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One day I got into a discussion with a panel of executives and predictive analysis of the topic into the main area of discussion. Most of the executives realize predictive analysis, and many of them have been carrying out predictive analysis in some form or another, whether it be through of CRM, decision support systems, marketing, etc. One thing they all have in common is that they all are interested in improving the investment value of data them. However, a pervasive feeling of the group most is intimidation.
Most executives, while very interested to apply predictive analysis techniques and strategies, to feel overwhelmed about the perceived technical nuances that accompany them. So why are we so afraid to enter the world of predictive analytics informative? Actually, predictive analysis can be very complex, combining data mining and developed data warehouse solutions to transform large volumes of data into meaningful decision-making information. This article will discuss some predictive analysis of fear in facing executives today, and hopefully will reduce the fear some people may have about implementing predictive analytics solutions.
The main reason most feared executives predictive analysis is motivated by statistical analysis. statistically valid predictive analysis, advanced mathematics, artificial intelligence and data management of many business and IT professionals view as very complex. What they may not realize that there are some tools that are out today that are dedicated to taking the complexity that people drive from the analytical prediction. First, you must hold a PhD in statistics to make and carry out analytical calculations, which are very expensive to maintain. When combined with analysis of the cost of special programs and hardware, is very difficult to justify the cost. But now, with a strong understanding of business processes and business data you produce, combined with some SQL skills, anyone can perform sophisticated analysis.
Other businesses have fear when it comes to implementing predictive analytics solutions is the high cost associated with it. They were skeptical about various case studies and success stories in which the predictive analysis generated a substantial return on investment, helping companies optimize existing processes, providing a better understanding of customer behavior, identify unexpected opportunities, and anticipate issues before they occur.
Some executives have a fear when it comes to implementing predictive analytics solutions can only come from the fact that most have only a vague concept of the many areas of the prediction can be applied to provide added value throughout the organization.
Finally, most people are afraid to enter the world of predictive analytics because it requires a lot of skill and creativity. When using a platform that can manipulate such a large amount of data, the sky is the limit for what kind of insight into your company can get, when combined with creative professionals who truly understand the data, business and organizational goals. But until the framework was made that the business is run through the stages of planning, manipulate and evaluate data in order to make predictions and drive decision making, there will be a large number of executives who remain reluctant to enter the prediction analysis.
Source:
http://EzineArticles.com/?expert=Victor_Holman
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