Look at your smartphone. The technology we use everyday and take for granted wasn't possible just five or 10 years ago, or if it was, it didn't fit into a slim and sleek case in the palm of your hand. The same holds true for the solutions companies use to conduct business on a daily basis.
During the previous decade, only a few Fortune 500 companies could afford to implement performance management software and solutions with ERP and CRM applications, according to Harish Kotadia, a data scientist and expert in predictive analytics. Formerly only big banks and telecommunications giants could incur the costs of predictive analytic solutions. Financial institutions needed the software to spot irregularities and potential fraud while the telecom industry employed it to find new customers.
Solutions for new markets
Nowadays, though, business forecasting solutions are a must for every industry. Without the help of data analysis many business ventures cannot grow or, even worse, they fail. Enterprises from hospitals to hotels and restaurants all use forecasting software to analyze past data giving everyone from executives to managers a better and bigger picture of what's to come for their businesses.
While trying to anticipate consumer demand and preparing for it is nothing new, technology has finally caught up, Direct Marketing News noted. The concept now have bona fide tools to assist marketers in finding customers for their businesses while hoteliers and other in the hospitality sector know how to better prepare to ensure they can meet their patrons' needs.
"Nowadays, business forecasting solutions are a must for every industry."
A game changer for all industries
Predictive analytics isn't solely used to find new customers and help companies meet consumer demands. These solutions also found a home in human resources giving HR the data it needs to match the best person with the right position, according to IBM's Big Data & Analytics Hub.
Thanks to forecasting software, companies can assess their workforce and analyze trends and patterns. This gives enterprises insight into the human capital they have as well as the staff they need to move forward and grow their business. These solutions also identify discrepancies in workflow, so if employees have trouble completing their work HR and the employees' managers know.
Predictive analytics not only gives companies a break down of past performance, it also presents enterprises with a roadmap ahead so the C-suite and managers can make prudent strategic decisions knowing they have all the information they need.