The profits of industries the world over have taken a beating as a result of the economic meltdown. As a new world economy emerges, staying competitive means accelerated performance and little room for mistakes. Helping organizations achieve these ambitions is the growing field of predictive analytics. Predictive analytics is the tool to understand, navigate, manage and gather insights from the big data that almost all industries are generating. In our article from the latest issue of WInsights we mention that predictive analytic tools can help companies accurately identify their customer base and their corresponding needs and modify business strategy accordingly.
Predictive analytics involves both business understanding as well as analytical skills. The organization must implement a unifying information strategy and align it to the process of applying analytical methods, in such a way that the outcomes enable both organizational and individual functional goals. In addition, to gain the most from predictive analytics, IT and business must work together, with the science coming from the IT organization and the art and business acumen from the business side.
All this, however, will be impossible if predictive analytics tools are met with resistance at the implementation stage. Primarily a result of lack of understanding, this problem can be overcome with effective all-round, top to bottom communication of its benefits. The whole process of integrating predictive analytics into the organizational processes in order to reap its benefits requires C-level involvement right through.
What do you think is necessary for successful adoption of predictive analytics in an organization? Do leave in your comments.