Predictive Analytics: Four Attributes
Predictive and prescriptive analytics are new territory to most companies working in big data today. According to Gartner Group, Predictive analytics describes any approach to data mining with four attributes:
- an emphasis on prediction (rather than description,classification or clustering),
- rapid analysis measured in hours or days (rather than months with traditional data mining),
- an emphasis on the business relevance of the resulting insights (no ivory tower analyses) and
- (increasingly) an emphasis on ease of use, thus making the tools accessible to business users.
Predictive Analytics Accuracy Offering 10X Improvements
Earlier this year, SalesChoice analyzed all a global telecom companys B2B Global data in SalesForce.com, generated from over 200 sales professionals. Over 10,000 sales opportunities and all their relevant fields, data patterns were analyzed in SalesChoices Predictions Insight Engine to understand their win and loss patterns in the telecom companys data sets. The company hid 1000 opportunities from SalesChoice, and asked SalesChoice to predict if the company would win or lose the 1000 historical sales cycles.
Sales Choice accurately predicted 87% of the outcomes accurately.
Needless to say this type of intelligence can bring tremendous value to companys competitive edge.
Reflect on These Questions
- What can happen to your competitive advantage, when you can see the future before it arrives with 30-40% better than your baseline?
- What productivity in sales and business performance does this mean?
Predictive Analytics Advantages for Sales Enablement
- You can focus on the best opportunities to win and advance your sales funnel vs. focusing on sales opportunities that are not as high probability. They just dont have the right winning attributes.
- You can easily find best win pathways,
- You can identify the reasons for wins or losses,
- You can stop chasing the DUDS,
- You can improve your sales forecasting accuracy
- You can plan for improved resourcing as you will have a 85% confidence level or more at earlier stages months before you can prepare and manage risk more effectively.
- More Sales Reps have the opportunity to meet 100% of their plan targets and celebrate every one can be a winner!