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Most software products have multiple opportunities for using predictive analytics to enhance decision-making. Because the use of predictive analytics is new for many software companies, and because handling decisions explicitly is also new, care must be taken not to bite off too much at once. A land and expand strategy that begins with a localized […]
To become predictive, to use predictive analytics to differentiate a software product, you need to identify the decisions that can be made more profitably, more accurately, more precisely or more reliably. Unless the predictive analytics embedded in your product improve some decision-making then they will offer no real value. At best such analytics will be […]
There’s a great article over on Computerworld – 12 predictive analytics screw-ups. They asked some of my favorite data miners (John Elder and Jeff Deal of Elder Research, Eric Siegel of Prediction Impact and Dean Abbott of Abbott Analytics) what they saw as the top ways to screw up predictive analytic projects. The list of 12 […]
I recently checked out The Evolution of Decision Making – How leading organizations are adopting a data-driven culture, a new white paper from the Harvard Business Review sponsored by SAS: People have long preached the benefits of relying on data and insights from business intelligence (BI) and analytics to help make better and timelier decisions. A reliance […]
Earlier this week I posted on the value of decision requirements modeling in analytic projects when it comes to coping with some of the analytic skills shortages people face. But this is not the only reason to focus on decision requirements if you are focused on predictive analytics and data mining. In fact decision requirements modeling […]
I am a faculty member for the International Institute for Analytics and recently published two new briefs on how to use decision requirements modeling in the successful application of analytics, especially (but not solely) more advanced analytics such as data mining or predictive analytics. Decision Discovery for a Major Business Function This outlines how an organization […]
Enterprise Architects partner with the business to help them take full advantage of the technologies that their organizations are using, or should be using. They map technologies to the business requirements, ensure that technologies are applied cost-effectively and for maximum business benefit. Why do Enterprise Architects want Decision Management? Many Enterprise Architects are chartered with […]
I was chatting with our VP of business development today and she shared a great phrase that she had heard recently – “the tyranny of the anecdotal.” This refers, of course, to the terrible tendency of people to use anecdotes and stories to make decisions. The regrettable tendency for a doctor to ignore data about […]