Predictive Analytics Use Case: Predictive Analytics Using External Data!

There is a lot of information within your enterprise, and being able to analyze that information is crucial to decision-making and to managing your business and predicting results with efficiency and accuracy. But, when it comes to information, the average business may have quite a bit of data within its walls but, it often falls short of painting a complete picture because the data it needs is not maintained within its internal systems.

With the right advanced analytical tools, a business can combine internal and external data to understand and anticipate trends, patterns and factors that will affect the bottom line, the supply chain, resource and location planning and other aspects of business success.

If you can easily integrate data from sources outside the business, you can provide a more comprehensive picture for predicting and forecasting results and anticipating the needs of the market.

External data may come from industry or government sources but your business does not have the time or the resources to integrate this data manually and analyze that data. But, with the right augmented analytics solution, this process is simple. External data can be integrated with internal data sources and analyzed efficiently and quickly.

Where external factors like GDP can affect the success of the organization, the enterprise should consider these issues in the planning process and augmented analytics can help you by merging internal data and external data. These techniques can be beneficial for infrastructure planning, construction, highway planning and management, government, agriculture, weather, travel and city planning, and can help the business to plan for resources, locations, supply chain, marketing, inventory, pricing, risk management, maintenance and other planning activities.

Your business can leverage Assisted Predictive Modeling and Predictive Analytics to integrate and analyze internal and external data and identify key issues, risks, opportunities, scheduling and seasonal issues and resource management.

Learn More: Predictive Analytics Using External Data

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We invite you to explore other use cases and discover how predictive analytics, and assisted predictive modeling can help your business to achieve its goals.

Learn more about Augmented Analytics, its uses, techniques and applications.

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