the effects of tweaking mortgage qualification criteria. In marketing, it scores leads to identify the most valuable based on conversion likelihood, and analyzes customer feedback to identify trends to improve products and services.

Uploaded by

Saksham Jain
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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PRESCRIPTIVE

ANALYSIS

Presentation By
Mehul And Kanika
(10414901721) (09414901721)
PRESENTATION CONTENTS

INTRODUCTION

METHODS OF ANALYSIS

APPLICATION IN BANKING

APPLICATION IN MARKETING
WHAT IS PRESCRIPTIVE ANALYSIS ?
Prescriptive analytics is the process of using data to determine an optimal course of action. By considering all relevant
factors, this type of analysis yields recommendations for next steps. Because of this, prescriptive analytics is a valuable
tool for data-driven decision-making.
Machine-learning algorithms are often used in prescriptive analytics to parse
Prescriptive Analysis answers the through large amounts of data faster. Using “if” and “else” statements,
question, “What should we do next?” algorithms comb through data and make recommendations based on a
specific combination of requirements.

It can harnesses the benefits of Descriptive and Predictive Analytics, keeping the key
focus on actionable insights and employs artificial Intelligence algorithms on existing
trends and events to predict future results.

Prescriptive Analytics helps organizations make cost-effective decisions by


effectively managing resources, thereby minimizing the need to outsource.
This is achieved by enabling employees with minimal knowledge to learn
about data and the impact of data-driven decisions. It also allows them to
participate or collaborate more on data-specific processes.
Methods
Of
Prescriptive Analysis
Applied Statistics
Machine Learning
APPLICATION IN BANKING

Akbank, one of the largest retail banks in Turkey,


has improved the way it makes offers to
consumers for new credit cards and credit limit
increases by leveraging mathematical
optimization and modelling from global analytics
leader FICO. The use of FICO prescriptive analytics
allows the bank to grow credit card approvals by
45 percent and credit limits by 60 percent.

An example of prescriptive analytics in banking is calculating what would


happen if a company tweaked its mortgage qualification criteria. By analyzing
a broad amount of data like income and risk of foreclosure and accounting
for several economic scenarios, a mortgage company can determine if
relaxing their criteria is worth the potential increase in customers.
APPLICATIONS IN MARKETING
Prescriptive data analysis is critical in helping you predict how much revenue
your leads can earn for your business. This process, known as lead scoring,
uses prescriptive analytics to set a numeric value for your leads. Leads with
the most points are the more valuable for your business because they are
likely to convert. As a result, you see which leads could drive the most
revenue for your business, so you can focus on encouraging those leads to
purchase your products or services.

With prescriptive data analysis, you can survey


your customers and ask for feedback to better
understand how your audience feels about your
products and services. You can then analyze this
data to identify commonalities and trends. For
example, you might determine that most of
your customers think your products should
have a longer shelf life.
Thank You!

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