From tarot card readings to fortune tellers, Nostradamus to the Farmer's Almanac, people have tried to predict the future.
Predictive analytics aims to make forecasting a regular business practice.
Businesses large and small collect data in an effort to understand and serve their customers. Predictive analytics promises to make that data actionable, by helping businesses anticipate customer needs based on previous behavior.
So what's holding businesses back?
Join our Tweet Jam tomorrow to discuss whether predictive analytics is right for your business, and what best practices exist to get the most from them.
The conversation kicks off at 1 p.m. EDT / 10 a.m. PDT / 1700 GMT tomorrow, May 26. As always, the broader CMSWire community is welcome to take part. Join in by using #cxmchat, logging in to our chatroom or through Cover it Live, found below on the day of the chat.
On hand to keep the conversation going will be:
- Bill Harding, Senior Data Scientist at Tahzoo — @billmanh
- David Crane, Marketing Tech Strategist and Content Marketing Manager at Integrate — @davidfcrane
- Jeff Healey, Director of Product Marketing at HP Big Data Platform Software Business Unit — @Jeff_in_Mansfld
- Scot Wheeler, Vice President, Consumer Intelligence and Business Analytics at Leapfrog Online — @scotwheeler
- Scott Zoldi, Chief Analytics Officer at FICO — @scottzoldi
- Shawn Rogers, Chief Research Officer of Dell Statistica — @shawnrog
- Shreesha Ramdas, CEO and co-founder of Strikedeck — @shreesha
- Tom Petrocelli, Research Director, Enterprise Social, Mobile and Cloud Applications at Neuralytix, Inc. — @tompetrocelli
- Tony White, Founder and CEO at Ars Logica — @arslogica
The following questions will guide the discussion:
- How can a business decide if its ready for predictive analytics?
- Name the most common barrier to organizations seeking to employe predictive analytics.
- What technology, operations and staff do businesses need in place for predictive analytics to succeed?
- Share some best practices for predictive modeling.
- How do descriptive, predictive and prescriptive models differ?
- What advances in predictive analytics excite you?
- The big assumption in predictive analytics is that the future will continue to be like the past. How valid is this approach?
A few things to keep in mind:
- Introduce yourself with your first #cxmchat tweet. Include your name, job title and organization you work for
- Answer question one with A1, question two with A2, etc. — and always include the #cxmchat hashtag. For example, "@bigbird A3 Sloppy data practices will ruin your best-planned initiatives #cxmchat"
- Please don't pitch products or services — stay knowledge focused
- Keep the discussion professional, but informal
- Remember that this is a public chat — be thoughtful