Predictive Analytics: Perception and Realities
Predictive analytics is actually easier to understand than many may think. It’s a process that uses historical data and existing data to predict what will happen next. And predictive analytics doesn’t necessarily require deep skill sets for in-house staff. Moreover, predictive analytics can bring enormous value to organizations across a wide range of industries—even within departments from marketing and sales to finance and operations.
And predictive analytics is an exciting area because it can quickly move project teams from plain guesswork to prediction that is based on a degree of certainty. It shows organizations or project teams where they are now and where they can go, and it enables them to discover trends, patterns and relationships in structured and unstructured data. In addition, predictive analytics can provide the direction necessary to apply insights and predict future events.
Acting to achieve powerful outcomes
Predictive analytics simply doesn’t require a large team of highly experienced, highly skilled analysts. Getting started with predictive analytics only requires three skill types:
- A businessperson who understands the business problem and has the ability to formulate this problem in a way that facilitates decision making.
- An IT leader who can gather the data, automate the process and set up the IT system to enable the analytics execution.
- An analyst who understands and evaluates the algorithms that ultimately get to the insights the organization is seeking.
Bear in mind that all three roles do not have to be on staff. A trusted partner can complement the staff with the appropriate experts to begin accessing valuable insights that can move the organization forward.
Predictive analytics can have a tremendous impact on a range of outcomes including those that grow profits, reduce fraud and even save lives. Learn more about the rewards of making predictive analytics a part of your business strategy.
Think big. Start small. Act fast.Interested in getting predictive analytics working for you? Of course, the experts at DIGINTEL are here to help you move forward with a range of innovative solutions and support.