Prescriptive analytics aims to find the best course of action for a given situation. "I advise clients that they start with the business problem they are trying to solve and then find the relevant data," says Lisa Kart, a Gartner research director specializing in the applications of advanced business analytics.
So how do you get your team on board and practice better data decision-making? We asked April's tweet jam participants, "What is the best way for people to understand and trust prescriptive analytics?"
If monetary benefits don't convince users to give prescriptive analytics a shot, #CIOChat-ters suggested forming relevant partnerships, garnering trust for underlying data and leading by example in order to get stragglers on the prescriptive bandwagon:
A5 Data analysts must form partnerships w biz, not project air of "I'm the smartest guy/gal in the room." Trust/respect will follow #CIOchat— RachelTT (@RachelatTT) April 30, 2014
A5: People must trust underlying data, and must see evidence that the "prescriptions" work as advertised. #CIOChat— Tom Doub (@tomdoub) April 30, 2014
Once IT has everybody on board and prescriptive analytics is demonstrating tangible, positive results, what comes next? SearchCIO Executive Editor Linda Tucci asked tweet jammers to look to the future:
More on bad data
Improve efficiency with data management solutions
Bad info analytics, poor interpretation
But enough about the future -- what about crafting a better predictive and prescriptive analytics strategy for the here and now?
There's still no set-in-stone way to execute a plan; our #CIOChat-ters acknowledged that having open conversations won't necessarily prevent IT from making poor decisions based on bad data and poorly crafted algorithms:
Bad data decision-making is not particularly new: In 2004, Gartner research indicated that 25% of critical data within Fortune 1000 companies would continue to be inaccurate through 2007. Ten years later, how much has changed? #CIOChat-ters -weighed in on their most relevant concerns:
How do you make better data-based decisions and what comes after prescriptive analytics? Please add your remarks to the comments section below. Follow @SearchCIO on Twitter for updates on our next #CIOChat scheduled for Wednesday, May 28, at 3 p.m. EDT.