In 2012, unknown blogger Nate Silver claimed he could predict, with certain accuracy the results of the Presidential Election based on certain data points he had collected. No one paid much attention to his claims.
When the results came in, Silver was 100% accurate, correctly predicting the outcome in all 50 states and the District of Columbia. He was not only broadly correct, but his model was precise on nine swing states – Colorado, Florida, Iowa, Nevada, New Hampshire, North Carolina, Ohio, Virginia, and Wisconsin – some of which were decided by a razor thin margin. His 9/9 swing score on was only accomplished by two other pundits world-wide, and embarrassed previous election juggernauts, which in many cases were only capable of predicting three of the nine correctly.
It was an impressive feat. But what makes this significant is not just Silver’s accuracy, but his model’s ability to recognize the important data factors – despite the sea of information, opinions, polls, variables, and ever-changing conditions – weigh them properly and spit out exact and instant intelligence.
Knowing who will win the next election probably isn’t a competitive advantage for your business. However, applying accurate and instant intelligence to critical variable-driven equations such as geographically based pricing models, risk factors, internal product rank, revenue forecasts, and recurring margins is.
How valuable would that information be for your enterprise?
Silver opened the eyes of many to the value of predictive analytics. Since the 2012 election, we have seen a tremendous push in the enterprise world to develop and utilize data trend analysis tools to better understand the inner workings of their business and make more informed decisions. IBM recently launched their new data tool with Watson the smart computer, and cloud giant Salesforce launched it’s new analytics-cloud Wave this week at Dreamforce.
That’s because, whether you work in sales, marketing, legal, finance, operations, management, you’ll undoubtedly benefit from increased visibility and control of operations and improved decision quality. Harnessing predictive analytics will allow your company to know more and react faster as a result of early warnings, granular insight and up-to-the-second data.
Learn how to connect the ‘so-what’ to the ‘now-what’ and streamline your entire Quote-to-Cash process with enhanced actionable analytics, by implementing Quote-to-Cash Intelligence. For more on Predictivee Analytics, download the whitepaper Quote-to-Cash Intelligence & the Transformation of Business Analytics.