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Whether you’re a family-owned operation or large corporation, every business needs data to accurately forecast the future and make the right decisions.
For manufacturers, predictive analytics is especially important because it identifies factors that optimizes production, service resources, and distribution.
In order to best predict the future needs of your business, you must synthesize both past and present company data to ensure an accurate quantitative prediction. This requires the use of predictive analytics, a process of leveraging historical data to predict future events.
Before anything else, predictive analytics starts with a goal. Let’s say the goal is to cut costs and save time. With that goal fueling the process, today’s best in class practice is to have large masses of data fed into machine learning models to mathematically formulate actionable outcomes in an effort to support attaining that goal. This model continues to capture and exploit patterns and trends to best detect risks and opportunities. That data will then allow for informed decision-making based on the projected forecast.
This all sounds great right? But what if, like many, your organization is not ready for or engaged in an AI/ML project. Is all hope lost?
Of course the answer is no. Instead it means focusing on building towards a true predictive state and finding smarter ways to acquire and use data.
For us, we strongly believe that aside from the incredible experience visual configuration enables in the buying process, it’s back-end benefits and data capture mechanics are equally as critical to your business. Gaining the comprehension around customer preferences, intent, and methodology with regards to how they purchase your product is critical in being able to best serve the market going forward.
Knowing which features people key in on, include in their configurations, or even which ones they avoid, are all critical data points which smart companies learn to leverage and make decisions off of.
If you’re interested in how this kind of data can enhance your company’s operation let us know. Our team of experts can talk about how leveraging new technology like visual configuration can transform your approach to product management. Reach out to us here!