Predictive analytics is a data mining technique that can help you to derive patterns from the existing data and predict the trends that are going to rule the future. As the competition is increasing in every sphere of work, more and more companies want to stay ahead of their competition by being future ready.
Strategies are then built around these predictions and therefore it becomes extremely important for organizations to get the right predictions. New Vantage Partners released a study after surveying Fortune 1000 C-Suite executives and revealed that 88% of respondents will spend more than $1 million on data initiatives by 2016. This is a huge number and this study also lends considerable weight to the value of predictive analytics. Sifting and digging through the useless data can really give you data that can prove to be worth many millions.
Apart from these, companies use predictive analytics also for improving their decision making process which in turn helps in building alignments between resources and strategies, increases cost efficiencies and makes you more proactive and responsive to the market changes at the same time. Here is why you should adopt predictive analytics across the various functions of your organization:
A data point from McKinsey reveals that predictive analytics can give a spike of 10-20% to a company's ROI. It can also provide behavioral insights of your buyers which in turn can help you create better and higher impact campaigns. Segmentation of the buyers also becomes easier in the process.
This can help your sales and service team to identity potential buyers based on past records and the patterns of their purchases. You will also be able to keep sales-ready leads and use data insights for better forecasting.
Financial decisions can help you align operational goals with the organizational goals and strategy. It can also help you to predict slowdowns and analyze changes in the financial capability (both strength and investment) of their customers.
Predictive analytics will keep the Operations team ahead of the others by being reacting to the market proactively and not reactively. Logistics can be managed better which can contribute in making the organization more efficient and profitable.
Marketing to the right prospect is very crucial for the success of your products and services. Pegasi Media Group helps you in achieving just that through its high quality services and products. Each of our cost-effective solutions is developed after intensive market research and verification.
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