How do we know this? Large companies loudly proclaim their investments in machine learning and predictive analytics. It is often labeled as Artificial Intelligence. The concept is to let the machines do the bulk of the work and have humans only deal with setting the rules and judging the exceptions. It has been an unfair advantage for the large companies, simply because they can afford it.
While everyone needs to be concerned about traditional industry leaders and how they are using predictive data analysis to beat you, we now must be concerned about the game-changing competition from outside of our traditional channels.
Yes, one of the richest men and biggest companies in the world is not satisfied with only selling directly to the consumer! They are now moving to Business to Business channels as well.
Mid-sized distributors and manufacturers have been gathering data for many years. Using report writing tools, management worked hard to view what has happened in the company. Data was sorted, prioritized and displayed in charts and dashboards. These are sexy tools but are often ineffective.
These tools and dashboards suffer from the same limitations. They rely on humans to make the decisions and predict the future by simply looking at the data.
Unless you have superpowers, you will be challenged to see the subtle changes in hundreds and thousands of records, time trends among customers, factors influencing customer longevity and other important decision points from thousands and millions of supporting transactions.
Companies like our help you create predictive data across your items, customers, vendors, salespeople, and transactions. We use technology to show the most likely future.
We apply rules to new data and receive prescriptions on how to handle the new information. We Use technology to automate computer-based decisions. Why not let us create virtual robots to do the bulk of the analytic work and allow you to make decisions on exceptions.
Our long-term goal is to help small and mid-sized companies fight industry Goliaths big data with their combined data. We can use their gathered data to create better and more accurate predictive models. If you have been sending data to industry-mandated third-party companies and receiving only dashboards and reports in return, we can make use of the collected data to finally use that information.
Now is the time to band together and fight back against the Goliaths of our world.