Topic Teasers Vol. 125: Why Use Predictive Analytics?
My latest project is to work with a small team to see if we need to add predictive analytics to our already brimming list of desktop applications. Frankly, I don’t see that we use even half of the features that we have now, but maybe some departments find value in them. To be honest, not being a math person, I don’t really understand why finding that we are 20% higher or 32% lower on some random statistic would do anything to help the business. The oddity is there! That doesn’t change anything for next month or week. What am I missing?
A. Predictive analytics is a way for software companies to sell you more applications. While they do supply additional figures that alert you any time numbers are above or below an average, that doesn’t really do anything to help your business succeed. However, if enough articles are written about it and conversations in management circles thrive, eventually we project managers will have to waste time pricing out possible purchases.
B. As long as the competitors are using more complex diagnostic tools, not just for problems but to find additional opportunities, it’s important for most companies to also get into this practice. Predictive analysis can be useful in sales, customer
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