Data is growing at a rate of 2.5 quintillion bytes of data being created every year and organizations are drowning in numbers, facts and figures. In fact, most organizations do very little with data, yet wax confident that data is their greatest competitive advantage.
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How can businesses turn their words into reality? Predictive analytics.
Predictive analytics can help companies gain value from their data by looking at historic data and predicting the outcome of future events. For example, with predictive analytics, a business can predict if a customer will churn or respond to an offer.
Here are out top three reasons for any business to adopt predictive analytics:
1 – Every company needs a roadmap. Predictive analytics gives you a “call to action” by letting you know who will churn, buy, sell, etc. in time to address the business challenge.
2 – Money. Predictive analytics identifies areas of value in every department. And a predictive analytics model will suggest the best and fastest way to harness that value for the benefit of the company – lead conversion, loan default prediction, next best offer, etc.
3 – Productivity. Predictive analytics is a key component of data-driven decision making (DDD), making choices based on analysis of historic data. A recent study by MIT shows that DDD organizations have higher productivity and profits.
More than 95 percent of Chief Intelligence Officers (CIOs) believe that data is changing the way organizations do business, according to a recent report by Experian Data Quality. Become your company’s hero by learning how to use advanced machine learning methodologies, such as predictive analytics, to improve the bottom line.
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