Predictive Analytics is a relatively new term for the well-established practice of using data to make predictions. The field has undergone something of a revolution in recent years with the exponential growth in data and the advancement of analysis technologies. The ability to analyse data to identify opportunities, minimise risks and develop strategies is becoming an essential skill in the modern business environment. Yet despite this growing necessity, and increased accessibility to predictive analysis technologies, the required skills are rare in small and medium-sized enterprises.
Wherever uncertainty exists in your business environment, you must rely on some form of prediction to minimise the associated risks. When a significant volume of relevant data is available, predictive analytics can be a powerful tool to enhance your foresight. Brisbane Financial Analytics can help you to identify the opportunities that predictive analytics can bring to your business. We can also design, implement and set a strategy for the continual improvement of predictive systems and processes.
Our predictive solutions will help your organisation gain genuine insight from your data. But more importantly, we can show your team how to adopt the mindset needed to maintain predictive systems and develop an advanced predictive framework. Our goal is to embed a framework for considering which scenarios may play out in the future, how likely those scenarios are, and what the financial consequences may be. The end result is well informed decision making.
Is this data mining?
Data mining can play a role in predictive analysis, but genuine predictive analysis is more nuanced than brute force pattern finding. You can go a long way with data mining, which means you can go a long way in a meaningless direction. The skill you need to put data mining to proper use is in knowing how to test the identified correlations, how they can be applied to make predictions, and how much confidence you can place in those predictions.
What sort of predictions can be made?
Brisbane Financial Analytics has employed predictive analytics to make predictions for:
• Sales volumes by product category
• The amplitude of seasonal sales variations
• The probability of machine down-time and the anticipated financial consequences
• Spare parts and inventory requirements
• Inventory spoilage
We have also performed specific analysis tasks to provide predictions feeding in to project evaluations.
Predictive analytics can minimise the surprise factor in running your business and put you in a position where whatever happens is likely to fall within the range of scenarios you have contemplated. So rather than saying 'I didn't know that was going to happen' you will say, 'I considered this scenario in my analysis, and this is what I know about it.'
Why choose us for your predictive analytics?
We've built predictive models across a diverse range of enterprises
Our models are built to plug in to new and existing processes
We don't just build confidence, we quantify confidence