Succeeding with predictive analytics isnt rare. In fact, most organizations that report investing in this forward-looking technology report at least some valuable return for their money. Odds are, those companies employ at least some of the following best practices: 1) properly define the problem to be solved (dont shoot in the dark); 2) identify a key target variable to predict (must be a good decision-making metric in the company); 3) determine what good means, success-wise (what is the baseline for success?); 4) identify the appropriate data that can aid in prediction. Theres also: 5) finding the right algorithms, but this doesnt matter unless 1-4 are nailed. Tune in Thursday at 3 ET to hear Analyst Dean Abbott of Abbott Analytics, along with guests Simon Arkell of Predixion, Gary Angel of Semphonic, and Louis Bajuk-Yorgan of TIBCO-Spotfire.
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