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Guidance and results for the data-rich, yet information-poor.

4 Questions To Ask Before Starting A Predictive Analytics Project

4 Questions To Ask Before Starting A Predictive Analytics Project

4 Questions To Ask Before Starting A Predictive Analytics Project

With every second that passes, an overwhelming amount of data is exchanged in every corner of the globe. The partnership between technology and data is rapidly changing how we deal with business and it is up to us to keep up or risk falling behind the competition.

Data analytics or predictive analytics are effective ways to make use of all that data, but it’s a common sight to see businesses jumping headfirst into projects without a solid base that will support their efforts. Strategy is key. There is a wealth of valuable sources, including our webinar, where you can build up your foundation before beginning a project. Before attempting to measure data and information, you need to know the following information:

  • What business problem do I want to fix?

Hoarding data does nothing but give you another problem that you need to solve. You’ll run out of space before beginning to tackle the important details! The first step your business needs to take is to start with strategizing and identifying the key challenge that the project aims to solve. Many companies collect data, not because they’re planning to use it for comprehensive analytics, but because they have no idea what they need it for. Asking for everything doesn’t solve anything. Start with small issues.

  • What information do I need to solve the problem?

There is a wealth of insights that you can gain from your internal data, such as customer and employee information, but there are several new sources that you can tap. Social media, mobile apps and customer rewards cards are some examples of great sources; however, you need to know what kind of information you require before finding out where to get it and how to collect it. If you’re running a small business, our blog post discusses how you’re in a prime position to take advantage of the benefits of data analytics.

  • How will my business analyze the information?

Collecting and analyzing data using traditional methods, such as website clicks or POS transactions, is simple enough, but the power of data and predictive analytics is in unstructured data. Think social media posts, uploaded photos, email messages, video content and more. When you add this type of unstructured data with structured information, you’ll be able to collect a priceless amount of insights, but your company needs a solid plan for analysis. Consult with experts who can guarantee an effective approach to analytics.

  • How will I use the captured insights?

This last question is closely related to the first one. The gained insights should help to fix at least one of the issues your company identified at the beginning of strategizing. Historically, gained insights from data analytics also helps companies discover other ways to improve how they run their business. Companies should use the gained insights to improve customer experience, overall performance, employee production and decision making. Remember to keep that criteria in mind when it’s time to implement needed changes.

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