We’ve all experienced some form of predictive analytics in our day-to-day lives – each time we check the seven-day weather forecast or price airline tickets for a future trip. And while we’ve become accustomed to this technology in our daily lives, how many businesses take advantage of this power to anticipate the future?
According to a best-practices report by The Data Warehousing Institute (TDWI), “Predictive Analytics for Business Advantage,” not many: Only about 20% of organizations surveyed report having some predictive analytics activity already under way.
That’s not to say companies are completely in the dark. According to a …
Most would agree that every business, in every industry, requires more forward-looking, predictive analysis, giving management a good indication of expected results based on historical patterns that have developed over time. Predictive analytics, a logical extension to traditional business intelligence (BI), achieves what traditional BI was never intended to answer.
The Business Case
Typically, predictive analytics derives from a perceived performance problem in sales, inventory, supply optimization, marketing, etc. However, a reactive approach rarely garners the results that a proactive approach does. So, can’t we simply foresee that we need predictive analytics from past reactive failures?
Sounds ridiculous when posed …
I’ve been interacting with a few customers over the last few months, and our core discussions have focused on data governance with respect to the new age of data discovery and predictive modeling. One of the repeated discussions we had was about the gap between the governed and ungoverned, and many of them see that it’s widening. Several of the executives worried about the mainly known perils of ungoverned data discovery, predictive modeling, and ultimately, the applied decisions.
These discussions inspired me to write this blog post. The intent is not to boil the ocean regarding the parts of …
Recently, I had a chance to watch one of those old, French cult movies of the 60s from the recently deceased director Georges Lautner (an institution in France) entitled “Ne nous fâchons pas” (Let’s not get angry).
In one scene, the main male character seeks to engage in business with a rich (and wary) heiress. To gain her confidence, he tells her: “People always tend to see gangsters as stocky, dark-haired guys. It’s the silliest prejudice!” To which she answers, “And I have another one for you—they tend to think that a tall, blond woman is inevitably daft… Missed!”
In this blog series, I’ve covered some of the key points that I believe can help people better understand the context of predictive finance (see Simple Predictive Finance: Why the Dream Is a Reality and Simple Predictive Finance— Everything Is Profit and Loss). Today, I want to discuss the role of visualizations and the importance of analytics training in finance education.
Utilize Visualizations to Tell the Numbers’ Story
The human brain works …
Examples of the utility offered by mobile devices abound. My typing this blog on a tablet while at the airport is one. In the van on the way to the airport, I also caught up with Twitter and posted a tweet. All good stuff enabled by mobility—yet, there not-so-stellar examples, as well. People texting while they drive, answering phones when they should be turned off, looking at Facebook when they should be doing their homework (that’s for my kids), and on and on. I’m sure you have plenty of examples, too.
So what we …
We all know about the “new normal” for today’s chief financial officers (CFOs) from several recent blogs. Recently, I gained some interesting insight into the challenges of a CFO at a forum for financial management in Germany. The focus was about how the CFO can better manage the enablement and the development areas highlighted in the wheel.
Successful CFOs have managed to elevate their positions within their companies to the highest levels, becoming strategic advisors, drivers of initiatives, and business partners to all revenue-enabling organizations. Some of …
It’s interesting to see how many business and technology editorials, events, and thought leaders are focused on “Big Data.” Is it really as ‘big’ of an opportunity as people think or not?
I say it’s absolutely a BIG opportunity – and the future of your business will depend on it. But it’s only an opportunity if you seek out new possibilities with the data available to you and if you remove all technology constraints you’re so used to dealing with as a business or IT organization.
To get your creative juices going, check out this really interesting site,“Read the rest of this entry