Predictive analytics can help us estimate how many units we will sell of the product, but that’s not the only thing predictive analytics tells us about. Business forecasting and predictive analytics can also be used for insights into relationships so you can better identify risk and opportunities before the event, or identify the driving factors which allows us to shape demand, instead of sitting back and waiting for the demand to play out organically.
And that level of insight is super powerful. Ahead of IBF’s Predictive Business Analytics, Forecasting & Planning Conference In New Orleans from May 6-8, 2019, I want to discuss just what predictive business analytics can do, and why it is so important. The above are all business decisions that need to be made and they all require some kind of prediction or insight to help guide that decision. We tend to think only of the big decisions, but the reality of business is that we take many decisions (big and small) every day at every level in an organization.
Author: Eric Wilson