Putting predictive analytics to work

January 2012
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Putting predictive analytics to work

At a glance

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.