Enable fast-moving and disruptive businesses to gain competitive advantage, find new revenue opportunities, optimise processes and performance, increase asset utilisation, improve service capacity and quality and reduce risks.
What is Predictive Analytics?
Models provide predictions that represent a probability of the target value, e.g. revenue, based on estimated significance from a set of input variables.
Predictive analytics is becoming one of the sharpest tools in the business analysis kit of data-driven organisations. It brings new levels of speed, relevance and precision to decision making.
Setting a strategy increasingly requires prediction as a mode of engagement and insight. The distinctive performers and leaders of the future are mastering and integrating predictive analytics as a core to evolve strategies within their asset management processes.
Does your business have any of the following questions?
- What is the best assortment of products to keep in stock?
- When should we prepare for a surge in demand and by what percentage?
- What is the best time to schedule maintenance activities?
- What are the most critical risks in our company and what are their potential impacts?
- Which group of customers will spend the most in our stores over the next 5 years?
- What are our workforce needs in six months, one year or three years?
- What can we do to reduce warranty costs by 10 to 15%?
- What planning or costing scenarios will bring the company a 150 % ROI?
If any of these statements sound familiar your business could benefit from using Predictive Analytics.
How is our Predictive Analytics achieved in your organisation?
The nine-Ps are: Project design – Pull data – Prepare data – Process data – Pick features – Predictive model – Prove model – Pilot Plan – Plenary Plan
Phase 1: Define Project
Objectives of the predictive system development are clarified in this phase. Objectives could be sales, equipment repairs, email sign-ups, or some other metrics.
An acceptable bar for the success of the predictive system should be set together with margins for errors and unknowns.
Phase 2: Collect and Analyse Data
All likely internal and external sources of data should be collated and structured into a database.
The benefits of predictive analytics are huge, but these benefits won’t be achieved without sufficiently large and comprehensive datasets.
Phase 3: Proof of Concept
A range of analytical and statistical tools are used in this phase to model past and current events to predict future performance.
Dynamic predictive models that are developed for critical assets in this phase will identify performance drivers, asset life-cycle time and cost estimates, and quantifies performance drivers.
Phase 4: Deploy and Scale
The final phase involves building a plan of action and executing deployment procedures for implanting insights gained from predictive models into the business.
Ensuring the long-term performance of the model and regular maintenance and update of the model is a pillar supporting the successful integration of predictive analytics into the capital-planning processes of the business.
We are ready to help!
We have extensive experience in predictive analytics to help your organisation make better decisions based on the expected performance of your assets. If you want to discuss your projects or need any help, don’t hesitate to talk to us!
Why You Should Choose HolisticAM for Predictive Analytics Services?
Confidence in the analytics
HolisticAM knows best-in-class predictive methodologies and technologies and therefore has a better understanding of the potential business values as well as commercial and scientific value creation.
We know the conditions under which predictive systems can provide value over legacy methods or conventional systems.
The best of two worlds
An established track record in providing a one-stop asset management access point coupled with strong predictive analytics capabilities places HolisticAM in a unique and unrivalled position.
It enables us to radically improve the ability of organisations in making decisions based on the expected performance of their assets.
Begin with the finish line in mind
HolisticAM focuses on what your business wants to achieve, instead of a specific technology or dataset, always wanting to solve the business problem. It’s the best way to understand what your business needs from the very early steps.
The Predictive System is designed for the user
We put great emphasis on understanding how the end user of a predictive system will not only consume but actually use the insights into the day-to-day business. A solution that is made for the end user, is a solution that speaks directly to the business problem.