Thursday, April 5, 2012

The Benefits and Difficulties of Adopting Predictive Analytics

In a recent benchmark study of 2,600 organizations, 86% of companies indicated predictive analytics (PA) is important to their organization and 94% plan to deploy more of it.  These statistics are indicative of the power of PA, especially for driving revenue and improving the bottom line.  However, the survey also quantified the problem with PA adoption-  having the proper experts that can use it effectively.  The technology is hard to deploy and the skillsets required for end users go beyond those needed for straight analytics.  These include people with business backgrounds to frame the problems, domain experts to contextualize the results, and user-interface designers to create readable output.  Thus, effective adoption of PA requires building cross-functional teams as opposed to simply hiring more data wizards.  This article lays out the results of the benchmark survey and highlights many of these challenges.  It is definitely worth a read.

Read the article.

(submitted by Bharath)

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