Transforming Businesses with Predictive Analytics

By CIOReview | Monday, April 22, 2019

An organization can improve its operations with the help of data-driven business forecast about unknown future events and risks. Hence, operational analytics and predictive analytics are fast becoming essential parts of many organizations to tap more business opportunities.

Operational Analytics

Many industries require a gamut of equipment and machinery to execute operations. Most of the time operational analytics is used to identify mechanical failure or the reason behind the slowdown of any process.

Predictive Analytics

Predictive Analytics is considered as a more effective tool in many organizations as it can harness the power of data to provide business with a more fact-based vision of where to aim and how to get there. Additionally, it can give insights and support new strategies for the development of new products and services.

Check out: Top Predictive Analytics companies.

 There are specific approaches through which IT professionals can follow a course of action.

•  The configuration of a team

In any organization, it’s necessary to have a team which can work more on insights and is well-acquainted with various technologies. The team should focus on the mission and product line of business to breakdown specific challenges by using predictive analytics.

•  Sharing Information

Sharing information should be done between the team members. The team can access the right data so that members can identify the objectives of the issue and provide better solutions to resolve that issue.

•  Exemplary target application

Organization team should proceed further with the chosen application by setting targets and also speed up the process in preparing data models and architecture.

•  Right technology partnerships

Always prefer for the right technology partnerships which should be willing to work with a set of open source and commercial tools to produce the best solutions and insights for the successful implementation of predictive analytics.

By following these guidelines, most of the organizations can leverage predictive analytics in their business.

Predictive Analytics companies: TrendMinerTDT AnalyticsQSocialNowQlarantPredictive TechnologiesOffrsLone Star AnalysisDatatist.