Prescriptive analytics moves the bar from predictive analytics one level up. Now, you not only see what effect is best but also the expected reactions among those you want to target. If you have studied economics, you might recognize this as the same dynamics found in Game Theory.
In the AI world, it is a great tool, especially in medical research. Here, you can use prescriptive analytics as a way to screen the effects of medical trials before they are carried out as lab tests.
So, you would simulate the experiment before starting the expensive laboratory tests. It is especially smart in this field where only 1in perhaps 1000 medical products reach the approval stage.
The more trials that can be simulated, the higher the accuracy there will be in the end because you would have learned that some tests will fail before you start them in the real world. This means that you can spend your valuable lab time on research that has a much higher likelihood of succeeding.
This technology removes some of this risk from medical research, and can potentially speed up the product development time.
It is the seven technologies that collectively perform the elements that define Artificial Intelligence. These are your Lego blocks on which you can build your company’s digital intelligence.
Prescriptive Analytics A Complete Guide is, in my view, the best book to read if you need an introduction to the topic. It is written by Gerardus Blokdyk.