It has slowly been creeping up and now stands right in front of us. Shopping on phone is now commonplace especially with mobile friendly websites and intuitive apps. With the introduction of Apple Pay and Google Wallet, the facility to pay for products in brick and mortar stores through them is set to make a big difference to the world. Go visit any major city in China. You can see how life would be in a completely cash and cardless world. The QR code has gained importance once again. Well, yes this can affect your phone’s battery life.
Prescriptive analytics has been gaining importance since data analytics products have been in use. Analytics tools so far have been used for descriptive and predictive applications. These applications are used to arrange historical data in a way where it is possible to understand the changes that have happened. The data can also be used to predict behaviour and future events.
Prescriptive analytics is used when the results of descriptive and predictive analytics need to be deferred and further steps need to be taken based on that information. This may sound similar to predictive analytics but there is some discrepancy about the exact definition. The oil and gas industry and healthcare Industry have already put prescriptive analytics to good use.
AI as a service
The SaaS Business model combined with AI services can bring AI to a lot of people in a cost-effective manner. Companies like Microsoft, Amazon, Google are offering solutions based on machine learning and related training materials. There are many advances being made in this field. Some AI platforms are providing services such as processing-intensive GPU workloads. Subscription-based AI solutions are a likely development in the near future.