Predicting the future may sound like gibberish at first glance. In most cases, it is too! However, most business houses would love apeek into the future so that they may be well prepared for all that is to come. Thankfully, we do not need a crystal ball when dependable tools are readily available and all a business has to do is adopt them.
Predictive analytics and business alerts are tools that work in the present to ensure that the business has enough time to prepare for what’s in store tomorrow.
Why Predictive Analytics?
Foresight is the key factor driving innovation in business intelligence. Studies have concluded that the use of predictive analytics by business analysts will even surpass the numbers studied by data scientists and statisticians, certainly an indication of the wide adoption of this business strategy. The ability to act in anticipation of a list of probable events gives businesses an advantage over their competition, helping them prepare a business model that takes decisive steps to tackle upcoming events.
Take IBM’s investment of over $15 billion since 2005 only towards acquisitions related to predictive analytics, and you know something big is brewing! Surely you have heard how Microsoft’s predictive analytics accurately predicted the outcome of every 2014 FIFA World Cup knockout game? Well, it doesn’t get better than that!
Toeing the analytics line
Industry specific software solutions drive the analytics market and deciphering the huge potential of big data and streamlining findings in line with business interests is the most challenging aspect of predictive analytics today. The right mix of analytical capabilities and knowledge of the industry is essential to maintain a balance.
While putting a predictive analytics system in place, making sure everyone in the organization is onboard helps. A business that does not depend on data cannot turn into ananalyticsfan overnight. The change is gradual, and understanding the use of this data in its entirety is essential.
Importance aspects such as the issue of data leakage as well as privacy concerns are an integral part of the analytics playbook too.
Why business alerts
The use of data can manifest itself in different levels of the business structure, from the menial to the vital, and taking maximum advantage of the available information at all ranks of the organization is essential. Findings from the “Advanced Analytics: The Hurwitz Victory Index Report 2014” show how important advanced analytics, including business alerts, are to the business sphere today.
Business alerts work both ways, towards the enterprise as well as the clientele. For example, a survey conducted in more than 10 countries, including India, had 71% smartphone users asking for enhanced communication in the form of healthcare alerts and greater interaction.
Toeing the alerts line
Tactically applied intelligence gained from the data provided by business alerts proves to be the answer to several business demands. These range from the enhancement of the everyday mechanism of a business to developing long term strategies that help in the evolution of the organization.
The setting up of related communication channels in an efficient manner enables the recipients of the organization to understand the alerts and prioritize them according to their levels of importance. While text messages and voice messages can be used to convey the urgency in certain alerts, the use of emails helps in conveying further details. Using resources in line with their functionality helps in gaining traction so that the use of the software is justified in every manner.
How promising is it all?
A Transparency Market Research report throws up promising statistics for the predictive analytics market, making you proud that you are part of this burgeoning marketplace. Valued at around $2 billion in 2012, the market is set to touch figures of up to $6.5 billion and more by 2019. The key solutions expected to corner a major part of these figures include customer intelligence software, fraud intelligence software and cloud hosted services.
Encouraging numbers indeed, and with the expertise of the right Business Intelligence partners your reach in these crucial aspects of the modern business structure can easily be magnified and the lifeline can actually be used to gain momentum too.
Visit our Business Intelligence – Analytics & Research services for more information on how Conneqt Business Solutions can help you optimally govern predictive analytics and other tools such as business alerts for maximum impact. For further insight, great reads such as relevant and detailed analytics case studies are available too.