Leverage Enterprise Investments for Predictive Analytics and Gain Numerous Advantages!
Gartner has predicted that, ‘predictive and prescriptive analytics will attract 40% of net new enterprise investment in the overall business intelligence and analytics market.’ Why the focus on predictive analytics? It’s simple! Investment in predictive analytics benefits everyone in the organization, including business users and team members, data scientists and the organization in general.
‘When an enterprise selects an assisted predictive modeling solution, it can satisfy the needs of business users, IT, and data scientists and achieve impressive results for the organization.’
In this article, we review some of the many benefits of predictive analytics:
Bringing together data from across the enterprise to use for analytics ensures that your organization is considering all available information when it makes a decision. By analyzing historical data and using it to test theories and to hypothesize, the business can determine the best alternative and better understand the outcome before it decides on a direction, thereby avoiding missteps. Predictive analytics provides support for data-driven, fact-based decisions and enables insight, perspective and clarity for improved business agility and efficiency. Decisions are made on a more timely basis, problem solving is easier and the business can avoid re-work and damaging missteps in the market.
Business Users/Citizen Data Scientists
Assisted Predictive Modeling with Augmented Data Science and Machine Learning allows business users without data science or analytical skills to apply predictive analytics to any use case using forecasting, regression, clustering and other techniques with auto-recommendations and guidance to suggest appropriate analytical techniques. With self-serve predictive analytics tools, business users can leverage sophisticated predictive techniques with auto-recommendations to choose the right kind of predictive algorithm or technique for the best results. Team members can bridge the gap of data science skills so they don’t have to wait for IT or data scientists to help them produce a report or perform analytics. Instead, they can use assisted predictive modeling to improve business agility and align processes, activities and tasks with business objectives and goals.
Data Scientists spend much of their day addressing requests from management and business users instead of focusing on strategic initiatives where data analytics must be 100% accurate to ensure appropriate strategy. With sophisticated predictive analytics tools that are founded on the latest, most effective algorithms and analytical techniques, data scientists can spend less time coding and creating queries and pulling data together manually, less time slogging through complex systems and solutions to achieve their goals. The ability to combine data science skills with simple, easy-to-use tools and sophisticated features and functionality will make your data scientists and business analysts more productive and effective. Data Scientists can create and re-purpose analytical models and focus on strategic initiatives.
These are just a few of the many benefits of predictive analytics. When an enterprise selects an assisted predictive modeling solution, it can satisfy the needs of business users, IT, and data scientists and achieve impressive results for the organization.
‘Investment in predictive analytics benefits everyone in the organization, including business users and team members, data scientists and the organization in general.’