The technology research firm, Gartner has predicted that, ‘predictive and prescriptive analytics will attract 40% of net new enterprise investment in the overall business intelligence and analytics market.’ When combined with Citizen Data Scientist initiatives, the adoption and use of predictive modeling and forecasting techniques can be a boon to any enterprise. Team members who have access to augmented analytics and assisted predictive modeling can plan better, predict more accurately and dependably meet goals and objectives.
‘Provide the right predictive analytics tools to transition business users into Citizen Data Scientists and achieve the kind of results this type of initiative can deliver.’
Predictive Analytics involves forecasting or predicting business results for planning purposes and it employs various analytical and modeling techniques, leveraging historical data, both internal and external and business results. It is meant to identify crucial relationships and opportunities and risks and help the organization to accurately predict:
- Competitive Changes
- Market Changes
- Trends and Patterns
In this article, we discuss three factors to consider when selecting a predictive analytics solution to help business users make the transition to Citizen Data Scientists and become more data literate and productive.
Complete Set of Analytical Techniques
The augmented analytics solution your business chooses must have a complete set of predictive analytical techniques with built-in, sophisticated algorithms and tools that are easy to use and will guide the user to choose the right predictive analytical technique for the data they are analyzing.
Trends and Patterns
Frequent Pattern Mining
Access to Flexible, Intuitive Predictive Modeling
The assisted predictive analytics tools must be easy for business users with average technical skills. Providing these easy-to-use tools will ensure user adoption and allow Citizen Data Scientists to apply predictive analytics to real business use cases to develop accurate forecasts, plans and predictions that will keep the business on track and avoid missteps and problems. The business can leverage use cases across the enterprise to address all kinds of issues, including:
Predictive Analytics Using External Data
Service Cross-Selling and Upselling
Online Target Marketing
Foundation to Operationalize Processes for Management and Monitoring
Assisted Predictive Modeling with Augmented Data Science and Machine Learning allows business users without data science or analytical skills to apply predictive analytics to any use case using forecasting, regression, clustering and other techniques with auto-recommendations and guidance to suggest appropriate analytical techniques. The solution your organization selects must be easy to use and allow business users to walk through the process, step-by-step to achieve results.
- Select an Algorithm Technique
- Select the Dataset or Cube
- Select the Target and Predictor Variables
- Apply Data Filters
- Analyze the Model with Visualization and Interpretation
When your business is considering an augmented analytics solution, it must include these factors, in order to ensure that it can provide the right predictive analytics tools to transition business users into Citizen Data Scientists and achieve the kind of results this type of initiative can deliver.
‘Selecting the right predictive analytics solution can help business users make the transition to Citizen Data Scientists and become more data literate and productive.’
Transforming business users into Citizen Data Scientists, provides advantages to the organization, to the business users and to data scientists. Citizen Data Scientist Training provides a solid foundation and builds business user confidence by providing an introduction and fundamental information on Predictive Analytics and other tools these users will employ. The business should also consider engaging an IT consulting partner with knowledge of the augmented analytics market, and a solution and support services to provide the guidance and Products And Services your business will need to succeed.