By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
SmartData CollectiveSmartData CollectiveSmartData Collective
  • Analytics
    AnalyticsShow More
    data-driven white label SEO
    Does Data Mining Really Help with White Label SEO?
    7 Min Read
    marketing analytics for hardware vendors
    IT Hardware Startups Turn to Data Analytics for Market Research
    9 Min Read
    big data and digital signage
    The Power of Big Data and Analytics in Digital Signage
    5 Min Read
    data analytics investing
    Data Analytics Boosts ROI of Investment Trusts
    9 Min Read
    football data collection and analytics
    Unleashing Victory: How Data Collection Is Revolutionizing Football Performance Analysis!
    4 Min Read
  • Big Data
  • BI
  • Exclusive
  • IT
  • Marketing
  • Software
Search
© 2008-23 SmartData Collective. All Rights Reserved.
Reading: Predictive analytics – some tips
Share
Notification Show More
Aa
SmartData CollectiveSmartData Collective
Aa
Search
  • About
  • Help
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
SmartData Collective > Analytics > Predictive Analytics > Predictive analytics – some tips
Predictive Analytics

Predictive analytics – some tips

JamesTaylor
Last updated: 2010/03/05 at 4:00 PM
JamesTaylor
4 Min Read
SHARE

In a great post on 8 things to keep in mind on predictive analytics, some folks from Diamond Management & Technology laid out some things to keep in mind that I really liked. Here they are with my comments – you can get more detail on each from the series of posts with which they followed this initial one.

  1. Understanding the cost of a wrong decision helps target investments
    Absolutely, though I still think that finding a decision you can tie to an executive’s compensation plan works better.
  2. Strategic and operational decisions need different predictive
    modeling tools and analysis approaches
    .. and deployment approaches. I divide decisions into strategic or direction-setting ones, tactical or day-to-day management ones and operational or transactional ones. Particularly with the latter, which are crucial, you need to think about how the models will be deployed if they are to add value.
  3. Integration of multiple data sources, especially third-party data,
    provides better predictions
    Yup, but don’t just integrate your data…

Copyright © 2010 http://jtonedm.com James Taylor

More Read

predictive analytics for amazon pricing

Using Predictive Analytics to Get the Best Deals on Amazon

Predictive Analytics Helps New Dropshipping Businesses Thrive
Promising Benefits of Predictive Analytics in Asset Management
Albanian Bitcoin Investors Tap the Power of Predictive Analytics
Predictive Analytics Improves Trading Decisions as Euro Rebounds

In a great post on 8 things to keep in mind on predictive analytics, some folks from Diamond Management & Technology laid out some things to keep in mind that I really liked. Here they are with my comments – you can get more detail on each from the series of posts with which they followed this initial one.

  1. Understanding the cost of a wrong decision helps target investments
    Absolutely, though I still think that finding a decision you can tie to an executive’s compensation plan works better.
  2. Strategic and operational decisions need different predictive
    modeling tools and analysis approaches
    .. and deployment approaches. I divide decisions into strategic or direction-setting ones, tactical or day-to-day management ones and operational or transactional ones. Particularly with the latter, which are crucial, you need to think about how the models will be deployed if they are to add value.
  3. Integration of multiple data sources, especially third-party data,
    provides better predictions
    Yup, but don’t just integrate your data – begin with the decision in mind and integrate to support it.
  4. Since statistical techniques and tools are mature, by themselves
    they are not likely to provide significant competitive advantage
    True. It is their ability to turn YOUR data into YOUR insight that does.
  5. Good data visualization leads to smarter decisions
    .. at the strategic and tactical level and to better models at the operational level – decision making at the operational level is too high-speed, too automated for much in the way of visualization to be useful a the moment of decision.
  6. Delivering the prediction at the point of decision is critical
    Yes!
  7. Prototype, Pilot, Scale
    Of course – don’t forget to scale the deployment piece too
  8. Create a predictive modeling process & architecture
    Yes. And map it to your IT development process if you want to impact operational decisions embedded in your enterprise IT infrastructure.

A great list!

Link to original post

TAGGED: predictive analytics
JamesTaylor March 5, 2010
Share This Article
Facebook Twitter Pinterest LinkedIn
Share

Follow us on Facebook

Latest News

big data and IP laws
Big Data & AI In Collision Course With IP Laws – A Complete Guide
Big Data
ai in marketing
4 Ways AI Can Enhance Your Marketing Strategies
Marketing
sobm for ai-driven cybersecurity
Software Bill of Materials is Crucial for AI-Driven Cybersecurity
Security
IT budgeting for data-driven companies
IT Budgeting Practices for Data-Driven Companies
IT

Stay Connected

1.2k Followers Like
33.7k Followers Follow
222 Followers Pin

You Might also Like

predictive analytics for amazon pricing
Predictive Analytics

Using Predictive Analytics to Get the Best Deals on Amazon

8 Min Read
predictive analytics in dropshipping
Predictive Analytics

Predictive Analytics Helps New Dropshipping Businesses Thrive

12 Min Read
analyst,women,looking,at,kpi,data,on,computer,screen
Predictive Analytics

Promising Benefits of Predictive Analytics in Asset Management

11 Min Read
predictive analytics helps Albanian bitcoin investors
Blockchain

Albanian Bitcoin Investors Tap the Power of Predictive Analytics

9 Min Read

SmartData Collective is one of the largest & trusted community covering technical content about Big Data, BI, Cloud, Analytics, Artificial Intelligence, IoT & more.

data-driven web design
5 Great Tips for Using Data Analytics for Website UX
Big Data
giveaway chatbots
How To Get An Award Winning Giveaway Bot
Big Data Chatbots Exclusive

Quick Link

  • About
  • Contact
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
Go to mobile version
Welcome Back!

Sign in to your account

Lost your password?