Transforming Data with Predictive Analytics
You’ve been hearing the term ‘big data’ for years now, and your company has plenty of it. It’s well-known that it portends a whole new level of untapped value and potential in your enterprise data assets. And alongside big data is the equally ominous term predictive analytics. How, exactly, do big data and predictive analytics work together to unlock that value? It’s not just a timely question – it’s a mission-critical one. Organizations of all kinds have begun leveraging big data and predictive analytics, not just to become more efficient, but for strategic advantage in the marketplace. It’s no exaggeration to say that companies making the most of predictive analytics tend to lead the field, while those that haven’t gotten on board are falling behind.
The concept is a simple one: within the historical data of most organizations, patterns and trends may be hidden that hold the key to significant improvement in efficiency, resource management, customer relations, service quality and workforce effectiveness. The goal is to surface those patterns and trends so that they can be studied and applied. Think of big data as your company’s cumulative experience, and predictive analytics as your tool for exploring it and learning from it.
And to say that organizations everywhere have gotten on board with this concept and are reaping significant rewards is no exaggeration. According to a survey cited by IBM, 90% of business respondents say they attained positive ROI from their predictive analytics deployments, with a median ROI of 145%, with 66% rating it “very high” or “high” in business value. The survey also noted consistent year-over-year improvements in operating profit margins and customer retention among companies using predictive analytics.
Think of predictive analytics as actionable intelligence – secrets in your data brought to light that can provide critical insights into the best ways operations can be improved, with benefits accruing across the board throughout the enterprise.
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