Data analytics, just like Big Data, is in the spotlight as a hot trend for forecasting. Increasingly, businesses and organisations are taking advantage of the unique insight provided by predictive analytics as a predictor of business performance and outcomes.
So what exactly is Predictive Analytics?
Credit scores, loan applications and customer relationship management (CRM) all utilise predictive analytics to ascertain factors such as risk potential, customer behaviour that inevitably inform decision making outcomes.
The rapid evolution of predictive statistical techniques, such as data mining and modelling, means that now more than ever, businesses can make informed data-driven decisions with confidence.
Applied correctly, predictive analytics can:
Use talent data to resolve complex business issues or predict business outcomes
Focus on the business questions to set the direction, objectives or strategies
Develop and define metrics by area (e.g. recruitment, performance, development/training)
Provide insights into customer behaviours and trends through the use of measurement tools and methods that aggregate the data and produce customised reports
How to build your Analytics tool-set.
Already running predictive analytics? Or ready to start? If you need a helping hand or just some advice on first steps, Testgrid is here to help every step of the way:
The first step to establishing your wealth of data is to start collecting accurate and trusted data from bona fide source
Begin some basic data analysis to understand what type of data you are collecting
Examine your data for patterns or emerging relationships
Map data to your customer's lifecycle
Create a management structure for your data
Draft actionable recommendations based on data
Testgrid has the expertise to help drive your future.
Whether you’re looking to - identify what drives your sales productivity or the most effective training programs to drive higher performance, data analytics can help identify relationships and patterns in your data, and assist in your assessment of various factors that influence your businesses success.With over 15 years experience in the assessment industry, Testgrid can help equip your company for the future.
If you need help implementing predictive analytics, contact us.