Make the Most out of Your Data with Predictive Analytics


Published on - Uncover new business advantages with predictive analytics. Learn best practices to accelerate business growth and maximize your operations.

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Make the Most out of Your Data with Predictive Analytics

  1. 1. UNCOVERING NEW BUSINESS ADVANTAGES WITH PREDICTIVE ANALYTICS Overview of top initiatives, challenges, and lessons learned from users
  2. 2. MAKE THE MOST OUT OF YOUR DATA Better anticipate change, act quickly, and outperform the competition – all businesses want to accomplish these critical goals, but few have the data insights they need to drive real-time results. Predictive analytics solutions have evolved to empower the entire organization with actionable insights. In fact, businesses can identify the critical insights for maximized operational efficiency and returns faster and more cost-effectively than ever before. 2
  3. 3. THE EVOLUTION OF PREDICTIVE ANALYTICS Did you know that the average smartphone in 2012 had more computing power than Apollo 11 did when it went to the moon in 1969?1 It’s hard to keep up with all the technological advancements and new players, so you might be surprised by the state of predictive analytics today. What’s driving predictive analytics mainstream: • Power increase: The modern business user needs the computer to crunch a lot more, because so much more data exists. The price per CPU has drastically dropped, which makes predictive analytics much more practical from a cost perspective. • Data age: Nearly 73% of businesses surveyed are using predictive analytics for a Big Data initiative. Data is now seen as the top strategic asset for improving company performance.2 1 TDWI, “Predictive Analytics for Business Advantage,” 2014 2 Ibid 3
  4. 4. MATURITY OF TODAY’S PREDICTIVE PROGRAMS Predictive analytics has been around for quite some time, but many organizations are struggling to make the most of the solution on an organization-wide scale. More than technology and processes, ensuring the organizational culture can embrace this change is critical for adoption. The state of predictive analytics reported by surveyed businesses:3 3 TDWI, “Predictive Analytics for Business Advantage,” 2014 Where would your organization’s initiatives fall in this list? 20% Experimental/ proof-of-concept phase 34% Active users of predictive analytics 14% Focused on business intelligence, not predictive 4
  5. 5. TOP INITIATIVES FOR PREDICTIVE ANALYSIS Businesses are expecting to leverage predictive analytics across the enterprise to assist in a variety of strategic functions, from customer management to operational optimization to risk management. See where businesses ranked their current predictive analytics initiatives on a 5-point scale of importance (with 1 being extremely unimportant and 5 being extremely important):4 4 TDWI “Predictive Analytics for Business Advantage,” 2014 Predict trends Understand customers Improve business performance Drive strategic decision making Predict behavior Drive operational efficiency Provide targeted products and services Identify new business opportunities Improve productivity Identify risks Faster response to business change Competitive differentiator Reduce fraud 3.95 3.93 3.89 3.85 3.85 3.78 3.74 3.73 3.62 3.61 3.5 3.48 3.14 1 2 3 4 5 5
  6. 6. PLAYING THE BIG DATA GAME Technology should never hold back your business. The main advantage of predictive analytics solutions is their ability to integrate various types of data from various locations. You’ll see that organizations are taking full advantage of diverse data capabilities. Types of data businesses are using today:5 Only 21% of businesses are using social media text data,6 which could be a critical advantage for businesses wanting to act and react in real time. 5 TDWI, “Predictive Analytics for Business Advantage,” 2014 6 Ibid 98% Structured data (from tables, records) 77% Demographic data 65% Time series data 37% Web log data 35% Geospatial data 6
  7. 7. Business Users Benefit the Most The latest predictive technology is enabling people with the most intimate knowledge of the business to be the beneficiaries of their own curiosity. Gone are the days of predictive analysis being driven by mathematicians and statisticians. Instead, business leaders and critical thinkers will harness newfound power to give their businesses the competitive edge. Predictive analytics solutions that provide visual dashboards and wizard assistance for pattern identification open the door for the entire organization to get involved and draw insights from data. 7
  8. 8. Discover What Valuable Secrets Lie Hidden in Your Data Without the power of predictive analytics, Big Data is just noise. Use today’s advanced predictive technology to discover untapped opportunities before your competition does. Read the TDWI best-practices report, “Predictive Analytics for Business Advantages,” for the latest predictive analytics data models and strategies that are accelerating business growth and maximizing operations. DOWNLOAD FREE CONTENT 8