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Since the advent of Big Data Analytics over a decade ago, the challenge has been to gather the data so that you can see the data and display it in such a way as to allow it to be useful in the day-to-day processes of a business. Dashboards are very popular for this exercise— and rightly so. However, your dashboards are a crutch used to identify things from the past and correct them. They help you learn the 6... 8... or 10 things that your team needs to work on in a given amount of time. But they give you false KPIs.
That very same data should be helping you decide what's going to be important for your business. Not just what has been important. Lurking in your data are the patterns that can help you with decisions that will affect the future of your company. Maybe even save your company.
Are you familiar with the movieKingsman: The Secret Service? If not, it's about a fictitious "gentlemen spy ring" who do their work anonymously. In a scene from it, the character played by Colin Firth, the film shows a whole wall of front pages from London newspapers. Colin's character states, "These are the front pages of all the newspapers the day AFTER I stopped a disaster that would've occurred." We're paraphrasing of course. That's what Predictive Analytics powered with artificial intelligencecan do for you. Help you locate and make decisions on aspects of your business that you may not even know to exist yet.
Latent Effects Modeling is a advanced analytics method of measuring the variables that can be measured— it then surfacing the variables that can't be measured. Like an subtle emerging consumer trend thatresults in the market favoring a competing product or service.
Example: Imagine your business made its most revenue from commissions from large hotel chains. Now think about consumers making a move away from large hotel stays towards smaller privately hosted vacation properties — but you are still looking at dashboards about what happened yesterday vs what that trend could mean to your major revenue goals.
If your business made its money from hotel commissions - wouldn't you like to have identified this trend beforeAirBnB or VRBO came and ate your lunch?
It begins with advanced analytics driven by the computational power of machine learning models. Coupled with Latent Effects Modeling, the insights gained are high precision and focused. They enable alook into and variables you can't measure let alone predict their values. Our advanced analytics engine can help you understand customers better, evaluate market opportunities, and identify risks before they wreak havoc in your enterprise. The outcomes enable selection of best-case options that maximize and enhance your customer's experience or your decision-making paradigms.
The Matters Group is the marketing consultancy for implemented advanced analytics solutions and algorithm-based marketing solutions for innovation.
You can contact us if you have any questions or feel free to download our eBook: AI in Marketing to Get Insights, Audience & Results.