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

Category: Articles

3 Benefits Of Predictive Analytics For eCommerce

3 Benefits Of Predictive Analytics For eCommerce

 

To put it simply, Predictive Analytics involves using machine learning to analyze information and make predictions. Several years ago, adoption of the process was very limited due to the expense and the complexity of the adoption. This has all changed and now companies from various industries and different sizes are scrambling to employ predictive analytics solutions.

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Data Analytics And Your Board of Directors

Data analytics has been the topic of many business conversations over the past few years, and one key benefit to this attention is that many board members and senior business executives are now taking notice. Many decision makers are now eager to understand what data analytics is all about and how their business can use it to improve current operations.

When presenting to your board of directors, making sure that the conversation is properly focused is a top priority. Educating them on the possible benefits of data analytics is important, but several other topics should be included in discussions:

1.) The Value Opportunities That Data Analytics Can Provide For The Organization

When you begin a data analytics project, being able to answer all the questions about how the practice can be used in your business can be difficult. However, it’s very possible to identify the role that data analytics will play in improving the company. Determine the value opportunities for the company and explain to the board of directors how these opporunities will bring the company towards meeting its goals.

2.) Needed Adjustments For Successful Projects

Changing the norm is what is needed to uncover the value of data analytics. The organization will need to change how it runs to become better at handling analytics as well as in discovering the benefits from the value opportunities. It’s crucial that the board of directors completely supports these changes and one way to get their support is by outlining the needed changes in the organization’s processes, skills and business policies.

3.) How The Competition Uses Data Analytics

Many industries are already using data analytics successfully. It’s always a must-have to include a report about how your competitors are making use of data analytics and the impact it has had on their business. It’s also important to include how it has affected your organization’s current business and what is needed to match their progress. If using data analytics isn’t the widespread yet in your industry, create an opportunitiy to inform the board of directors about the possibile impact that data analytics could have on your organization’s position among the competition.

 

How Your Company Can See The Future With Predictive Analytics

Predictive analytics has already been part of daily lives for quite some time now–we take advantage of this technology every time we look up tickets for a future flight or check the weather forecast several days ahead. While this has become a common occurrence in our personal activities, several companies have not yet used this technology to anticipate future business events.

This doesn’t mean that businesses are completely unfamiliar with predictive analytics. The majority look at the practice as either a current investment priority or one that will be prioritized within the next few years. This increasing public awareness and application is because many more companies have a better understanding of the value of predictive analytics, as well as the spread of of advanced technologies that are easy to use.

Predictive Analytics

The power of predictive analytics is now known to a wider audience, including company analysts and key decision makers, who can adopt the practices quicker and better. There is also a wealth of user-friendly tools that help them make the most of intuitive models to discover new patterns, adapt to change and predict trends. The introduction of this computing technology has greatly reduced the amount of time as well as the expenses required of data processing and makes it easier to analyze a large mass of data.

The more that organizations make use of predictive analytics, the wider the net of opportunities they get for undiscovered areas of analysis. While almost all companies get data from structured sources, such as past records and tables, there are several solutions that can implement new data points into current structures. This can include unstructured data such as social media, and it leads to new, in-depth and valuable customer insights and the best way to provide value to those customers.

Several leading companies in both the US and the United Kingdom report several benefits of adopting predictive analytics solutions, such as an improved business performance potential, better use of available data and better insights into current business dynamics. Predictive analytics is also known to affect the bottom line of a business, helping them detect fraudulent transactions as well as determining customer revenue.

 

Data Mining For Better Human Resources Decisions

Data Mining For Better Human Resources Decisions

Data Mining For Better Human Resources Decisions

With the power of data mining, Human Resources departments are becoming more efficient and effective at making better hires and many other functions. Matching candidates to needed positions is now easier, especially in cases where a significant number of positions need to be filled or several projects require qualified employees within a short period of time. Traditional methods take longer, are more unpredictable and human judgment in general can be unreliable when it comes to hiring new employees.

Cases where both successful and unsuccessful projects are compared show that data mining can make a significant difference as it helps to figure out patterns that show the potential for advantages and deficiencies that can be remedied by targeted employee training. One example is how data mining techniques can pinpoint if lacking a specific skill often leads to a project’s failure while the availability of that same skill more likely results in success. Data mining can also help human resources departments in automating evaluations of its current employees.

Making use of data mining techniques not only reduces expenses, it also shortens the time it takes to process applications and leads to quicker response times and the filling of needed positions.

In the Human Resources industry, data mining has been an indispensable tool during times of company restructuring, such as the period of time after mergers or downsizing. Due to its scalability, employment agencies or large organizations that require assigning positions to hundreds of personnel or are under reorganization can complete the task in a short period of time.

Putting Data Mining To Work For Political Campaigns

Putting Data Mining To Work For Political Campaigns

Putting Data Mining To Work For Political Campaigns

The influence of data mining reaches a wide range of fields, but one of the areas where it greatly affects the general population is in politics. Regardless of the country, many aspiring and incumbent politicians are amassing and making use of the treasure trove of available data to affect their campaign strategies.

In the US, data mining has become an invaluable tool in recent elections. It has transformed the traditional campaign process and is now the primary resource that influences campaigns. The candidate with the better, more compelling campaign is usually the victor, and these campaigns are due to better data harvesting and analysis. Because of the sheer amount of data available, campaign strategies have evolved with every election and this is clearly evident in the past few campaign cycles.

Data Mining & Political Campaign Uses

One of the most crucial advantages that data mining brings is in the versatility of the data that can be used for the campaign. Aside from voter demographic information, data mining can also be used to measure voter behavior and accurately predict a candidate’s current status with the voters.

Data can also be used to launch effective campaign promotions on multiple mediums, such as TV, social media, the web, and mobile. Data mining makes it easier to pinpoint the voter groups that matter most and then gain their support with messages and materials that are personalized for them.

With the wealth of information available, data mining is indispensable for campaigns that require a convenient way to make all of the relevant data available in an easily accessible place. Collecting information from various sources and pooling them into a single database that is easier to analyze and take advantage of is one of the most powerful uses of data mining for political campaigns. Instead of just grabbing unrelated data, the database can allow campaigns to build predictive models revolving around voter sentiment and behavior. This fine-tunes strategies and allows the candidates to have lean, effective campaigns that rely far less on variables.