Are prescriptive analytics for you? This emerging breed of business intelligence -- which focuses on finding the best course of action in a given situation by drawing on existing data and making predictions about the future -- can provide enterprises with opportunities to mitigate risk and grow revenue sources. But drilling into the right data and using it to the best effect? Ay, there's the rub.
In April's CIO Decisions e-zine, SearchCIO Executive Editor Linda Tucci covered the use of prescriptive analytics management in organizations ranging from a media firm to a nonprofit research institute focused on health care. These firms are using prescriptive analytics to improve management around their budgets, patient treatment, and the dreaded topic of customer churn. Read on for some of our favorite quotes from IT leaders and experts dealing with prescriptive analytics, as well as such areas as IT leadership and biometric authentication.
"Once the machinery and the modeling is up and going, it runs by itself. Getting people to understand the analytics lifecycle and to trust the analytics is hard."
-- Martin Jonassen, manager of analytics, Mofibo Books
"We are using machine-learning strategies and technologies to model that process and simulate the thought process of a physician and the course of healthcare delivery."
-- Tom Doub, CEO, Centerstone Research Institute
"We've been pleasantly surprised with how easy and straightforward these implementations have been and how accepting folks that work for us and folks that we service are of these tools. I think it's because they've been kind of starved for this stuff, and so we have a willing group of people using it to get support and a willing group using to provide support."
-- Brad Rohrer, CIO, University of Miami
"If my team doesn't fail, it bothers me. I need to know what it can't do. Having curious people to me is probably the most important attribute a team can have."
-- David Giambruno, former CIO, Revlon Inc.
"Your key role as leader is to bring up people behind you that actually pass you. That's really the goal. Get the really good people and let them fly. But they need to have some direction. People don't want to be floundering around and trying to figure out where we're trying to go."
-- Patricia Coffey, senior vice president of technology and operations, Allstate Insurance Co.
"The problem with biometrics [is] there's always a little bar somewhere saying, 'How hard do I want to be on this person.' And usually the answer is, 'Not very hard,' because nothing is more frustrating than someone [for example] holding their eye up to a machine and being denied access."
-- Dave Aitel, chief technology officer, Immunity Inc.
"So you know what is going on, and you know what might happen. Now what? Prescriptive analytics takes you into the action stage."
-- Erick Brethenoux, director of business analytics and decision management strategy at IBM.
FIND OUT HOW TO TAKE ACTION WITH PRESCRIPTIVE ANALYTICS
"It is not fixing the problem you have; it is pre-empting the problem you are going to have without compromising other priorities."
-- Atanu Basu, CEO, Ayata
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Rachel Lebeaux, Managing Editor asks:
Is your organization using prescriptive analytics? If so, how?
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