How Prescriptive Analytics Impact ISPs
Whether we log on through a laptop, tablet, smartphone, or any other smart device, the internet is a major part of our lives. That’s why more nations are recognizing internet access as a crucial part of developing their infrastructure. This has led internet service providers, or ISPs, to look into ways of expanding their reach to provide options in regions that had never been equipped with internet access before. With the help of prescriptive analytics and real-time data, ISPs are using machine learning to their advantage in the marketplace.
What does the term “prescriptive analytics” mean?
Machine learning and business intelligence are paving the way for changes in a litany of industries from retail to healthcare providers. At the core of these innovations in new technology are the benefits of prescriptive analytics. Prescriptive analytics are statistical methods that focus on finding an ideal way forward for a business in a particular scenario. The focus remains on actionable insights rather than data monitoring. The input of prescriptive analytics not only leads to possible outcomes for the future but implements the best course of action for a company to take going forward.
Prescriptive analytics help businesses understand what their customers want to buy and why, as available data is translated to determine the best practices for a company for operational efficiency. The prescriptive analytics models provide insight into complex algorithms to determine the best outcome for a consumer’s journey. This helps managers anticipate market conditions and customer purchase patterns, ensuring greater productivity and profitability. This also helps businesses with their economic growth is focusing on expansion while reducing their expenses.
Internet Providers and Big Data
Internet service providers rely on advanced analytics to get better insight into the customer experience. ISPs offer up broadband plans with customer cost in mind, using predictive models to determine the course of action that may be in the best interest of a particular household. Internet providers will use prescriptive analytics to promote particular packages to households based on internet use, whether it’s just the occasional check of Facebook or use for extensive gaming and streaming. These analytics translate to how providers market on social media and elsewhere online, and makes for customer satisfaction in the long run.
With accurate predictions, prescriptive analytics allow broadband outlets to determine where pricing should fall, as well as where there is a need for greater internet coverage. In Australia, for example, the National Broadband Network, or NBN, has become a major development in that country’s infrastructure system. This has led to a multi-technology mix to deliver internet coverage with existing hybrid fiber-coaxial networks, as well as some parts of the current landline network. The NBN maintains the network and sells access to ISPs to expand internet service and make offerings based on operations research.
Different Data Analytics
ISPs recognize the data sources of their marketplace, ranging from cost, installation, and bandwidth, and focus on those aspects of their prescriptive analytics to determine a roadmap for their customer base. Under this umbrella of analysis comes descriptive and predictive analytics. Descriptive analytics offer business intelligence insights into what has occurred, while predictive analytics forecast possible outcomes paving the way for prescriptive analytics to find the best possible solution from a variety of options.
Prescriptive analytics optimize the results of future events and level of risk going forward. Internet service providers may look into these multiple future scenarios to determine what will give them the competitive edge in the field and earn more subscribers. This analysis relies heavily on mathematics and complex algorithms for data analysis. It will make for a better decision that benefits both the bottom line of a business, as well as that of a consumer.