Building a successful business in the 21st century demands that your organization harness the power of predictive analytics to drive every campaign, operation, process and decision. The crux of the matter is whether you have confidence in the predictive insights you’ve derived from application of statistical models to your data sets. In the blog post “Decision confidence: Where the predictive chickens come home to roost” from a few years ago, I examined the role of predictive modeling in building confidence in business decisions.
Organizations of every shape and size are using predictive modeling to transform their cultures and disrupt their markets. The technology has been eagerly embraced as core power tools by a new breed of data scientists. They use these tools to sift through big data to find historical trends, chart alternate predictive scenarios, drive real-world experiments, flag potential risks and identify new opportunities. In scoping out key strategic priorities for deployment of predictive analytics, focusing on these four make-or-break considerations is vital:
Taken together, these strategic imperatives represent the four pillars of smart, proactive business. Beginning the week of January 25, 2016, the IBM Big Data & Analytics Hub is publishing a series of posts that explore each of these pillars in turn.