Predictive analytics: the CIOs key to the boardroom
A major global brewing company can advise its retail outlets on what kind of beer their local customers are most likely to choose, which shelf positions will lead to the most sales, and what extra snacks they’d prefer to pick up alongside these — long before a customer actually sets foot in the store.
This predictive capability is now becoming part of many well-run businesses, helping to provide intelligence about the future of their business and informing their decisions accordingly.
CIOs are well placed to help. They can identify the right data, validate it and communicate it to the right people at the right time, becoming trusted advisors.
Using predictive analytics, CIOs can harness the power of data to provide the business with a more fact-based vision of where to aim and how to get there. Proactively taking this responsibility creates a huge opportunity for them to join the executive management team.
However, along with the opportunity also comes a set of risks, challenges and changed responsibilities for the CIO organisation. Balancing our privacy and other concerns, while maximising the potential opportunity, will be a key balancing act in predictive analytics.
Future business performance depends on the ability to access and exploit the right information.
Here are the five questions CIOs should be asking:
- What's the issue?
- Why now?
- How does this affect you?
- What's the fix?
- What's the bottom line
See the answers and more in the full report.