Today's companies have vast amounts of data on hand and continue adding to the pile by collecting extraordinary amounts of new data. Designing an effective predictive analytics initiative - one that stems from a careful review of the business, the problem to be resolved and, and the desired outcome -- is a complex undertaking that requires a significant investment of time and effort up front.
If your company is ready to leverage predictive analytics for specific problem or decision, first ask yourselves: What will the cost be to our company if management makes a 'wrong' business decision? What types of business decisions are we looking to inform with predictive data? Is there a correct tool we should plan on using? The answers to these and other key question will help you identify and successfully engineer a solution to your company's specific analytic goals. The information garnered during this process will contribute, in large part, to a "how-to" guide that will serve as a strong foundation on which to build your company-specific predictive analytics initiative.