THE IMPORTANCE OF PREDICTIVE ANALYSIS
While companies generally collect a lot of data, according to Upside, Where DATA meets Business, more than 80% of a business’ data goes unused.
As data piles up, we have ourselves a genuine gold rush. But data isn’t the gold. I repeat, data in its raw form is boring crud. The gold is what’s discovered therein.
― Eric Siegel, Author of Predictive Analytics: The Power to Predict Who Will Click, Buy, Lie, or Die
The most successful businesses know that they need to reveal the gold for the long game, and continue to leverage this approach towards data as the competitive differentiator.
A survey of over 50 executives of fortune 1000 companies, heavily weighted in the finance industry, discovered 97% of these top companies have been investing in technology that allows for predictive analysis.
Healthcare is also leading the way. Providers understand how critical predictive analysis is to better care delivery. In 2021, the healthcare industry increased its use of predictive analysis technology by 40% compared to 2018. For healthcare, patient data can be used in a variety of ways from identifying new operational efficiencies to creating detailed patient profiles for optimized care and a personalized patient experience.
The Way Forward Includes Speech Analytics
With the advancement and affordability of business technologies, such as speech analytics, any size business is capable of collecting and harvesting big data for the most important business decisions. The pandemic has accelerated the need for those making up the aforementioned 80% to get on board; especially now given the prolific adoption of connectivity tools and applications. There simply is no other viable option. As forward-thinking businesses reap the rewards of creating a data-driven culture, other companies and competitors who fail to do so will lag further and further behind until they can no longer compete.
TechTarget, a company that offers data-driven marketing services to B2B technology vendors, and is listed by B2B Magazine in the Media Power 50 list, reported that implementing speech analytics software will pay for itself in three months. There are numerous ways that employing speech analytics works to reduce cost and increase ROI. Bottom line is that its ability to identify customer attitudes and market trends will eliminate unnecessary spending and optimize marketing efforts.
The Next Level of Sophistication
Any company can take advantage of speech analytics technology with measurable results. Emotional and behavioral intelligence are the cornerstones of what make up predictive analysis; however, you’ll need to ensure the speech analytics’ platform you decide on comes equipped with analytic capabilities (not just recording and keyword search abilities).
VoizTrail’s speech analytics platform was the first-of-its-kind to offer organizations a simple way to utilize their call data for in-depth behavioral analysis. Its Behavioral Analysis and Decision Science modules can create comprehensive consumer profiles that connect the dots between analysis data and call outcomes.
Speech Analytics software is capable of processing information at a rate otherwise impossible. It can
organize and compile statistical data that would take years using traditional research methods. This tool eliminates the need for research teams, and gives smaller organizations the same opportunities for competitive advantages as the large corporations.
