Absolutdata shares takeaways from Predictive Analytics World Chicago, such as successful data integration and revenue attribution, and the impact of predictive analytics across channels.
San Francisco–June 28, 2013–Absolutdata, an award-winning global analytics and research firm, identifies key takeaways following Predictive Analytics World Chicago, including tactics for successful data integration, overcoming the attrition problem in the marketing mix and the impact of predictive analytics across industries – healthcare, consumer packaged goods (CPG), retail, hospitality, among others.
Predictive Analytics World, held in Chicago June 10-13, brought together business leaders from across the country to share concrete examples of effective predictive analytics strategies and opportunities to expand the application of Big Data in organizations.
Absolutdata senior manager of analytics, Guha Athreya, presented two sessions during the event. The first, “Innovative Framework for Predictive Analytics,” was a session geared towards chief experience officers (CXOs) on how to leverage data to succeed in the increasingly complex customer environment. As a follow up, Athreya also presented a session demonstrating the use of analytics to maximize return on investment (ROI) and generate business in a multichannel environment titled, “Driving Marketing ROI across Online and Offline Channels.”
The main takeaways from this year’s Predictive Analytics World Chicago, according to Absolutdata, include:
Successful predictive analytics integrate new data at every stage of the marketing process.
Predictive analytics are useful at every stage of the customer experience and decision making process, but business leaders must be sure to constantly integrate new data and findings at every level of the organization. By considering new customer analytics and other relevant data as it becomes available at strategy, application, technology and impact stages, companies across multiple industries can continuously reevaluate their efforts to determine next steps and make decisions that are more informed.
The attribution problem can be solved by looking holistically at the marketing mix.
When marketing to consumers across multiple channels, businesses need to be able to pinpoint the results generated by each initiative and channel to allocate budgets effectively and understand which efforts yield the highest ROI. Problems arise when the value of online and offline channels combined surpasses a company’s actual revenue.
Revenue is impacted by many drivers beyond media investments and oftentimes, a combination of efforts or marketing campaigns leads a customer to purchase. However, each channel or marketing partner reports engagement and successes independently, taking credit for each sale, even if it was only partially responsible, leading to modeling efforts that aren’t accurate. By approaching attribution with a holistic mindset, businesses can get a more accurate view of ROI.
The application of analytics and Big Data to improve processes isn’t limited to a single industry or specific procedure.
Big Data integration presents opportunities to organizations across industries to make internal processes more efficient, drive revenue gains and improve customer relationship management. Predictive analytics have been responsible for major breakthroughs across industries, leading to advances in education, business and healthcare.
“As business leaders work to understand opportunities presented by Big Data and predictive analytics within their own organizations, it’s important to align tactical approaches to overarching business goals to determine which types of data are most valuable and impactful,” said Guha. “The best approach for organizations to derive real business value from analytics is building a foundation that clearly defines a strategy for successful data implementation ahead of time.”
For more information about Absolutdata, visit www.Absolutdata.com .
Absolutdata is a global leader in applying analytics to drive sales and increase profits for its customers. Absolutdata has built strong expertise and traction with Fortune 1000 companies across 40 countries. The company specializes in big data, high end business analytics, predictive modeling, reporting and data management services. These services provide significant value to clients by helping them optimize marketing spends, undertake targeted marketing, and using customer relationship analytics to achieve superior retention and cross sell. The company is investing in emerging areas such as big data, web and social media analytics. Founded by Dr. Anil Kaul, Sudeshna Datta and Suhale Kapoor who come with experience at McKinsey, Mitsubishi, Kraft and Pfizer, it currently employs over 400 professionals across offices in San Francisco, Los Angeles, New York, Chicago, London, Dubai and Gurgaon. www.Absolutdata.com