Deploying Predictive Analytics for Competitive Advantage
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Predictive analytics leverages historical data to forecast future outcomes, providing a competitive edge to organizations, with 68% acknowledging its importance in business. Despite its potential, 83% of organizations lack necessary training and only 38% effectively utilize predictive analytics in customer service. Usability of tools is critical, with 70% prioritizing it as a key buying criterion for successful implementation.
Deploying Predictive Analytics for Competitive Advantage
- 1. BUSINESS OPTIMIZE VALUE MANAGEMENT ACTIONABLE RISK PREDICT FRAUD RESPOND PREDICTIVE IT SCORE QUALITY FORECASTING EXAMINE INTELLIGENCE TECHNOLOGY BUY CLICK DATA UPDATE BIG PREVENTION LOSS DATA MINING HISTORICAL DATA Deploying Predictive Analytics for Competitive Advantage Predictive analytics is a relatively straightforward idea: It is the use of past data to evaluate the likelihood of future outcomes. Predictive analytics can support multiple lines of business and can improve effectiveness. Predictive analytics is very important to organizations 68% of companies say that predictive analytics gives them competitive advantage and is important in revenue related functions such as forecasting (72%) and marketing (70%). 39% Predictive analytics is increasingly an integral part of business analytics, which is ranked the most important of six major technology innovation categories with 39 percent of organizations ranking it #1. 49% of organizations believe that predictive analytics capabilities are critical to satisfy the organization’s analytics needs. Predictive analytics require skill and data 83% Of organizations do not have necessary training for predictive analytics. Lack of training is preventing deployment where only 38% use them in customer service. 35% Accessing data is a top obstacle for predictive analytics in 35% of organizations. The right tools are required for predictive analytics Of organizations have experts that are responsible for success in predictive analytics. Find tools that can be used by broader groups of analysts and business users. The top buying criterion for predictive analytics is usability (70%). Look for tools with analytic workflow that can use any information source. 70% Benchmark research sources: Predictive Analytics and Technology Innovation Research www.ventanaresearch.com Sponsored By: