CFOs are keenly aware that while the popularity of the term “predictive analytics” is relatively new, the concept is really nothing revolutionary. Predictive analytics is often described as data mining or advanced analytics that, as a concept, has existed for a long time. The only difference now is the abundance of technologies, tools and applications in the marketplace to analyze the large amount of data available.
This proliferation has pushed some finance executives to immediately utilize the tools without first understanding their available data and devising a proper strategy that allows the organization to truly benefit from predictive analytics.
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