Organisations are finally beginning to surface, join and analyse the data that for far too long has languished in data silos and disparate systems/applications.
Tapping the value of this "new oil" of digital transformation, DATA, enterprises gain from better decision-making. Particularly when this is delivered to users across the organisation in real-time when required. Better decisions and, importantly, better executed decisions.
See how insurance fraud is better detected and prevented using predictive analytics
That means you are ready for the next stage- predictive analytics when you have the right data- right for the forecasts needed and complete rather than partial.
"But for Sriram Parthasarathy, senior director of product architecture and predictive analytics at Logi Analytics, changes in the predictive analytics market go beyond that. As Parthasarathy sees it, 2019 may be the year predictive analytics finally become a third intuitive voice in every decision people make, perhaps without decision makers even realizing it." Stephanie Miles Street Fight December 26th, 2018.
In a world where better and faster decisions are a decisive competitive differentiator this "third voice". There is a lot of hype about AI and pressure on enterprises to adopt it. The fact is that a combination of this "third voice" and human intuition & experience is far more likely to deliver impressive competitive differentiation than blindly attempting AI projects.
Straight-though-processing (STP), complete automation and AI driven decisions are a route to bad decisions bound as they are often are by incomplete data, algorithm bias and lack of transparency.
Better to take the approach suggested in the linked article below and adopt predictive analytics tested in a rigorous manner to deliver better decisions.
Predictive analytics will start to become a third intuitive voice in every decision or action someone would take without them even realizing. By partnering human operations with predictive models, people are able to silently do their jobs better by having the technology validate the best possible action or outcome in response to a thorough analysis of historical data or past events. In other words, more business decisions will start to be guided through a recommendation made by predictive analytics. For example, an auto body shop that utilizes predictive analytics could estimate the recommended price of a vehicle repair based on the condition of the car. This would allow an appraiser to double check his or her estimated cost, reducing human error.