Philip Higginbotham, Grant Thornton’s national director of analytic services, has called on business leaders to “understand and implement a more sophisticated, forward-thinking form of analytics to get ahead.”
Grant Thornton and the Financial Executives Research Foundation released on Tuesday a new report, which says organizations that adopt prescriptive data analytics improve their business performance.
FERF and Grant Thornton conducted interviews with senior-level executives to see how the four surveyed companies combine predictive and prescriptive analytics.
The case studies show that one company reduced costs by nearly $28 million due to analytics-based policy reform and another company saw a 30 percent increase in profitability.
The report also recommends enterprises combine predictive analytics and prescriptive analytics results to improve performance.