Predictive Analytics | Smarter Forecasting | Business Growth

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Why Analytics Matters in Business

Introducing Why Analytics Matters, a new series in which our team will research and uncover inspiring ways BigData, Analytics and Cloud are transforming enterprises. From growing sales, to cutting costs and optimizing marketing, analytics can enhance and empower your business in numerous ways. Part 1 in our series offers concrete examples, use cases, and new ideas from industry experts for utilizing predictive analytics to look into the future. Businesses look into the future in January. And that’s likely the case at your company. Your team – if it hasn’t already – will begin to generate revenue projections, sales forecasts and goals for the year. The problem: No one can predict the future, and that’s why businesses are prone to missing – or outperforming – their best sales estimates. What if there was a better way? Analytics and BigData can’t solve the problem of inaccurate forecasting. But today’s analytics options can better inform your forecasts. In particular, predictive analytics tools have optimized forecasting, helping to determine trends and patterns in historical data, and ultimately extrapolate how that data inform the future. Here’s one use case: Hospitality businesses – from the Birmingham (Ala.) Zoo, to Fortune 500 hotel chains – are tapping into predictive algorithms to more accurately forecast attendance. By accessing historical data – say, the average attendance for the third week in March – these organizations can extrapolate these historic weekly attendance trends and better predict how many staff members will need to be on duty. These technologies may be new, but they’re extremely powerful. According to estimates, high-performing sales teams are 4 times as likely to be using predictive analytics, than their peers. Whether your team has already embraced predictive analytics – or you’re planning to in the near future – these articles and ideas from industry experts can help to inform how you utilize predictive modeling.

What Can Predictive Analytics Really Do? Three Case Studies via MarketingLand

What Can Predictive Analytics Really Do? Three Case Studies via MarketingLand

Author David Booth dives into an explainer of predictive analytics, before examining ways businesses can put these technologies to work right now. For one, Booth advocates that predictive analytics can help you better allocate marketing dollars to actions that are predictive of future revenue. Additionally, Booth highlights case studies that also showcase how predictive analytics can help you cut costs and grow revenue; other examples include determining where and where not to spend marketing dollars, as well as developing a testing plan.

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Predictive Monthly: How a Little Bit Of Wizardry Can Transform Your Bottom Line via Digitalist Magazine

Predictive Monthly: How a Little Bit Of Wizardry Can Transform Your Bottom Line via Digitalist Magazine

Pierre Leroux’s article in Digitalist offers a great starting point for examining predictive analytics. First, Leroux highlights some reasons that predictive analytics a powerful tool in business – objective predictions, automated decisions, and uncovering new business. In terms of creating new business opportunities, the article briefly highlights a case study out of the airline industry. Hopper, an app that predicts airfare pricing to get its customers the best deals, started looking at its massive piles of historical itinerary data, to improve the accuracy of their buy-or-wait prediction software.

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Where Predictive Analytics Is Having the Biggest Impact via Harvard Business Review4

Where Predictive Analytics Is Having the Biggest Impact via Harvard Business Review4

Here, authors look at four distinctive areas in which businesses are putting predictive analytics to good work. But the authors truly dive deep into these use cases – from using predictive analytics to better estimate demand, to optimizing pricing – and offer real-world solutions. For example, the authors suggest that a big data solution of using anonymized and aggregated web search data “on top of existing time-series data” to better predict demand. If you’re looking for ideas from a technical angle, this article is full of inspiration.

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Why Predictive Analytics Can Make or Break a CRM System via CRM Report

Why Predictive Analytics Can Make or Break a CRM System via CRM Report

Predictive analytics are a powerful marketing tool. In fact, most prediction tools can be integrated right into your CRM system to determine those unseen patterns and trends in your customer records, i.e. signals of high-value customers, attributes shared by your highest performing accounts, etc. Author Lang Smith, who leads a cloud-based predictive modeling firm, provides five concrete examples of how predictive analytics can empower your CRM marketing efforts. For example, Smith notes how these tools can help you predict current and future action, as well as improve customer interactions.

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The Power to Predict: What Can Predictive Analytics Really Do? via CFO.com

The Power to Predict: What Can Predictive Analytics Really Do? via CFO.com

Author Keith Button notes that’s companies and CFOs are utilizing predictive tools more and more frequently. That’s due to their improving ease of use. You don’t need specialized knowledge to run and use these tools. Additionally, Button dives into six unique uses for predictive analytics, including improving your modeling (which is used in finance), increasing revenue and sales, and help grow and plan for your business. This article was part of a four-part series looking at Predictive Analytics. Other articles in the series look at predictive modeling and how CFOs can implement these tools.

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