Before we delve more into various benefits associated with predictive analytics especially for small businesses, we would do better to have a better understanding as to what it is all about. This type of analysis tries to predict the occurrence or otherwise of certain events based on the data that is readily available on hand. While accurately predicting future events would be next to impossible, there could be a decent chance of quantifying certain events in the future provided the data available is reliable and the methodology adopted is time-tested and proven. It could help throw some light into the various scenarios that could possibly emerge. Hence, there is little doubt that if properly implemented, it certainly can help small and medium business organizations to manage their business properly and have a long term vision that is in line with their overall objectives.
In use for many years, it has been proven that predictive analytics could play a big role in better understanding customer buying habits and patterns. This will certainly help business owners to come up with the right business strategy as far as pricing, advertisement, branding, product positioning and other such important factors are concerned. At the end of the day, it will play an important role in increasing the bottom line and help the business to graduate from one level of success to another.
Accurate and well-thought-out predictive analytics certainly adds a lot of value to business houses given the uncertain and unpredictable situations in which they have to operate. It also could help them to increase productivity and cut down on wasteful expenditure. As most of us would be aware, today’s customer is tech-savvy and hence looks for convenience when it comes to buying. Through such scientific analytic tools, businesses can fine tune their online technologies and make them more customer-friendly. It may no longer be possible to sway customers merely by some high-pitch advertisements and hard-sell alone. Customers have started looking for substance and would without any doubt seek out products and services that offer them a bouquet of advantages on the price front, quality, convenience, and other such factors.
The biggest challenge for business owners is limited access to ways and means by which they can reasonably predict the minds of the customers. While this is an overall phenomenon, small and medium scale businesses are in anunenviable position when it comes to understanding future customer behavioral trends. Now that more number of entrepreneurs have started seeing value in predictive analytics it is bound to play a big role in the next few years. It is believed that it could be a multi-billion dollar business opportunity because what is happening now is just the tip of the iceberg.
However, for predictive analytics to deliver on its promises, it is important for business owners to understand the importance of technology. Apart from making use of technology for servicing of customers better, they should also use it to understand more about their buying habits, and other such behavioral trends. In fine, success or otherwise would depend on right integration of technology when it comes use of these business forecasting tools.
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Aneesh Reddy is the Co-Founder and CEO of Capillary Technologies. A visionary who believes that advances in technology can lead to significant advances in business value and ROI, Aneesh leads the Capillary team and works with enterprise customers to help them put the right communications for the right products into the hands of the right customers at the right time.
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