Friday, August 30, 2013

Predictive Analytics for Startups: Opportunities Abound


While success doesn’t come easy for most start ups (unless of course you have played all the right cards); most startups see a dead end within a few months of starting. 

In many cases, the reasons for this early shut down are – ambiguity of goals and objectives, inability to implement the ideas effectively, creating the right market and finding the right customers, and of course lack of funds.

 How, then can start-up entrepreneurs avoid running into such a situation? 


Technology, in particular, “Predictive Analytics” is the answer says Martin Zwilling, founder and CEO of Startup Professionals. He says, “Predictive analytics uses data patterns to make forward-looking predictions that guide you to where you should go next. This is a whole new world for start-ups seeking enterprise application opportunities, as well as social media trend challenges”.

It is imperative for startups to be particularly be sure of their next several steps after inception; Predictive Analytics fits the bill perfectly here by keeping startups educated and informed about these business aspects – how their market is going to behave over the coming months, who would want their products and services the most and why, what are their competitors up to; what should they be prepared for.

       Zwilling lists the following “creative ways” in which startups can leverage Predictive Analytics: 

            Identify and target customers correctly:

Use Predictive Analytics to consolidate what Zwilling calls a single view of the customer; based on which you can improve your promotional and marketing strategies aiming the right product to the right customer with the right needs.

Manage your investment risks:


As a startup, you will be often skeptical and apprehensive while making new investments for your startup’s growth. Predictive Analytics minimizes those risks by giving you accurate details of how your choices are currently positioned now and how are likely to do in future, thereby helping you decide if your investment choices are worthy or not.

            Customer retention: 

I have spoken about this at length here. And Zwilling only strengthens my opinion that Predictive Analytics helps organizations, especially start ups to identify and resolve the causes for customer attrition. 

            Fraud detection: 

Startups in the BFSI sector can use Predictive Analytics to identify faulty transactions, fraudulent customers, improve underwriting, assess a customer’s financial profile, minimize false insurance claims and even bust false identities.


To know how Shout Analytics’ Predictive Analysis capabilities can benefit your business, either startup or established, write to us at info@shoutanalytics.com



 


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