1. Identify Key Targets and Metrics
The focus here is on identifying the strategic business issues that can benefit from predictive analytics. Ask questions such as: How should you be optimizing your supply chain? How should you be forecasting your financial numbers? How can you become more focused on customer acquisition and retention? And what are the metrics that say you're actually doing a good job in those areas?
2. Generate Insights
This is where the software automation used helps generate a forecasting capability, an optimization engine, a predictive model or pattern recognition. Often, with this automation in place, you start to recognize problems with customer service and turnover.