C&M Software Blog Getting Started with Predictive Analytics

I'm sure by now you've heard over and over again how powerful predictive analytics are and the benefits they provide for a company's operations. Getting the insights before they ever even happen gives you the ability to take action like never before. While some aspects of predictive analytics can be more complex and require data scientists, you can get started without this specialist. Here's how: Pick the Right Software For YouPredictive analytics software has made great strides in recent years and is becoming easier to use. Do your research on different software and choose the one that is best fit for your business needs. Solution providers have various modeling tools that are becoming more available to mainstream users.Consider Software as a Solution (SaaS) providers to minimize the strain on your IT department. No further infrastructure is needed to implement the software through SaaS platforms, so you can employ predictive analytics without worrying about increased costs or lost resources due to maintenance.Know What You Are Looking ForPredictive analytics will become much more beneficial to you when you have a goal in mind rather than diving into the data blindly. Identifying areas of your business that could be improved upon with the use of big data will allow you to reduce risk and make better decisions with the information provided.One of the biggest areas for improvement we have seen is in the credit and collections aspect of a company. Knowing the answers to questions like how quickly a company is likely to pay you or how much you should increase or lower credit limits has been proven to optimize the entire sales cycle.Put Your Predictive Process Into PlaceAfter you have collected data and determined which insights are most useful to apply to your business model to improve efficiency, make sure everyone is on board. Understanding the insights is an important first step, but implementing these insights into your processes for improvement is the most important piece of the puzzle.Many processes get passed through multiple business functions before finally reaching an end. Make sure predictions are shared among all of your departments and each is aware of any changes you are looking to implement for a smooth transition. Companies continue to use predictive analytics to reach better business outcomes and increase profits. These business intelligence tools have been proven to provide a competitive advantage across industries to improve everything from marketing campaigns to sales cycles. To find out if predictive analytics are right for you, Contact Us.