We’ve all heard the phrase “the early bird catches the worm”, right? When it comes to the business world, this old saying holds especially true. Getting ahead in business often means being the first one to find and seize opportunities. But how do companies stay ahead of their rivals? Smarter predictive analytics is the key.
To understand predictive analytics, imagine you’re a weather forecaster. By studying patterns and data, you could predict when a storm might strike. Companies use predictive analytics in a similar way, but instead of storms, they’re predicting trends and opportunities in the market.
So how does this work in the real world? Savaş Sati, a solutions architect at Google, had a chance to experience the power of predictive analytics firsthand.
Picture this. You’re running a big company that’s managing thousands of trucks. They’re spread out all over the country, delivering goods to your customers. But, just like any machine, trucks break down from time to time. And when that happens, it’s costly and time-consuming to repair not just the truck, but the disruption to the supply chain. Predictive analytics can help solve this problem.
Google, in partnership with a truck manufacturing company, created a system that uses sensors on trucks to forecast when a truck may break down. Predictive analytics were used to analyze these sensor readings, and the data was then used to predict when a truck may need a repair.
So instead of waiting for a truck to break down, they were able to fix the small issues before they became big problems. This helped to decrease the number of trucks breaking down on the road, which meant huge savings for the company. It allowed them to be more predictable in their service delivery and make their customers even happier.
But it’s not just for truck companies. Predictive analytics can be used by any business, big or small. If you have a restaurant, for example, predictive analytics could help you figure out how many customers you might have on a given day, so you can stock up on the right amount of food.
We’re living in a time when there’s more data available than ever before. Companies who know how to analyze this data and use it to predict future trends will have a huge advantage over their competitors.
Just remember, the future belongs to those who prepare for it today. So, be the early bird in the business world. Use predictive analytics to spot the worm before anyone else.
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