“Predictive analytics allows companies to not just react but proactively adjust their strategies ”
“Predictive analytics allows companies to not just react but proactively adjust their strategies ”
PETER WOOD CTO , SPECTRUM SEARCH
predictive models are only as good as the data used to train them .
“ Organisations must invest in data collection , cleaning and preparation to avoid issues like bias and misleading correlations ,” he says . “ Building and maintaining models requires advanced analytics skills that are in short supply . Therefore , for companies where investing in the necessary technical knowledge in-house is prohibitive , leveraging off-the-shelf tools is a viable way to reap the value predictive analytics holds . However , it can be challenging for organisations to educate themselves on the tools available and execute successful implementations .
“ To mitigate this challenge , companies should leverage knowledge and engagement from a broad group of people throughout their organisation . Knowledge around this technology can come from unexpected places in a company and it is important to ensure that the people expected to use the tools are involved in the evaluation , selection and implementation .”
Businesses beginning to see the benefits of predictive analytics Today ’ s businesses of all sizes are adopting predictive analytics , and the industry is starting to see the early benefits in terms of additional time , resource and business efficiency .
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