In today’s world, many organizations may collect and store data, but few derive value from analyzing it and predicting what will happen as a result. Despite the fact that the notion of predictive analytics has been around for some time, many organizations still struggle to get started.
They know that it offers them the chance to gain data insights that will help them to enable trend and pattern recognition, spot anomalies, and forecast recommended actions, but for them the prospect of getting started can seem too overwhelming. So, where indeed do you start? In fact, while predictive analytics might sound lucrative, where can it truly make a difference?
PREDICT TOMORROW’S SUCCESS AND LEAD THE GAME WITH PREDICTIVE ANALYTICS
While it is always interesting to understand what occurred in the past and try to draw correlations from it in order to boost performance in the short term, it is a stark truth that companies should analyze data they have today in order to anticipate future outcomes and predict where success will come from tomorrow.
The increase in computing power, a deeper understanding of technology’s value, the advent of Big Data and certain economic factors have joined forces to make predictive analytics a reality, and learning to leverage it means you can get a competitive advantage in the market.
The term predictive analytics is simply a term to denote the probability of future results based upon historical data. Only once a business puts data at the heart of its processes and business functions can it retrieve valuable insights that will help it to detect new profit streams, better ways of conducting business and, ultimately, lead the game.