Predictive Analytics (PA) is a technology that’s gaining lots of attention, thanks to its ability to deliver stunningly accurate business insights and forecasts. Naturally, all the buzz surrounding Predictive Analytics has many companies wondering how they can use this technology to their advantage. That’s exactly where Predictive Analytics consulting can be useful, as an expert can help you make the most of this disruptive technology.
How Does Predictive Analytics Work?
Predictive Analytics algorithms are typically used in conjunction with Big Data. For instance, you might have a Data Lake that stores all of your company’s raw data. That data can then be organized and processed by a Machine Learning and Predictive Analytics algorithm that pinpoints trends and patterns.
PA technology is extremely adept at spotting patterns and trends that would be extremely difficult for a human to identify. These insights can then be leveraged for creating business forecasts, revamping marketing strategies to suit an emerging trend and making other important business predictions. In short, Predictive Analytics engines give companies the power to make important business decisions in a proactive manner instead of being purely reactive. This results in a fairly dramatic competitive advantage in many situations.
How Does Predictive Analytics Consulting Work?
Predictive Analytics consultants will work with your business to evaluate your needs and how PA technology can bring a maximum benefit to your organization. Here’s a look at some of the points that a PA consultant will explore.
- What predictions would bring the greatest benefit to your business? Would your company benefit from accurate sales and inventory-related predictions? Could your business gain a competitive edge from predicting which service offerings would be most sought-after in the coming months? Your Predictive Analytics consulting experts will work with company leaders to identify what forecasts and predictions would be most useful to your business and its bottom line.
- What data would be required to make accurate predictions and forecasts? The next step is to determine what types of data and metrics would be most useful for generating useful predictions. What data is currently available? What new data could you begin collecting? How much data would be required to make an accurate forecast?
- What structures are required in order to implement a Predictive Analytics engine? Perhaps your company already has a Data Lake and Data Warehouse that’s equipped with a robust Machine Learning algorithm. Machine Learning is often used to organize and processes data before it goes through the Predictive Analytics engine. If this is the case, then your consultant would discuss the matter of integrating a PA engine. If your company does not have a good data storage and processing infrastructure in place, then your consultant will determine what measures need to be implemented. Their job is to discover how your Predictive Analytics engine will bring the maximum benefit.
There are also some related issues that your predictive analytics consultant may address. For instance, let’s say your company needs a Data Lake to store data that will be used by your Predictive Analytics engine. This Data Lake would need to comply with GDPR regulations for companies that serve clients in the European Union. So your Predictive Analytics consultant may need to discuss the creation of a Data Lake that allows for GDPR-related data management.
There may also be complexities surrounding integration with third-party systems that collect relevant data. Your tech consulting firm will investigate what APIs are available for any third-party platforms, along with any challenges associated with connecting these data sources to the Data Lake.
Your consultants may also discuss the possibility of including data visualization tools to help business leaders make sense of the information at hand.
Hiring a Predictive Analytics Consulting and Development Expert
The best PA developers also deal in related technologies such as Data Lakes, Machine Learning and Data Visualization. That’s precisely what you’ll get when you turn to the experts at 7T and our product, Sertics, a data management platform that offers tools for data governance and data lake creation. Sertics also integrates with Tableau, PowerBI and other leading data platforms to enhance data visualization capabilities and empower Predictive Analytics.
We have many years of experience in Big Data and how to make the most of this information. What’s more, 7T also specializes in UI/UX design, mobile security and app testing, so you can proceed with confidence knowing that your new Predictive Analytics engine will be user-friendly and secure.
Headquartered in Dallas, 7T also has regional offices in Houston, Austin, and soon, Chicago. Our clients are located worldwide, so we’re ready to overcome the challenges that distance can create. If you’re ready to learn more about the power of Predictive Analytics, reach out to the team at 7T today.
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