When does it make sense to shift from human-centered methods to automated analytics and decision-making?
host of management problems, including those related to marketing, sales, and supply-chain operations, which can lead to a sustainable competitive advantage. For example, firms can integrate decisions and optimize the entire value chain by modeling individual customers’ behaviors and preferences and offering tailored products priced as close as possible to shoppers’ willingness-to-pay price points—all while reducing the cost of servicing individual transactions.
Descriptive analytics is about making sense of the past to inform the future. Past data is specific, clear, and certain, and this approach is rooted in verifiable and objective facts. We expect that descriptive analytics will remain part of business managers’ daily experience. But because humans can’t process enormous amounts of granular data, they must rely on highly aggregated information.
Well-designed prescriptive models can deliver greater financial rewards and better business performance. But they can be very expensive and complex to set up. The visual artist Andrew Strauss works with algorithms and code to reimagine abstraction, repetition, and patterns through generative automation.
When choosing an analytics approach, we must rethink the role of the manager: from the person who has all the answers to the one who asks the right questions. EN managers started by using a simple method: They offered deeper discounts on products with higher inventories that resulted from disappointing sales. To decide which products to mark down and by how much, EN managers considered measures such as historical sales per week, inventory levels, and coverage ratio .
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