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Uncovering New Business Advantages with Predictive Analytics

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Get an overview of top initiatives, challenges, and lessons learned from advanced analytics users: http://spr.ly/PredAnalyticsSS

Get an overview of top initiatives, challenges, and lessons learned from advanced analytics users: http://spr.ly/PredAnalyticsSS

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  • 1. UNCOVERING NEW BUSINESS ADVANTAGES WITH PREDICTIVE ANALYTICS Overview of top initiatives, challenges, and lessons learned from users
  • 2. MAKE THE MOST OUT OF YOUR DATA Businesses must not only be ready to adapt to real-time changes in the needs of their customers, but they must also confidently make decisions for long-term viability. In the last decade, technology has radically evolved. Advanced analytics is now available for all users, not just data scientists and engineers. Dive into a new data insights age, where predictive analytics can help your business: • Understand how historical sales, costs, and other key metrics translate to future performance and impact the bottom line. • Optimize business performance based on data-driven results rather than on ad hoc calculations. • Reveal the causes of customer satisfaction and employee turnover in real time for quick resolution. 2
  • 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. 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 98% Structured data (from tables, records) 77% Demographic data 65% Time series data 37% Web log data 35% Geospatial data Where would your organization’s initiatives fall in this list? 4
  • 5. TOP INITIATIVES FOR PREDICTIVE ANALYSIS 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. 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. TRAIN THE WORKFORCE FOR MAXIMIZED RESULTS Technology is only one piece of the predictive puzzle. The organization has to be ready and willing to jump in. With experience under their belts, here are the skills businesses with current predictive analytics initiatives are looking for to help grow their data efforts: Necessary skills to perform predictive analytics:7 7 TDWI “Predictive Analytics for Business Advantage,” 2014 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. 74% Knowledge of business 67% Critical thinking 67% Ability to understand source data and integration into model development 41% Training in predictive analytics 7
  • 8. MAXIMIZE YOUR CONFIDENCE AND ACHIEVE REAL-TIME RESULTS Decisions shouldn’t be a guessing game, especially in dynamic and competitive markets. Now is the time to take the data you have and cultivate your next competitive advantage from the actionable insights hiding within. 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

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