A Business Intelligence Expert Will Utilise Predictive Analysis

Business Intelligence Expert

Modern business is all about data. It is about collecting data, analysing it, and finding useful ways to employ it. Every business intelligence expert claims to know how to do it, by the way. The question to ask yourself is whether your company is making the best use of collected data by applying the concepts of predictive analysis.

What is predictive analysis? It is the concept of using data to predict future outcomes. As a business data analyst, I know the power of predictive analysis when used correctly. Predictive analysis helps focus management, increase efficiency, and avoid problems before they ever occur.

The four basic steps, to predicitve analysis, that a business intelligence expert uses to create a better business:

1. Identify a Challenge

One of the fatal flaws of the big data concept is that it relies on collecting as much raw data as possible and then figuring out how to use it later on. This is a highly inefficient practice that we would not tolerate in other areas of business. It is not effective for predictive analysis.

In order to maximise predictive analysis, you must first start by identifying a challenge. Let's say you run a logistics company faced with the challenge of reducing maintenance costs on your lorries and vans. Fine. Now let us use predictive analysis to work out future repair and maintenance needs so that we can come up with ways to reduce your spend.

2. Maintain the Focus

If identifying a challenge is the first step in predictive analysis, maintaining focus is second. It is easy to be distracted by side issues once the data collection process begins. Do not let those distractions in the door. Rather, maintain focus on the initial challenge until it has been met effectively. Then move on to the next challenge.

3. Foster Collaboration

Making predictive analysis work requires collaboration across an entire enterprise. Using the previous example, saving money on fleet maintenance doesn't involve just the fleet manager. It also involves drivers, office personnel, maintenance personnel, and senior management. Collaboration among all stakeholders is critical. Without an atmosphere of collaboration, predictive analysis becomes just another method of collecting data.

4. Encourage Visibility

The fourth step is what connects one predictive analysis project to another. It is the step of fostering visibility across your entire company. In other words, the various departments should be kept abreast of the current challenge being addressed. They should hear about what's going on, see the results of data collection and analysis, and be kept up-to-date on the results of the project and the solutions it has created. When it is time for the next challenge to be met, the departments involved will be on board because they've already seen the results of previous projects.

As a business intelligence expert, I know how effective predictive analysis can be. As long as it is approached with a proper strategy in mind, predictive analysis can do great things to make a business better.

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Author: Chris Scanlon

Hullo.  I'm a graduate chartered accountant with 25 years experience in blue chip businesses and the last 15 years in owner manged businesses.  My particular skill is turning data into information. Bringing the performance management of the business alive so that ...