Plug n’ Play Predictive Analysis for Business User Data Prototyping!
Blog: NASSCOM Official Blog
Whether your business is a small, single location brick and mortar enterprise or a large, multi-facility organization that spans the global market, you need access to sophisticated, easy-to-use business intelligence tools in order to compete in local, regional and global markets.
When organizations undertake the process of researching and selecting a business intelligence tool, they quickly discover that the market is crowded with solutions. In determining the best fit for your organization, it is important that you consider the way in which a particular business intelligence tool satisfies your forecasting and predictive analysis needs. There is perhaps no other single factor that will affect your business future and growth as significantly as predictive analysis. You can plan all you want but if your predictions and forecasts are based on flawed data, you are not likely to succeed, except perhaps if you are very lucky – and I wouldn’t count on luck in this rapidly changing business environment!
Give your business users a solid self-serve business intelligence tool and implement a strategy designed to empower your users and hold them accountable for decisions and to allow them to become Citizen Data Scientists. This doesn’t mean your business users must be skilled at data analysis or algorithms or programming. But, it does mean you will need the right tool to provide sophisticated functionality in an easy-to-use BI tool so that your users can quickly gather, analyze and interpret data and make confident predictions.
Imagine a world where business users can easily and dependably predict and forecast results without the help of data scientists, analysts or programmers. With Plug n’ Play Predictive Analysis Tools, it is possible for business users to perform in-depth predictive analysis and forecasting on their own. In this brave new world of self-serve business intelligence business users can create their own time series forecasting, associative, clustering, classification and other predictive analytics using drag n’ drop functionality, without the assistance of a statistician or data scientist.
Business users are not data scientists, but the right BI Tool can help users enhance their understanding and make educated decisions. When it is required, your analysts and/or IT team can jump in to create data views and reports for more strategic decisions, while business users can leverage the self-serve tool on a daily basis, to create hypotheses and prototype data for a first level look at predictive analytics.
Advanced Data Discovery and Plug n’ Play Predictive Analysis take the guesswork out of planning and allows you to leverage multiple data sources to find and analyze data and clearly illustrate results and make predictions based on historical factors, using Time Series forecasting, prediction and causation algorithms, classification and prediction techniques and other traditional, standard predictive methodologies. Business users do not have to have the skills or knowledge of an IT professional or a data scientist to perform these tasks, so your analytical and technical staff will be free to focus on other activities and your business users can pursue planning activities without assistance.
No business can afford to stumble when it comes to forecasts and strategic, operational or tactical plans. Your enterprise has a lot of information but it isn’t always easy to compile and analyze and once you have the data in front of you, it may be difficult to use it for planning purposes. With plug n’ play predictive analytics, your organization and your business users can gain insight into current and future trends and patterns and assess options for investment, pricing, new products, added resources, training, sales, partnerships and competitive tactics.
Think of Plug n’ Play Predictive Analysis as your secret weapon, one that every team member can utilize to your advantage.