The first step is to understand what analytic tools are available. Gartner first explored the unique uses of analytic tools by defining an analytics ascendency model. Over time, this industry point of view has evolved into a formula for success that accounts for internal analytics capabilities and return on investment.
Organizations use analytics to inform their decision-making and investment strategy. Business leaders rely on analytics to help them understand how to respond to consumer behavior and shifting market dynamics.
Prescriptive analytics provides businesses with the best plan to achieve success in current or future market conditions by testing which levers cause strategic change.
Decision makers need another level of analytics to understand how changing strategy is likely to influence business outcomes going forward.
Most organizations wonder if they are ready for prescriptive analytics. Breakthroughs in technology have made prescriptive analytics more accessible than ever before. What businesses need are four key resources for success:
With these pieces in place, most analytics teams successfully prove prescriptive analytics works and have an opportunity to gain more momentum for future investments.