A predictive analytics primer
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The document analyzes Thomas H. Davenport's article on predictive analytics, highlighting its growing importance for managers who need to understand the basics and common pitfalls in using past data and statistical knowledge. Two key insights are that predictive analysis can enhance sales and marketing strategies and that the quality of data significantly affects outcomes. In the Indian context, effective use of predictive analyses could help managers better understand customer preferences and improve sales through strategies like loyalty programs.
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A predictive analytics primer
- 1. An Analysis of the article A Predictive Analytics Primer by Thomas H. Davenport
- 3. Examples of Predictive Analysis in companies - ● customer lifetime value (CLTV) measure ●next best offer” or product recommendation capability ●forecast of next quarter’s sales ●Use of digital marketing models to determine what ad to place on what publisher’s site
- 5. List the two most (important/interesting/ informative) insights from this ARTICLE ?
- 6. The first insight is - Predictive Analysis is gaining popularity and managers need to know a few basics along with past data, simple statistical knowledge and assumptions to keep up.
- 8. The second important insight is the knowledge of where and predictive analysis errs. Lack of good data, exclusion of key variables in assumptions, change in consumer behavior with time, use of wrong statistical model are some of the key reasons for the same.
- 9. Why and How are these insights relevant to a manager in India?
- 10. Predictive Analyses can help managers increase sales and marketing. It'll give them an idea about customer preferences and how to capitalize upon them.
- 12. Predictive Analyses are already in use in several multi-national companies. Creating reliable customer databases is a challenge. Managers should come up with ideas like Shopper card etc used in Central, Pantaloons to get an idea about what their customers buy.
- 13. Use of loyalty cards to build customer preference databases :
- 14. In a diverse market like India, predictive analyses will go a long way in maximizing sales if managers can correctly survey and create these models.
- 15. .
- 16. - PARUL VERMA