{"id":4445,"date":"2016-01-28T13:19:36","date_gmt":"2016-01-28T13:19:36","guid":{"rendered":"http:\/\/www.iic.uam.es\/en\/?page_id=4445"},"modified":"2016-02-19T13:07:32","modified_gmt":"2016-02-19T13:07:32","slug":"prescriptive-analytics","status":"publish","type":"page","link":"https:\/\/www.iic.uam.es\/en\/big-data\/prescriptive-analytics\/","title":{"rendered":"Prescriptive Analytics"},"content":{"rendered":"[vc_row type=&#8221;full_width_section&#8221; top_padding=&#8221;-10&#8243;][vc_column width=&#8221;1\/1&#8243;][vc_column_text]\n<div id=\"rev_slider_97_1_wrapper\" class=\"rev_slider_wrapper fullwidthbanner-container\" style=\"margin:0px auto;background-color:transparent;padding:0px;margin-top:0px;margin-bottom:0px;\">\n<!-- START REVOLUTION SLIDER 5.0.9 fullwidth mode -->\n\t<div id=\"rev_slider_97_1\" class=\"rev_slider fullwidthabanner\" style=\"display:none;\" data-version=\"5.0.9\">\n<ul>\t<!-- SLIDE  -->\n\t<li data-index=\"rs-138\" data-transition=\"fade\" data-slotamount=\"default\"  data-easein=\"default\" data-easeout=\"default\" data-masterspeed=\"default\"  data-rotate=\"0\"  data-saveperformance=\"off\"  data-title=\"Slide\" data-description=\"\">\n\t\t<!-- MAIN IMAGE -->\n\t\t<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.iic.uam.es\/wp-content\/uploads\/2015\/12\/cabecera_An_PRESCRIPTIVA.png\"  alt=\"\"  width=\"1903\" height=\"300\" data-bgposition=\"center center\" data-bgfit=\"cover\" data-bgrepeat=\"no-repeat\" class=\"rev-slidebg\" data-no-retina>\n\t\t<!-- LAYERS -->\n\n\t\t<!-- LAYER NR. 1 -->\n\t\t<div class=\"tp-caption Fashion-BigDisplay   tp-resizeme\" \n\t\t\t id=\"slide-138-layer-1\" \n\t\t\t data-x=\"center\" data-hoffset=\"-1\" \n\t\t\t data-y=\"center\" data-voffset=\"-54\" \n\t\t\t\t\t\tdata-width=\"['880']\"\n\t\t\tdata-height=\"['70']\"\n\t\t\tdata-transform_idle=\"o:1;\"\n \n\t\t\t data-transform_in=\"opacity:0;s:300;e:Power2.easeInOut;\" \n\t\t\t data-transform_out=\"opacity:0;s:300;s:300;\" \n\t\t\tdata-start=\"500\" \n\t\t\tdata-splitin=\"none\" \n\t\t\tdata-splitout=\"none\" \n\t\t\tdata-responsive_offset=\"on\" \n\n\t\t\t\n\t\t\tstyle=\"z-index: 5; 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font-weight: 100; color: rgba(255, 255, 255, 1.00);font-family:OPEN SANS;text-align:center;\">Generally speaking, any kind of data may be represented intuitively using aggregation and visualization techniques. \n\t\t<\/div>\n\t<\/li>\n<\/ul>\n<div class=\"tp-bannertimer tp-bottom\" style=\"visibility: hidden !important;\"><\/div>\t<\/div>\n<script>var htmlDiv = document.getElementById(\"rs-plugin-settings-inline-css\"); var htmlDivCss=\".tp-caption.Fashion-BigDisplay,.Fashion-BigDisplay{color:rgba(0,0,0,1.00);font-size:60px;line-height:60px;font-weight:900;font-style:normal;font-family:Raleway;padding:0px 0px 0px 0px;text-decoration:none;background-color:transparent;border-color:transparent;border-style:none;border-width:0px;border-radius:0px 0px 0px 0px;letter-spacing:2px}\";\r\n\t\t\t\tif(htmlDiv) {\r\n\t\t\t\t\thtmlDiv.innerHTML = htmlDiv.innerHTML + htmlDivCss;\r\n\t\t\t\t}\r\n\t\t\t\telse{\r\n\t\t\t\t\tvar htmlDiv = document.createElement(\"div\");\r\n\t\t\t\t\thtmlDiv.innerHTML = \"<style>\" + htmlDivCss + \"<\/style>\";\r\n\t\t\t\t\tdocument.getElementsByTagName(\"head\")[0].appendChild(htmlDiv.childNodes[0]);\r\n\t\t\t\t}\r\n\t\t\t<\/script>\n\t\t<script type=\"text\/javascript\">\r\n\t\t\t\t\t\t\/******************************************\r\n\t\t\t\t-\tPREPARE PLACEHOLDER FOR SLIDER\t-\r\n\t\t\t******************************************\/\r\n\r\n\t\t\tvar setREVStartSize=function(){\r\n\t\t\t\ttry{var e=new Object,i=jQuery(window).width(),t=9999,r=0,n=0,l=0,f=0,s=0,h=0;\r\n\t\t\t\t\te.c = jQuery('#rev_slider_97_1');\r\n\t\t\t\t\te.gridwidth = [1240];\r\n\t\t\t\t\te.gridheight = [300];\r\n\t\t\t\t\t\t\t\r\n\t\t\t\t\te.sliderLayout = \"fullwidth\";\r\n\t\t\t\t\tif(e.responsiveLevels&&(jQuery.each(e.responsiveLevels,function(e,f){f>i&&(t=r=f,l=e),i>f&&f>r&&(r=f,n=e)}),t>r&&(l=n)),f=e.gridheight[l]||e.gridheight[0]||e.gridheight,s=e.gridwidth[l]||e.gridwidth[0]||e.gridwidth,h=i\/s,h=h>1?1:h,f=Math.round(h*f),\"fullscreen\"==e.sliderLayout){var u=(e.c.width(),jQuery(window).height());if(void 0!=e.fullScreenOffsetContainer){var c=e.fullScreenOffsetContainer.split(\",\");if (c) jQuery.each(c,function(e,i){u=jQuery(i).length>0?u-jQuery(i).outerHeight(!0):u}),e.fullScreenOffset.split(\"%\").length>1&&void 0!=e.fullScreenOffset&&e.fullScreenOffset.length>0?u-=jQuery(window).height()*parseInt(e.fullScreenOffset,0)\/100:void 0!=e.fullScreenOffset&&e.fullScreenOffset.length>0&&(u-=parseInt(e.fullScreenOffset,0))}f=u}else void 0!=e.minHeight&&f<e.minHeight&&(f=e.minHeight);e.c.closest(\".rev_slider_wrapper\").css({height:f})\r\n\t\t\t\t}catch(d){console.log(\"Failure at Presize of Slider:\"+d)}\r\n\t\t\t};\r\n\t\t\t\t\t\t\r\n\t\t\t\t\r\n\t\t\tsetREVStartSize();\r\n\t\t\tfunction revslider_showDoubleJqueryError(sliderID) {\r\n\t\t\t\t\tvar errorMessage = \"Revolution Slider Error: You have some jquery.js library include that comes after the revolution files js include.\";\r\n\t\t\t\t\terrorMessage += \"<br> This includes make eliminates the revolution slider libraries, and make it not work.\";\r\n\t\t\t\t\terrorMessage += \"<br><br> To fix it you can:<br>&nbsp;&nbsp;&nbsp; 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Firstly, Descriptive Analytics helps us understand the current state of the business more carefully, and secondly, Predictive Analytics contributes to estimate what we do not know.Finally, there is a third level of analytics that works as an extension of these processes: <strong>Prescriptive Analytics<\/strong>, which aims to be fully integrated with the business.<\/p>\n[\/vc_column_text][\/vc_column_inner][vc_column_inner width=&#8221;1\/2&#8243;][vc_column_text]\n<p style=\"text-align: justify;\">Prescription is based on the <strong>recommendations made <\/strong>by the analysis system itself on the actions that must be followed in order to reduce costs or improve benefits and increase ROI. Here are some examples of using <strong>Prescriptive Analytics<\/strong> to:<\/p>\n[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row top_padding=&#8221;20&#8243;][vc_column width=&#8221;1\/2&#8243;]<div class=\"iconbox  wpb_content_element iconbox-style-5 icon-color-greyscale color-dark clearfix\"><div class=\"iconbox-icon\"><i class=\"fa fa-calendar boxicon\" style=\"\"><\/i><\/div><div class=\"iconbox-content\"><h3>Make a planning<\/h3><p>\n<p style=\"text-align: justify;\">Make a planning to create transport organizers for retailers or distribution systems so that costs generated by trips and storage are minimised, maintaining guarantees on the levels of service at the sales points and allowing for external factors affecting the demand expected.<\/p>\n<\/p><\/div><\/div>[\/vc_column][vc_column width=&#8221;1\/2&#8243;]<div class=\"iconbox  wpb_content_element iconbox-style-5 icon-color-greyscale color-dark clearfix\"><div class=\"iconbox-icon\"><i class=\"fa fa-tags boxicon\" style=\"\"><\/i><\/div><div class=\"iconbox-content\"><h3>Set a pricing strategy<\/h3><p>Make recommendations on the most suitable price for each room in hotel chains to maximise benefits, considering demand foresight and key factors such as national holidays and weather forecast.<\/p><\/div><\/div>[\/vc_column][\/vc_row][vc_row top_padding=&#8221;20&#8243; bottom_padding=&#8221;40&#8243;][vc_column width=&#8221;1\/2&#8243;]<div class=\"iconbox  wpb_content_element iconbox-style-5 icon-color-greyscale color-dark clearfix\"><div class=\"iconbox-icon\"><i class=\"fa fa-group boxicon\" style=\"\"><\/i><\/div><div class=\"iconbox-content\"><h3>Consider public attendance in stores<\/h3><p>\n<p style=\"text-align: justify;\">Estimate the number of customers who will attend a sales point every day, and calculate the staff needed to guarantee the service and keep costs under control.<\/p>\n<\/p><\/div><\/div>[\/vc_column][vc_column width=&#8221;1\/2&#8243;]<div class=\"iconbox  wpb_content_element iconbox-style-5 icon-color-greyscale color-dark clearfix\"><div class=\"iconbox-icon\"><i class=\"fa fa-truck boxicon\" style=\"\"><\/i><\/div><div class=\"iconbox-content\"><h3>Perform predictive maintenance<\/h3><p><strong>Perform predictive maintenance <\/strong>of transport fleets or street furniture from cities, replacing periodical service or repairs in case of failure with a system that gives recommendations on the right time to do the service for each component, thus reducing costs incurred by breakdowns and repairs.<\/p><\/div><\/div>[\/vc_column][\/vc_row][vc_row top_padding=&#8221;10&#8243; bottom_padding=&#8221;40&#8243;][vc_column width=&#8221;1\/1&#8243;][vc_column_text]\n<p style=\"text-align: center;\"><strong>Prescriptive Analytics <\/strong>contemplates not only the business data, but also how decisions impact on the costs and benefits, and which restrictions and considerations must be accounted for in the actions to be performed.\u00a0This allows generating automatically <strong>realist<\/strong> <strong>action policies<\/strong>, impacting directly the ROI of the business.<\/p>\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row type=&#8221;full_width_section&#8221;][vc_column width=&#8221;1\/1&#8243;]<div class=\"divider divider1\" style='margin:0 !important;'><\/div>[\/vc_column][\/vc_row][vc_row bg_color=&#8221;#f7f7f7&#8243; top_padding=&#8221;40&#8243; bottom_padding=&#8221;20&#8243;][vc_column width=&#8221;1\/1&#8243;][vc_column_text]\n<h3 style=\"text-align: center;\"><span style=\"color: #9f1700;\">How does it work?<\/span><\/h3>\n[\/vc_column_text][vc_row_inner][vc_column_inner width=&#8221;1\/2&#8243;][vc_column_text]\n<p style=\"text-align: justify;\">The Prescriptive Analytics discipline uses as a base the whole knowledge and techniques from Descriptive and Predictive Analytics (classification, prediction and segmentation), and also relies upon fields such as operations research and numerical optimization.\u00a0Roughly speaking, a <strong>prescriptive system <\/strong>compiles business information and predicts on the basis of this information the impact that future policies or actions will have, finally choosing the policy showing the highest return on inversion by means of an optimization process.<\/p>\n<p style=\"text-align: justify;\">Every business is different and, consequently, there is not only one general Prescriptive Analytics solution that works for everyone.\u00a0Therefore, designing any prescriptive system implies a <strong>consultancy <\/strong>work in which the IIC experts cooperate with the client to codify the costs and rules of the business in the system, then designing a <strong>customised optimization system <\/strong>that finds the best policy for every moment.<\/p>\n[\/vc_column_text][\/vc_column_inner][vc_column_inner width=&#8221;1\/2&#8243;][vc_column_text]\n<p style=\"text-align: justify;\">In addition, it is also possible to include several restrictions or limits in the system to balance risks against benefits and choose the best decision.<\/p>\n<p style=\"text-align: justify;\">Once it is displayed, the prescriptive system is constantly loaded with business data (sales, stock levels, performance measures\u2026) to recalculate the planning and execute it automatically or under the supervision of an expert.<\/p>\n<p style=\"text-align: justify;\">All in all, the system allows improving the ROI of the business directly through informed decisions, and indirectly due to <strong>costs reduction <\/strong>on the planning process.<\/p>\n[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row type=&#8221;full_width_section&#8221;][vc_column width=&#8221;1\/1&#8243;]<div class=\"divider divider1\" style='margin:0 !important;'><\/div>[\/vc_column][\/vc_row][vc_row top_padding=&#8221;40&#8243; bottom_padding=&#8221;40&#8243;][vc_column width=&#8221;1\/1&#8243;][vc_tabs][vc_tab title=&#8221;Benefits&#8221; tab_id=&#8221;0e47ce45-b2ea-3&#8243;][vc_row_inner][vc_column_inner width=&#8221;2\/6&#8243;][vc_column_text]\n<h3 style=\"text-align: left;\"><span style=\"color: #9f1700;\">Benefits and value of IIC Prescriptive Analytics solutions<\/span><\/h3>\n[\/vc_column_text][\/vc_column_inner][vc_column_inner width=&#8221;4\/6&#8243;][vc_column_text]Prescriptive Analytics offers:[\/vc_column_text]<div class=\"iconbox  wpb_content_element iconbox-style-5 icon-color-greyscale color-dark clearfix\"><div class=\"iconbox-icon\"><i class=\"fa sl-settings boxicon\" style=\"\"><\/i><\/div><div class=\"iconbox-content\"><h3>Automatic adjustment<\/h3><p><strong>Automatic adjustment of sales prices, <\/strong>with the aim of maximizing benefits.<\/p><\/div><\/div><div class=\"iconbox  wpb_content_element iconbox-style-5 icon-color-greyscale color-dark clearfix\"><div class=\"iconbox-icon\"><i class=\"fa sl-wallet boxicon\" style=\"\"><\/i><\/div><div class=\"iconbox-content\"><h3>Reduction of management costs<\/h3><p><strong>Reduction of management costs<\/strong> by means of generating automatically policies that minimise costs, keeping the service levels.<\/p><\/div><\/div><div class=\"iconbox  wpb_content_element iconbox-style-5 icon-color-greyscale color-dark clearfix\"><div class=\"iconbox-icon\"><i class=\"fa sl-target boxicon\" style=\"\"><\/i><\/div><div class=\"iconbox-content\"><h3>Direct and measurable impact<\/h3><p><strong>Direct and measurable impact on the ROI<\/strong>, unlike other data analysis techniques.<\/p><\/div><\/div>[\/vc_column_inner][\/vc_row_inner][\/vc_tab][vc_tab title=&#8221;Guaranteed efficiency&#8221; tab_id=&#8221;1450868570949-1-5&#8243;][vc_row_inner][vc_column_inner width=&#8221;2\/6&#8243;][vc_column_text]\n<h3 style=\"text-align: left;\"><span style=\"color: #9f1700;\">Guaranteed efficiency of IIC Prescriptive Analytics solutions<\/span><\/h3>\n[\/vc_column_text][\/vc_column_inner][vc_column_inner width=&#8221;4\/6&#8243;][vc_column_text]According to a Gartner report, in 2015 only 3% of surveyed companies are using <strong>Prescriptive Analytics <\/strong>to improve their business management, despite the high value involved. In parallel, there are few Big Data companies with the capacity to accomplish the development of a prescriptive system.<\/p>\n<p>IIC has a team of highly qualified professionals both in machine learning and numerical optimization, a combination of skills and expertise\u00a0 that are particularly appropriate to design prescriptive systems that fulfil the response times and efficiency required for each individual project.[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/vc_tab][\/vc_tabs][\/vc_column][\/vc_row][vc_row bg_color=&#8221;#2b99cc&#8221; text_color=&#8221;light&#8221; top_padding=&#8221;15&#8243; bottom_padding=&#8221;15&#8243;][vc_column width=&#8221;1\/1&#8243;][vc_raw_html]JTNDcCUyMHN0eWxlJTNEJTIybGluZS1oZWlnaHQlM0ElMjAyOHB4JTNCJTIwZm9udC13ZWlnaHQlM0ElMjAxMDAlM0IlMjBmb250LWZhbWlseSUzQSUyME9wZW4lMjBTYW5zJTNCJTIwZm9udC1zaXplJTNBJTIwMjBweCUzQiUyMHRleHQtYWxpZ24lM0ElMjBjZW50ZXIlM0IlMjIlM0VQcmVzY3JpcHRpdmUlMjBBbmFseXRpY3MlMjBtYWtlcyUyMHJlY29tbWVuZGF0aW9ucyUyMG9uJTIwdGhlJTIwbW9zdCUyMHN1aXRhYmxlJTIwcHJpY2UlMjBmb3IlMjBlYWNoJTIwcHJvZHVjdCUyQyUyMHNvJTIwYmVuZWZpdHMlMjBhcmUlMjBpbXByb3ZlZC4lM0MlMkZwJTNF[\/vc_raw_html][\/vc_column][\/vc_row]\n","protected":false},"excerpt":{"rendered":"<p>[vc_row type=&#8221;full_width_section&#8221; top_padding=&#8221;-10&#8243;][vc_column width=&#8221;1\/1&#8243;][vc_column_text][\/vc_column_text][\/vc_column][\/vc_row][vc_row top_padding=&#8221;30&#8243;][vc_column width=&#8221;1\/1&#8243;][vc_column_text] What is Prescriptive Analytics? [\/vc_column_text][vc_row_inner][vc_column_inner width=&#8221;1\/2&#8243;][vc_column_text] In general, the data analysis techniques help us improve a business management. Firstly, Descriptive Analytics helps us understand the current state of the business more carefully, and secondly, Predictive Analytics contributes to estimate what we do not know.Finally, there is a third level of analytics that works as an extension of these processes: Prescriptive Analytics, which aims to be fully integrated with the business. [\/vc_column_text][\/vc_column_inner][vc_column_inner width=&#8221;1\/2&#8243;][vc_column_text] Prescription is based on the recommendations made by the analysis system itself on the actions that must be followed in order to reduce costs or improve benefits and increase ROI. Here are some examples of using Prescriptive Analytics to: [\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row top_padding=&#8221;20&#8243;][vc_column width=&#8221;1\/2&#8243;][\/vc_column][vc_column width=&#8221;1\/2&#8243;][\/vc_column][\/vc_row][vc_row top_padding=&#8221;20&#8243; bottom_padding=&#8221;40&#8243;][vc_column width=&#8221;1\/2&#8243;][\/vc_column][vc_column width=&#8221;1\/2&#8243;][\/vc_column][\/vc_row][vc_row top_padding=&#8221;10&#8243; bottom_padding=&#8221;40&#8243;][vc_column width=&#8221;1\/1&#8243;][vc_column_text] Prescriptive Analytics contemplates not only the business data, but also how decisions impact on the costs and benefits, and which restrictions and considerations must be accounted for in the actions to be performed.\u00a0This allows generating automatically realist action policies, impacting directly the ROI of the business. [\/vc_column_text][\/vc_column][\/vc_row][vc_row type=&#8221;full_width_section&#8221;][vc_column width=&#8221;1\/1&#8243;][\/vc_column][\/vc_row][vc_row bg_color=&#8221;#f7f7f7&#8243; top_padding=&#8221;40&#8243; bottom_padding=&#8221;20&#8243;][vc_column width=&#8221;1\/1&#8243;][vc_column_text] How does it work? [\/vc_column_text][vc_row_inner][vc_column_inner width=&#8221;1\/2&#8243;][vc_column_text] The Prescriptive Analytics discipline uses as a base the whole knowledge and techniques [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"parent":2432,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-4445","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Prescriptive Analytics - IIC<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.iic.uam.es\/en\/big-data\/prescriptive-analytics\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Prescriptive Analytics - IIC\" \/>\n<meta property=\"og:description\" content=\"[vc_row type=&#8221;full_width_section&#8221; top_padding=&#8221;-10&#8243;][vc_column width=&#8221;1\/1&#8243;][vc_column_text][\/vc_column_text][\/vc_column][\/vc_row][vc_row top_padding=&#8221;30&#8243;][vc_column width=&#8221;1\/1&#8243;][vc_column_text] What is Prescriptive Analytics? [\/vc_column_text][vc_row_inner][vc_column_inner width=&#8221;1\/2&#8243;][vc_column_text] In general, the data analysis techniques help us improve a business management. Firstly, Descriptive Analytics helps us understand the current state of the business more carefully, and secondly, Predictive Analytics contributes to estimate what we do not know.Finally, there is a third level of analytics that works as an extension of these processes: Prescriptive Analytics, which aims to be fully integrated with the business. [\/vc_column_text][\/vc_column_inner][vc_column_inner width=&#8221;1\/2&#8243;][vc_column_text] Prescription is based on the recommendations made by the analysis system itself on the actions that must be followed in order to reduce costs or improve benefits and increase ROI. 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