(Analytics) It’s hard to look back and think about a time when the internet wasn’t a hugely important thing throughout the world. Think of how often you log online to get an answer to a problem, do your job, or connect with friends.
While these resources have only been around for a few decades, they are completely integrated within everything you do and will only continue to expand from here.
If you work as an internet service provider (ISP), your biggest job is going to be to keep up with all the changes and advancements.
Running any business is a big task. Running an ISP that many people rely on requires a lot of extra tips, tricks, and tools to do effectively.
This is where data science and analytics platforms can have a huge impact on your company. With the help of descriptive, predictive, and prescriptive analytics, you can visualize future outcomes and take actionable insights to create a better internet company.
Here are a few of the reasons why your ISP needs to implement these algorithms to find greater success.
What are prescriptive analytics?
With so many different analytics platforms, it’s good to understand exactly what the uses of prescriptive analytics are. Essentially, the prescriptive side of things is third in a line of other analytic processes.
First, you rely on descriptive analytics to lay out details of big data so you can understand patterns and observe certain issues. Next, you can use predictive analytics to test theories and see what may happen in the future.
Once you have your predictions, you’ll use prescriptive analytics to actually try out different use cases. The goal of a prescriptive model is to find the best course of action and move forward with that plan.
Any company, including ISPs, can benefit from these insights by setting up scenarios and testing the exact outcome before acting.
Stay competitive as an internet provider.
The internet has become a necessary utility for almost all individuals and businesses. You can’t get by without access to the web and a source of unlimited data.
Therefore, you need to operate as a utility company with those same types of analytics and customer service platforms.
As people go to compare different internet plans, you need to be upfront and help them predict their monthly costs.
Include additional fees and show them the high-speed internet and other benefits they’ll get when they go with your unlimited broadband plans.
By being upfront about limits and bandwidth, you are helping customer satisfaction be higher down the line. Stay competitive as an internet provider when people compare prices and possible outcomes.
Take action to create a better company.
One of the biggest benefits of prescriptive analytics is that they focus on actions. Unlike predictive analytics that just lays out different options, prescriptive models help you make decisions in real-time based on activity and insights.
The reliability of these plans helps you understand simulations and act accordingly. Other business analytics take a longer time and can’t guarantee results while prescriptive analytics allow you to see and affect the future in new ways.
Generate revenue and lower pointless expenses.
Any business plan is going to involve a level of risk and consequence. You’re going to commit to plans and business decisions that may not work out.
With prescriptive analytics, you can lower the risk and get it right the first time. This will help your financial services because you’ll be making more money with smarter decision-making.
You can also lower your expenses since this analytics platform will give more input and help you make better decisions than other data science platforms combined.
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