The strategic impact of predictive analytics
You have probably heard about predictive analytics and the powerful results it can bring. Big data and analytics are topics that seem to be getting a lot of traction. But why are they important for your company? How can moving forward with big data analytics make an impact on your organization? That’s a valid question that I will address head on.
Actually, predictive analytics can help transform your organization by helping you attain key strategic objectives. Watch this one-minute video to learn more.
Now that you’ve seen the video, you know predictive analytics can help you make significant progress in realizing a number of vital strategic objectives. These include:
- Competing more effectively to secure the most powerful and unique competitive stronghold
- Growing sales revenues, retaining customers and discovering new customer bases
- Enforcing security policies by better managing, detecting and preventing fraud
- Improving operations and advancing your core business capacity to become more competitive
- Satisfying ever-accelerating customer expectations
- Learning vital insights that can enhance business decision-making
- Acting on insights to achieve desired outcomes
Making major advancements on these strategic objectives is a significant reason to begin your foray into predictive analytics. If you’re considering moving forward on this big data analytics journey, here are three important recommendations:
First, think big. Look at the big problem—something on which your business or organization greatly depends. We’re talking about a big lever that has a major impact on your firm, agency or enterprise.
Secondly, start small. The next step is to scope your business problem in a way that allows you to address it in just three to five weeks. If you start too big, you can spend years collecting data. Decide on one particular angle or question that won’t require a solution using multiple servers.
Finally, act fast. It’s important to act right away. Failing fast is important in analytics as it allows you to quickly see what information or data you may be missing in order to predict accurately.
Think big. Start small. Act fast. This model works quite well by letting you see firsthand how the process works and the value it can bring. Then you can expand your predictive journey to make an even larger impact. Of course, the experts at IBM are here to help you move forward with a range of innovative solutions and support.
We can help with a range of solutions, including:
- IBM SPSS Statistics: Put the power of advanced statistical analysis in your hands to understand data, identify trends and produce accurate forecasts.
- IBM SPSS Modeler: Solve business problems faster by revealing patterns and trends in your structured data. SPSS Modeler offers advanced analytics techniques in an intuitive interface to help you make better decisions.
- Predictive Analytics Enterprise: Get all of IBM’s world-class predictive analytics software in a single product, including statistical analysis, predictive modeling, real-time scoring, business rules and automation.
Learn more about the seven key objectives you can achieve with predictive analytics.
Interested in getting predictive analytics working for you? Contact an IBM expert or visit our predictive analytics website.