If your company purports to want to innovate and become a market leader, why do they seem satisfied with an average data solution? What’s even worse, businesses unwillingly aspire to be just average while spouting off to employees and customers they are anything but. Companies with average IT solutions will always produce average results and never go from average or good to great.
Best-in-class visual analytics are absolutely necessary when it comes to managing data and gaining insight to find new opportunities and mitigate predicted risks. Companies need to be on a path where they can routinely and continually move from insight to action.
Special Distribution Scale
With mountains of data, a solution that simply collects data and stores it will always fall behind. Consider a normal distribution scale. Some companies will always be below, and some above average; yours shouldn’t think that middle ground is good enough. “Good enough” isn’t just figuring out what is enough to get by, it is really an insult to customers and employees . The 21st-century enterprise needs to go above the status quo and meet 21st-century challenges head on with 21st-century technology.
Businesses need predictive analytics in order to leverage the data they collect to prevent customer churn, increase up-sell and cross-sell, and mitigate risks — all in the right instant. Specialized offers, understanding someone’s shopping history, creating personalized shopping carts, and making special customer experiences relies on data analytics that is well integrated.
Big Data is Huge
Companies face nuanced issues every day because customers do not behave in the same way. With real-time decision-making and monitoring, each individual customer’s behavior is no longer either a mystery or unactionable. No matter the solution, there will always be a human element to actually analyzing data, but with a true enterprise-class data solution, human work is front loaded to predict past patterns on large historical data sets. This allows the automated system to push customer offers, respond in real time with alerts based on rules, and allow for real agility. Therefore, having a better than average solution allows people to make smart choices when it comes to the company’s data, which then is acted on in the moment, with superhuman speed.
Predictive analytics takes more than just a clear picture of graphs and charts. Enterprises need a competitive advantage that will move them above the norm and the ability to make actionable decisions based on historical and real-time data.
Listen to this webinar featuring Forrester Research principal analyst, Mike Gualtieri.