A recent study published by Gartner revealed that 10% of midsize organizations currently have some form of prescriptive analytics. This is forecast to grow to 36%. You may be wondering why the use of predictive analytics is growing so rapidly in midsized companies, and it is worth noting that, while there are numerous benefits to this type of solution, one of the primary reasons for this growth is improved productivity and employee value.
No business manager wants to waste precious funding and resources on tasks or tools that do not advance the interests of the organization. Competition is challenging and customer buying behavior can shift and change. Predictive analytics can help the organization understand the market, its need for training, resources, new products, changes to marketing messages, equipment and facilities expansion, supplier network changes and more!
Where a business can reduce the time it takes to make a decision and, at the same time, make that decision more fact-based, it will enjoy better return on investment (ROI) and lower total cost of ownership (TCO). If business users can participate in the advanced analytics process, with augmented analytics that provide auto-suggestions and recommendations to help the user through the process, the process is more agile and users can work more efficiently.
With assisted predictive modeling, smart data visualization and self-serve data preparation tools, a small and medium sized business can speed the analytical process, enable its business users with intuitive tools and allow its data scientists and analysts to focus on more strategic goals.
Even the smallest business is inundated with data and it is easy for business users to be overwhelmed when trying to take it all in and analyze the data to make a decision. Using augmented analytics, the organization can support small and medium sized (SME) business users and allow them to interact with data in a flexible environment, so they can gain insight, spot trends and opportunities and solve problems.
SMEs that embrace comprehensive assisted predictive modeling and predictive analytics can achieve results in less time and make team members more productive, collaborative and accountable.