Perhaps you’ve been running a company for many years—maybe even your entire career thus far. In fact, maybe you run a family business, and you inherited your management style from a parent or a grandparent. You know what to expect when you walk into the office, drop your keys on the desk in the same way, drape your jacket over your swivel chair and get to work. You don’t need someone to tell you how to run your business—you’ve been doing it for ages, and you know how it’s done best.
Though, the thing is that the world is changing all the time and, lately, it’s been changing more than ever. What worked even five years ago won’t work today. Business isn’t as usual, especially now that everything has been remote and online for most years. Your go-to-market strategy, that which has guided you through thick and thin, needs to change. And it would help if you used data analytics to do it. The good news for you is that, according to the Gartner 2020 Magic Quadrant Data Science report, there are some intriguing software options out there, making waves in the world of data analytics.
Actually, it’s not just any data analytics that will get you through these tough times and into a bright future with happy customers and exponential growth. You need to be able to predict the future with as much accuracy as humanly possible. Of course, no one can tell you exactly what the future will hold, but by amassing large quantities of raw data and using predictive analytics techniques, you can get pretty close. These statistical analysis techniques will give you insights into trends in the historical data and show you not only where your potential customers are right now but where they’re likely to be a few months down the road.
By applying statistical analysis techniques to masses of raw historical data, predictive analytics can observe opportunities for mistakes and failures. For example, predictive data analytics may reveal the degree to which you may experience weather-related failures or delays by looking at how these failures or delays have been fluctuating over the past few years. It’s not enough to know that hurricane season lasts from June to November. How many hurricanes have taken place in past years? What has their severity been? Where exactly have they been making landfall? All of this can be used to inform and predict how your operations will look during those months to a much more specific degree.
Risk is a necessary part of doing business, any business leader worth their salt knows that. But how much risk should you take on, and when, and what are the likely outcomes of that risk? Taking a look at the historical data in detail and predicting how the insights and trends are likely to play out can help you avoid taking on unnecessary or ill-advised risks. Take a good look at the data by using business intelligence solutions and side-step major potential pitfalls.
Many large business operations include complex machinery and equipment, whether it’s on a factory floor or in the field on a commercial farm. As you know very well by now, machines break down, and equipment fails. But when will it fail? In the middle of the harvest, perhaps? To avoid that kind of eventuality, predictive analytics and business intelligence solutions can keep tabs on all of your equipment for you, regardless of how many machines you have, and predict when they’re likely to break down. As a result, you’ll be prepared and have the machines up and running in no time.