Predictive Analytics: Find the hidden intelligence
Data isn’t simple anymore. It's not longer confined to a single database or a chunk of excel. You have to get your data for multiple sources. The more sources, the more complex the data becomes and the more complex it becomes the more valuable the insight will turn out to be.
This creates great opportunities to solve complex problems, generate more growth and make better decisions. One of the greatest opportunities here is predictive analytics. It won’t always show exactly what is going to happen - but it's a start and its beginning to transform most industries.
Businesses that have a stronger picture of their future have a clearer competitive advantage over others. The main aim of predictive analytics is to blend intelligence into everyday processes.
This guides people into making the right decisions aligned with a business strategy. How do you make this happen?
Get the best data
Do you have all the data you need? If not, how can you find it? Is it available within the business or do you ave to connect to external sources?
Clean and good
Build models that are relevant to what you are trying to achieve. Format, remove duplicates and ensure the data is as clean as possible.
Heavy, complex data sets will soon be noticing more than people within the business. Ensure that you have the costs and equipment to deal wit this output.
Ensure that everything that is carried out is aligned with business objectives.
Connect and Visualise
Platforms like Krunch.ai help with pulling these data sources together, building predicative models and visualising them for the team. If you would like to look further into the power of predictive analytics here is an in-depth report from IBM: https://www.ibm.com/downloads/cas/LKMPR8AJ