Predictive Analytics For Dummies by Anasse Bari

Author:Anasse Bari
Language: eng
Format: epub
ISBN: 9781118729410
Publisher: Wiley
Published: 2014-03-05T19:04:29+00:00

By itself, the data your company has may not be enough to provide you with a good basis for predictive analytics. For example, to produce actionable insights at today’s ever-increasing pace, simply using demographics and basic inferences from your data is not enough. The demographics of loyal customers may look exactly the same as demographics of churning customers.

To generate those actionable insights, you’d need more complete data. To get it, you’d probably need to pull that data from various sources; one way of doing that is to buy it from third-party suppliers. If you can get hold of third-party data that’s relevant to your predictive model, the next step is to integrate it into your existing datasets.

With the rise of social media, an abundance of data is being generated, some of which is collected by companies whose business model involves collecting this data, packaging it, and selling it. Such companies view that data as their product. Your company may have a use for that product.

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