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Question of the Week 1 minute

How Can Prescriptive Analytics Determine Retailers’ Corrective Actions?

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Coresight Research

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

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