Being a marketer, one would recognise the immense power of data. Never before have we had access to data like we do today. For many organisations, difficulties arise in collecting, integrating and storing the data. However, making use of this data to drive better business decisions gives organisations a competitive advantage.
And I sure am not talking about reporting here. Of course, it’s intriguing to know what happened in the past and those monthly excel sheets might even get read once, but the organisations that use this historical data to focus on the future and predict future outcomes are the organisations that are surging ahead by leaps and bounds and are discovering enormous value.
When you look at the world of data science today, there is a lot of sophisticated work happening in the field that may be beyond your scope of understanding. But, Predictive Analytics is something that is within reach for just about anyone and is waiting for its advantages to be exploited.
To put it simply, predictive analytics is making use of historical data to predict the likelihood of future outcomes. The major case in point is increasing your measure of success because you can optimise anything that can be …