Predictive and Prescriptive Analytics Tools, How to Add Value to Knowledge-Based Economy: Dubai Case Study

Abstract

Innovation and technology continue to be the driving force of growing economies. The need for constant change and improvement is driven by competing economies fueled by a more educated workforce and backed by proper governance structures. Dubai which has earned immense wealth in the petroleum industry is now venturing into these industries. Smart Dubai was open in 2000 as a smart city solution as an innovative initiative, large scale project for collaboration of private and public sector. These initiatives of Dubai Pulse which involves all stakeholders and entrepreneurs in accessing and sharing of data. It is having been touted for its analytical services. It will be instrumental to the future of uncovering Dubai from the veil of oil money. Dubai banks on technology and innovation particularly predictive and prescriptive analysis. The research study was conducted with the goals of analyzing the usage of both predictive and perspective analysis in the knowledge-based economy. The study also hopes to understand the value created through the use of predictive and perspective analysis in Smart Dubai and DEWA. The study raises conclusions on why the smart city project should be considered a success. Furthermore, there are areas that have been attributed to this success. The information was primarily collected through an interview with employees who heads the data analytics department at Smart Dubai and employees in the middle management level at DEWA. The feedback from the interviews were elaborate and thorough to the research being gathered. The interview was divided into three concerning knowledge-based economy, use of analytical tools and Dubai Pulse Initiative. The use of the interview arises from the fact that the subject of study needed to be informed by firsthand knowledge. However, this primary source was complemented by other secondary sources. The data from Smart Dubai and DEWA were analyzed to determine the opportunities that the use of the analytical tools will have along with the challenges and benchmarking with global successful cases. Then the recommendations part provides similar governments with the roadmap of how to implement the analytical tools and overcome the challenges.