Predictive Modeling Helps You Piece the Future Together
No one can see into the future, but advancements in predictive modeling techniques make it possible for IT professionals to identify potential problems and solve them before they happen.
If we know one thing is for certain, it’s that the future is uncertain — and that a failure to plan for the future can result in disaster. From forecasts of demand for inventory management to avoidance of costly downtime, all companies stand to benefit from a bit of foresight.
Companies are more capable of foreseeing problems than ever before, thanks to the advent of predictive modeling. With the power of big data analytics at their fingertips, companies can confidently prepare for a future fraught with uncertainty.
A Smorgasbord of Predictive Modeling Technologies
The vendors of today offer a huge variety of tech tools for retroactive business analysis, from ad-hoc reporting to online analytical processing platforms. As the saying goes, “those who don’t learn history are doomed to repeat it,” and these tools allow businesses to make adjustments in order to avoid the same mistakes they made in the past.
Specialists in the field of operations research have adopted predictive modeling techniques to analyze the outcome of uncertain inputs, hoping to optimize the solution to a given problem. According to Managing Director at Protiviti Shaheen Dil, advancements in computer technology have made this field possible. “As computing power has become abundant, the discrete solutions of linear, integer, and mixed-integer programs have given way to stochastic optimization techniques,” she wrote in an article for CFO.
The goal of these analytics systems as they’re being applied today is to optimize business operations. The financial success of a company is, to a certain extent, dependent on its ability to project future needs and account for potential problems. Fortunately, predictive software vendors and data scientists are building on the power of descriptive analytics to determine the causes and effects of various business phenomena, from sales forecasting to marketing strategies.
Plan Ahead to Avoid Downtime and Use Resources Wisely
Inside the unpredictable world of IT, it often feels as though a potential crisis lies around every corner. Under-provisioning resources to handle spikes in traffic can result in costly downtime, while over-provisioning IT resources creates a significant drain on your precious budget.
Because of this quandary, companies are turning to predictive modeling tools to understand their IT needs and plan accordingly. Products like TeamQuest’s Vityl suite enhance the capabilities of IT managers and analysts by leveraging descriptive analytics, predictive modeling, and operations research to address processes that may be problematic in the future.
As companies grow more dependent on IT resources, the risk of overspending on unnecessary items grows. Vityl Adviser uses a series of proprietary algorithms to analyze the health and risks of IT services and subsequently provide actionable insights for the allocation of your resources. With predictive modeling tools at their disposal, IT professionals can avoid downtime and focus their attention on innovation instead of firefighting server issues.
While uncertainty will never be completely eliminated, these new techniques and technologies yield a clearer picture of the future for business owners and IT professionals. Armed with predictive modeling technology, business owners can more confidently future-proof their operations and safeguard against disaster.