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 movie Kingsman: 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 some disaster that would've occurred." We're paraphrasing of course. That's what Predictive Analytics can do for you. Help you locate and make decisions on aspects of your business that you may not even know to exist yet.
Using Predictive Analytics to help you make decisions
Latent Effects Modeling is an Advanced analytics way of measuring the variables that can be measured— and then surfacing the variables that can't be measured. Like a consumer habit trend away from your core product or revenue stream towards an alternative.
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 before AirBnB or VRBO came and at your lunch?
How can we help you make better decisions about your companies future?
begins with Advanced Analytics-based solutions make it possible to look into and predict variables you can't measure. Advanced Analytics can help you understand customers better, research and evaluate solutions, and select the best one to enhance your customer's experience and your decision-making paradigms.
The Matters Group is the marketing consultancy for implemented Advanced analytics solutions and algorithm-based marketing and innovation solutions.
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