The use of predictive analyses is relative – don’t understand, ask my neighbors!
Recently a lot of tragic and terrifying events have been in the news. Earthquakes in the Anchorage Alaska area fires in northern California and I personally have experience with Hurricane Michael. Let me start with Michael. My residence was in the hurricane eyewall for over 2 hours. Less than 48 hours prior to that experience we were told we might start getting prepared for a possible landfall of a hurricane. Less than 20 miles east of me the homes were demolished and pushed off their foundations. In our immediate area over 6,000 homes were destroyed and are uninhabitable, nearly another 6,000 damaged to the point they were evacuated and need to be repaired before they can be re-inhabited, and the rest sustained some damages. Less than 6 miles west of where I live almost no homes were damaged. You would barely know a hurricane ever passed. The predictions to get ready for a hurricane were the same for us all. Yet the outcome was relative to our proximity to the eye of the storm and not our preparedness.
So why am I telling you this?
These tragedies don’t play by the same rules as a business. Business processes are more predictable and changes can be responded to without huge expense. While not perfect, you can predict when a product is going to slow down in selling, or a customer will stop paying. You can guide a customer to purchase things they had not thought of or watch their behavior online, and through well-planned actions be certain you are there to take their order when they are ready to purchase.
But ignoring the signs can still cause your business to suffer. Try to rent a movie on a VHS or better yet Beta tape. Try buying music on a cassette. Heck, even the old-fashioned hotels are getting stiff competition from their technology-based competition. Amazon, Google and the other giants of the world are causing their own storms to take over complete industries. Are you prepared? Are you looking for the signs? Are you even asking the right questions?
Predictive analysis is relative – my neighbors and I now know better what we should be looking for – even from the weather report! My partner and I now know better what Artificial Intelligence and Augmented Intelligence should be looking for in your business processes from your own set of data.
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