There are three types of analytics that modern day data mining messiahs practice: Descriptive, predictive and prescriptive, with each having its own place in analyzing and understanding large data sets.
While descriptive analytics aims to provide insight into what has already happened, and predictive analytics helps model and forecast what might happen based on existing data sets, prescriptive analytics doesn’t just shed insight into what is going on now or what might happen in the future. Prescriptive analytics tells you the best solution among various choices given a certain set of parameters. In other words, it prescribes a solution.
This view is important because it allows enterprises to move from a historical view to a prescription based on a future looking view. Let’s use the common cold as an example. Applying descriptive analytics to your data would tell you that if you are showing signs of a runny nose, a headache and a fever, you most likely have a cold. Applying predictive analytics to your data would tell you that given the fact that you couldn’t sleep last night and had a scratchy throat, you can expect to develop all of the signs of an oncoming and unfortunately, unavoidable cold. Prescriptive analytics tells you that given your scratchy throat and sleepless night, if you take two aspirin, drink lots of ginger ale and go to bed by 8:00 pm, you just might not have to cancel your plans for Saturday night.
Promethium’s AI based technology is breaking the conventional process and doctrine around analytics and big data by delivering prescriptive analytics to today’s enterprises. Our Data Navigation System ™ (DNS) automates the entire analytics process, providing the user with the right data to answer the right question/query. The DNS can:
- Tell you the questions in advance that your data is most capable of answering
- Show you what data you need and where to find the data to answer that questions
- Tell you specifically how to organize the data to achieve the most complete answer
For example, let’s say I wanted to ask a question about ‘shipping’ in the month of February, but was unsure what exactly to ask, or what my data was capable of answering. With Promethium, I can just type in ‘shipping’ and get all of the data across my environment that pertains to shipping, as well as a menu of all of the questions that my data can answer that relate to shipping, such as “What is the status of each shipment?” or “To avoid delays due to winter weather, what is the best time of month in February to ship to the Western states?” Promethium then shows me the data that I will need to run this query, along with step by step instructions on where to find the data and how to assemble it in order to answer my question.
Promethium’s technology has been created from the ground up to increase productivity and revenue by simplifying and streamlining the process of Business Intelligence. Just as Google Maps have simplified our personal lives, we aim to simplify the lives of our customers when it comes to analytics. Just ask your question and leave the rest to Promethium. When everyone in the organization is looking at the same map, collaboration becomes infinitely easier.