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What are the Signs that My Business can benefit from predictive analytics?

  1. You need to make fast decisions while weighing many variables.
    If you have a wide range of data that seems to you that it should influence what you do next and you want to make the decision quickly, typically by automating it, then manual review of the data is unlikely to work. Predictive analytics can help automate the process of using multiple variables to make a decision.
  2. You know more about what your customers have done than about what they will do.
    A rich set of data about how your customers (or your suppliers or partners or employees for that matter) behaved in the past can be used to enhance your understanding of what they are likely to do in the future. Predictive analytics can be used to automate this.
  3. There’s a risk associated with poor decisions—and a reward for making better ones.
    There is almost always a risk in a decision, even if it is only the implicit risk of using a resource (someone's time for instance) to act on the decision and so not being able to use that resource for something else. Analyzing your data to help manage your trade-offs is something predictive analytics can do.
  4. You want a consistent decision process that helps you differentiate customer treatment.
    If you are focused on decision automation then predictive analytics can help you deliver on the promise of using decision automation to improve customer treatment.
  5. You use a large number of rules to guide customer decisions.
    Sometimes very large numbers of business rules can be replaced by predictive analytic models. Sometimes using predictive analytic techniques can simplify either the rules themselves or the process of deriving them.

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