Prescriptive Analytics: Need Of Future

Prescriptive analytics is something which is making its mark in the field of big data analytics, especially in healthcare data analysis. What is it? How does it works? What is its function? Are some questions which must be coming up in your mind.

Well, Prescriptive analytics is the area of business analytics. It utilizes structured and unstructured data including numbers, images, videos, sound, texts and hybrid data and business rules prescribing the advantage of predicted future events. Its objective is not only to predict future outcomes but also to recommend therapies based on outcome.

It guide clinician actions by making treatment recommendations based on models that use previous data. Prescriptive basically focus on anticipating what, when and how things will happen. It applies multitude of business rule algorithms, mathematical and computational modelling to automatically synthesize hybrid data sets. Business process includes restraints, policies, practices, boundaries.

It mitigated risk in strategic decision making to improve profitability, customer satisfaction and better decision options by leveraging promise of big data. External factors such as economic data, population demographic trends, and health trends improved future capital investments such as new facilities and equipment utilization. It enhanced consumer experience and conversion rates. Prescriptive analytics models embedded into their operational systems, applications and websites and analyze consumer’s real-time experience.

All these significances have made prescriptive analysis a must technology in the healthcare processes management. The adoption and growth of this technology can be understood by having a look on the market figures.

The global healthcare prescriptive analytics market is valued at $829 million in 2014 and is expected to grow at a CAGR of xx% to reach $xxxx million by 2020. Based on region North America dominated the prescriptive analytics, followed by Europe, Rest of the World and Asia-pacific region. Major players in this particular segment include IBM Corporation (U.S.), Oracle Corporation (U.S.), Truven health analytics (U.S.), Predilytics (U.S.), and Cerner Corporation (U.S.).

Considering present complexity in healthcare system which is set to tangle up even more in future and with big companies entering in this segment and increase in need to mitigate risk pertaining to healthcare decision making, the prescriptive analytics market will only become bigger in coming future.

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