If you’re still using traditional analytics to perform your business operations then it’s time you stopped doing that? In the world of optimization, old, antiquated and even time-consuming tools are simply ineffective. What about Big Data? I mean the amount of data your business generates or deals with it on a daily basis… how do you handle the huge on rush of data in your organization? What tools do you have to get what you want from this humongous surge of new-age data? Can you deploy the kind of analytical tools that are required to change data into meaningful insight and information to knowledge for your decision-making? If you do not have, then it’s time you looked for one.
Indeed, even the simplest of tools of predictive analytics can be utilized to get into the realm of technological improvement by doing away with the outdated traditional approaches. With new tools, you will have new possibilities. These user-friendly tools are easy to use for even low-tech market professionals, and so there’s no compelling reason to jump into the sea of predictive analytics without a life jacket. Therefore, what you need to do is that you have the option to snatch the low-hanging fruit first. Here’s how you can do that.
To address this shortcoming, many companies are rethinking their traditional approach towards storing and indexing their vast reserves of enterprise data. The sheer abundance and complexity of such data without the advantage of innovative information models to access and make sense of them is burdensome to companies. Organizations are investing in this technology now. Why now? The reason is that companies worldwide are dealing with a humongous amount of data on a daily basis, and they want to make good use of this to help them strategize their business and orient themselves to good decision-making. Apart from the reason mentioned above, the following are also the ones which seem to have made great inroads into how organizations are run and managed.
- Humongous amount of data, to produce valuable insights
- Faster reduced computers and hardware devices
- Interactive, user-friendly software
- Need for business differentiation and competitive advantage
- Keep your audience engaged with your brand
Whether they are mathematicians or statisticians, business analysts or line-of-business experts, everybody needs data and interactive, user-friendly and easy-to-use PA-based software to be able to make sense of their business and gain a competitive advantage. For this to happen, you need to grab the low hanging fruit. Grab predictive analytics technology!
Most leading global enterprises have invested significant sums of money in transforming their businesses through Business Process Management (BPM). However, due to the prevalent issues about the general lack of industry standardization plus integrating the new systems with the existing ones, it has been found that a majority of these forward-looking enterprises have not really been able to achieve all that they set out to. For example, healthcare organizations have these valid concerns about their situation in the present scheme of things.
But, to be sure, the right technological credentials should enable healthcare organizations to enhance operational efficiencies and streamline their internal processes to reduce costs. A full-fledged customized healthcare application that provides comprehensive business value is akin to meeting your goals and objectives of your practice. Therefore, for a healthcare organization, patient-centric solutions such as digital claim distribution and monitoring, patient-related activities, say from patient registration to processing claims, including even research and monitoring are a major benefit in terms of medical cost savings and patient satisfaction.
Accelerate To a Digital Enterprise with Predictive Analytics
In contrast to the above-mentioned scenario, what can be done is transforming your traditionally-run organization into a digital enterprise, powered by predictive analytics insight that focuses on reporting, dashboards and analysis for making smarter business decisions to beat the competition.
Predictive Analytics software will let you re-imagine your business processes in a way that was never seen or known before. The fact of the matter is that the use of Predictive Analytics (PA) takes business intelligence (BI) forward. It extends the value of BI forward with all the data that exists ‘around’ your business operations.
For example, supposing if you want to identify the future outcomes based on some historical business data you have, what do you do? What technological tool can you use to achieve that? You ask: Is that in any way possible? Yes, it’s indeed possible. Think Predictive Analytics solution! You’ll be able to do precisely that and more. All that it does is it uses data – both historical and sometimes current, but mostly historic – through the techniques such as data mining, uses ad-hoc statistical analysis and algorithms, machine learning techniques, predictive modeling, and more to identify future outcomes that will help you assess and decide as to what will happen in the future as far as your business is concerned. What are these tools? These are capabilities that help you perform predictive analytics. Therefore, the goal is to know what will happen in the future that will eventually lead your business operations to trend smartly in the competitive market of today.
Change the Way You Run Your Business Operations
In today’s digital economy, organizations need to deploy a PA-based software application (to manage huge amounts of predictive datasets) that changes the way you run your business operations for the better. It will help you not only to optimize your resources cost-effectively but also improve margins that can only be nothing but be on an upward swing.
Though we know that Predictive Analytics has been around for many years, but it is the technology of it that has come into vogue now. Today, we find that more and more organizations are developing a lot of interest and investing a great deal of time and money in this dormant technology called Predictive Analytics to help them increase their company bottom line and get the edge over others in term of gaining competitive advantage.
If you’re still finding yourself in the realm of conventional analytics, it’s a great opportunity now for you to dive deeper into higher levels of technological sophistication. Basic gut-based leadership is a relic of past times. Grab the new fruits that technology can provide. The good news? The good news is that you don’t need to consume the whole sea of refined methodologies or modern approaches that are available – as overwhelming as that might sound to you. But of course, even the least difficult software tools of predictive analytics are cutting-edge and will beat the time-consuming and ineffective traditional analytics/methodology of yester years that you are so used to using.
How confident are you about successfully using analytics for your business needs? Despite majority of organizations experimenting with predictive analytics, only a few have been able to successfully extract value sustainably.
Explore prime to see how we incorporate predictive analytics into your organization to meet your business needs.