How Can Prescriptive Analytics Determine Retailers’ Corrective Actions?

QUESTION OF THE WEEK: How Can Prescriptive Analytics Determine Retailers’ Corrective Actions?

Prescriptive analytics has five core capabilities that incorporate machine learning to suggest corrective actions to retailers: Anomaly detection, whereby performance that deviates from an average or baseline for a variety of retail metrics is identified; assessing hidden demand—revenues that retailers could have collected but missed; sentiment analysis; clustering—the aggregation of similar customers, employees or stores; and shrink