Last Updated: June 22, 2018
Twice a month, we bring you headlines from around the industry to keep you informed of the latest trends and conversations. Whether you are in IT, finance, sales or marketing, we are your go-to source for insights on how predictive analytics, machine learning and AI, combined with human intelligence, can transform business planning and performance.
Converting Analytics Into Action: The Predictive Analytics Understanding-Activation Gap
Many marketing executives struggle with turning data into action. This is especially true when dealing with big data. Predictive analytics tools are meant to help organize big data into insights that can drive change within a company by improving go-to-market strategies and marketing programs.
In order to gain the most valuable insights from data, CMOs must first establish the problem that they are trying to solve. Only then can they properly utilize predictive analytics to focus on the activities that will address this problem. This article by Forbes details a number of ways predictive analytics can be applied in marketing to achieve behavior-changing insights. Read it here
Signals You Can’t See: How Analytics Is Altering The Retail Experience
Consumers and retail executives alike agree that today’s retail experience is changing. On one side, consumers are familiar with the increasingly creative displays, new store formats, better in-store service and improved email offers, but on the other, they’re likely less aware of the tools behind these improvements and the innovations in advanced analytics. These analytics can tell retail executives which products a consumer is most likely to buy, whether they prefer in-store or online shopping, their preferred methods of payment, and much more.
These predictive tools shape a shopper’s experience in ways that few can see and are quickly becoming the key to retail’s future. Retailers that fail to capture and use consumer data to their advantage are leaving an estimated $150 billion on the table. Being able to leverage consumer retail data will be paramount in creating personalized experiences for success. See this Forbes article for real-life examples of how some retailers are using predictive analytics to improve operations from the top down.
Why AI And Advanced Analytics Benefits Still Elude Most Organizations
In order to compete in today’s unpredictable and fast-changing world, businesses are looking to artificial intelligence and advanced analytics to make trusted data-driven decisions. This is especially true when you consider that the global predictive analytics market is expected to reach $14.95 billion by 2023.
While enterprises are increasing investments in AI and advanced analytics, there’s still a long way to go before organizations are reaping the true benefits of becoming a data-driven business.
What is the hold up? Most enterprises are drowning in an abundance of data types and sources and spend a majority of their time cleaning data instead of analyzing it. This article in Information Management has more details on some of the hurdles enterprises face when it comes to becoming completely data-driven. Read it here.
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