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

Predictive Analytics Offers a Competitive Edge, If Done Correctly

CompetitionThere’s such a huge buzz around data mining and predictive analytics that you’d think nearly everyone has jumped on board. But a recent Data Informed article indicates that’s simply not the case.

According to the article, business is adopting the use of analytics at somewhere around 6%. That means there are plenty of opportunities for your company to jump on board.

However, when it comes to predictive analytics, you don’t want to look before you leap. You only get the competitive edge if you do everything right.

51% of Predictive Analytics Programs are Failures

Of course, the number of businesses who ultimately adopt predictive analytics is lower than the number of businesses that attempt them. Most projects simply fail to get off the ground in the first place.

Some projects do get launched, but they don’t provide the kinds of results that matter to business. That’s because the project design was completely divorced from business objectives that mattered.

It’s easy to get excited about “big data” without developing an understanding of what’s necessary!

Laying the Groundwork

A good program starts with a full assessment of your organization’s data and capabilities. It’s also important to assess the specific questions you hope to answer or problems you wish to solve.

These issues need to be nailed down in specific, concrete terms. There’s a definite pre-launch period when you need to obtain a buy-in from all stakeholders. Otherwise your project could become delayed or muddled past all recognition.

Context is also important. Without it, you could find yourself throwing out data that doesn’t conform to your expectations or which seems anomalous. In truth, that data can be some of the most important information that you have.

These things are easier said than done, and there are many pitfalls.

Training, the Real Competitive Edge

All of this demonstrates the reasons why analytics training is a necessary investment for those who wish to take advantage of the competitive edge that is locked up in the data.

Training will help your organization navigate the common pitfalls surrounding any attempt to apply predictive analytics to your business. And it’s easy to get started! Simply register for a free webinar, or register for TMA’s predicive analytics courses. 

After training, you can design a data program that gives your business a real competitive edge.

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