What is Predictive Analytics?

The Union

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2y ago 19:06

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Embracing Predictive Analytics in Decision-Making

In this episode of The Union Chris and I discuss predictive analytics and how to use it to help you make better decisions. We explored how advanced analytics can help business process owners and IT professionals boost their decision-making prowess. The most important topic in this episode is using machine learning to build machine learning. It's possible to capture and interpret business process data to streamline and improve them over time. This capability helps automate decisions that, until now, many may not have recognized as automatable.

Automating HR Processes with Machine Learning

In a given process, predictive analytics can supplement or could replace a manual decision with an automated one, increasing efficiency and speed. For instance, when an employee requests vacation, a machine learning model can evaluate multiple variables rather than a manager looking up the same information - such as the employee's leave balance, work capacity needs, and crew shift patterns - to make an informed decision about if or when the employee can take a leave of absence.

Enhancing Cash Flow Predictions

We also discussed an intriguing case in finance where predictive analytics helped improve the decision-making process. Accounting can tally the invoices sent out, but it's finance that often struggles to predict when these invoices will be paid. Machine learning can analyze patterns in past behavior to predict when a customer is likely to pay an invoice. This insight can assist finance in determining cash flow so they can pay invoices or invest. This kind of prediction is impossible to achieve manually, especially for large organizations with thousands of vendors. With machine learning assisting in evaluating data and helping predict outcomes you can boost accuracy and get a better grip on cash flow forecasting.

Strategic Decision-Making with Predictive Analytics

Then we tackled the topic of strategic decision-making. Companies need to move beyond using predictive analytics for making isolated decisions. Instead, they should harness it to drive strategic actions. For instance, once finance knows which invoices are likely to be paid soon, they can offer an early payment discount to accelerate cash flow. It's all about leveraging the predictive power of analytics to achieve business objectives and streamline operations.

Envisioning the Future of Predictive Analytics

Looking ahead, predictive analytics will continue to enhance business decisions as companies move processes to software. As more organizations recognize its potential, we'll see a shift from simply making faster decisions to automating actions based on these decisions. The future is about integrating predictive analytics within business processes to drive automated, data-driven outcomes to improve the ways businesses operate.

The Indispensable Value of Predictive Analytics

Predictive analytics and automation have the potential to automate decision-making, predict future trends, and drive strategic actions, all of which will revolutionize the way businesses operate. Embracing predictive analytics is no longer a choice; it's imperative for those seeking to boost efficiency and enhance both employee and customer digital experiences.

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