The continuous proliferation of data keeps pushing enterprises to shift their strategical business focus towards analytics. To answer this new demand, a plethora of software applications are available boasting business efficiencies and data management specifically for organizations transitioning into the BI and Analytics world. Of all options to manage these new circumstances and exponential growth of data, Predictive Analytics has become the fan favorite. Reason being, the monetary return on investment is far exceeding initial expectations.
After a recent survey put out by Eventful Conferences via Twitter, businesses in the Analytics and BI space state that Predictive Analytics would have the biggest impact on their business in comparison to other Analytics trends.
Well, apparently, the monster manufacturing and technology company, Intel, would have to agree. They are reportedly saving an estimated $656M per year using predictive analytics across various company departments.
“Incorporating predictive analytics across the enterprise has transformed our IT environment and created hundreds of millions in business value” Intel, 2016-2017 Intel IT Annual Performance Report.
So, what makes Predictive Analytics so important? The list of benefits has become staggering, as organizations are experiencing significant increases in their bottom line and competitive edge. This technology is powering the detection of fraud, optimizing marketing initiatives, reducing employee/customer risks, and improving the overall operational structures.
What’s more, these positive impacts are not just affecting IT-based organizations. Predictive Analytics are serving a wide array of business sectors, from the healthcare industry, to sports and athletics, all the way to environmental causes. For a detailed instance of how this trend can aid in saving money, Schneider Electric Software “has over 2 million software licenses deployed at more than 100,000 sites with about 20 billion connected data streams and 10 trillion data points archieved each day.” 1 basic analytical catch can save a company millions, if not billions.
Want to hop on the bandwagon and start your Predictive Analytics journey to start saving big, too? Attend this year’s BI + Analytics Conference, presented by ASUG and SAP, to begin learning more!