Final answer:
Predictive or prescriptive analytics is a data-driven approach used in strategic business implementation to predict outcomes and prescribe solutions for enhancing performance and decision-making. The approach to strategy implementation that uses data to understand and analyze business performance is called data-driven strategy.
Step-by-step explanation:
An approach to strategy implementation that uses data to understand and analyze business performance is called predictive or prescriptive analytics. Prescriptive analytics leverages data to formulate models that can predict potential outcomes and prescribe solutions for business challenges. Implementing predictive analytics involves collecting and analyzing historical data to predict future trends and behaviors.
This helps organizations in strategic planning, operational improvements, and decision-making processes. With advanced algorithms and machine learning techniques, businesses are able to anticipate customer needs, optimize supply chains, and identify potential risks before they occur, thus leading to more informed and targeted business strategies.