The challenge for businesses is to accumulate every scrap of data, integrate these data sets, and then analyze the correlations and non-correlations. Mountains of useful stuff is buried in different parts of the operation, some of it in sales, a bit in marketing, a bunch in the supply chain, and a cluster in HR. Companies that fail to feed all sources of business intelligence into the predictive models are only getting part of the truth.<\/p>\n
This isn’t to say, though, that internal business data alone tells the whole truth. That\u2019s because the global marketplace is continuously changing. Even deep-rooted geopolitical and socioeconomic trends can wither overnight, potentially making that corporate bet on a factory in Mexico not so smart after all \u2014 even though the internal business data suggested it was a good move.<\/p>\n
To make more dependable predictions, companies must integrate real-time external events, like currency fluctuations, stock exchange movements, political stability, and even the weather with all the internal business data they have captured across the enterprise.<\/p>\n
These fast-moving external data sets are easier to capture than internal data, thanks to the free flow of information over the internet. The point is to collect available data from inside — and outside — the business. Put aside cognitive assumptions until all the information is captured, and then process what you\u2019ve got.<\/p>\n
Source: What The Election Taught Us About Predictive Analytics<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":" The challenge for businesses is to accumulate every scrap of data, integrate these data sets, and then analyze the correlations and non-correlations. Mountains of useful stuff is buried in different parts of the operation, some of it in sales, a bit in marketing, a bunch in the supply chain, and a cluster in HR. Companies Read More …<\/a><\/p>\n","protected":false},"author":465,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[16,52,55,54,53,51],"class_list":["post-209","post","type-post","status-publish","format-standard","hentry","category-industry-news","tag-business-strategy","tag-election","tag-external-data","tag-polls","tag-predictive-analytics","tag-trump"],"_links":{"self":[{"href":"https:\/\/inside.rotman.utoronto.ca\/rbac\/wp-json\/wp\/v2\/posts\/209","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/inside.rotman.utoronto.ca\/rbac\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/inside.rotman.utoronto.ca\/rbac\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/inside.rotman.utoronto.ca\/rbac\/wp-json\/wp\/v2\/users\/465"}],"replies":[{"embeddable":true,"href":"https:\/\/inside.rotman.utoronto.ca\/rbac\/wp-json\/wp\/v2\/comments?post=209"}],"version-history":[{"count":2,"href":"https:\/\/inside.rotman.utoronto.ca\/rbac\/wp-json\/wp\/v2\/posts\/209\/revisions"}],"predecessor-version":[{"id":406,"href":"https:\/\/inside.rotman.utoronto.ca\/rbac\/wp-json\/wp\/v2\/posts\/209\/revisions\/406"}],"wp:attachment":[{"href":"https:\/\/inside.rotman.utoronto.ca\/rbac\/wp-json\/wp\/v2\/media?parent=209"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/inside.rotman.utoronto.ca\/rbac\/wp-json\/wp\/v2\/categories?post=209"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/inside.rotman.utoronto.ca\/rbac\/wp-json\/wp\/v2\/tags?post=209"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}