Predictive Analytics is no longer limited to data scientists. Today, predictive analytics is, and must be, accessible to business users, if your enterprise is to grow and respond to the need for data democratization and increased productivity within the enterprise and to the rapid changes in the market, competition, resource and supplier needs and customer buying behavior. Every business user must have the tools to analyze data and make accurate, timely predictions and decisions.
When an organization is considering an investment or upgrade to support advanced analytics, it must offset the investment and implementation with ample benefit and advantages. The benefits of augmented analytics and, specifically, of predictive analytics and assisted predictive modeling, are numerous, so there are plenty of reasons to embrace this approach and plenty of advantages of advanced analytics.
With a self-serve analytical environment, business users can leverage predictive analytics features to plan, forecast and predict outcomes, and to anticipate the organizational needs for new locations, price changes, new products and customer segments and needs – all without the assistance of a data scientist or IT staff resource.
Benefits of Advanced Analytics and Predictive Analytics
- Sophisticated analytical techniques in an easy-to-use interface with no need for complex algorithms or data manipulation
- Easy-to-use auto-recommendations for algorithms so users can explore underlying data without advanced knowledge
- No advanced data science skills required
- Business users can analyze, share and optimize business potential
- Business users can prototype and hypothesize without professional assistance
These are just some of the benefits of providing predictive analytics to your business users. Advanced analytics benefits go well beyond ease-of-use for business users and extend into the organization to relieve data scientists and IT of the day-to-day responsibility of producing reports and statistics to support forecasts and planning. These benefits also improve productivity among senior executives and those whose responsibilities include strategic planning, operational planning and tactical planning.
In short, every part of the organization can benefit from advanced analytics advantages. A self-serve, data democratization approach allows the enterprise to leverage predictive analytics. You can learn more about the numerous algorithms and analytical techniques available for business users to leverage. The use of these algorithms and techniques is suggested, based on the best fit for the data to be analyzed.
There are more than twenty algorithms and analytical techniques available for business users to leverage. The use of these algorithms and techniques is suggested, based on the best fit for the data to be analyzed.
But, your users do not need to know and understand these predictive analytics techniques, because they will enjoy the convenience and ease of machine learning based auto-suggestions and recommendations for analysis based on data type and other factors. That is a true benefit!
Your organization can truly benefit from predictive analytics and from the ease-of-use and sophistication of these self-serve tools. Don’t get left behind with static tools that are little better than guesswork or tools that provide only a small piece of the entire picture. Plan, forecast and predict with confidence!