Monthly Archives: February 2017

The Age of Predictive Data

Quick data facts:

  • 100 terabytes of data are uploaded to Facebook daily!

  • Data production will be 44 times greater in 2020 than in 2009.

  • Walmart handles more than 1 million customer transactions every hour, which are imported into databases.

Big data is a top business priority and drives enormous opportunities for business improvement. By using this mass of data in conjunction with software that relies heavily on algorithms, logistic regression analysis and decision trees, big data will be a $50 billion business in 2017.

As data analysis increases, the analysis accuracy improves rapidly to a point of high certainty. Data mining and modeling are becoming the most important leading indicators of future events, practices and consumer decisions.

Why are predictive data analytics the most important business tools for savvy executives?

Optimize marketing campaigns. Imagine if you could know with a high level of accuracy how your customers will respond to your products and marketing campaigns before you create them. Predictive models are already helping businesses to attract, retain and grow their most profitable customers. By predicting what customers are looking for in a product mix and understanding their expectations, marketing campaigns can be more accurate in reaching the target audience.

Reducing risk. A credit score, for example, is a predictive indicator financial institutions use to minimize lending risk. This helps them make better loans without fear of default issues. The insurance industry pricing is also based on predictive data. Imagine if all businesses were able to stop creating unwanted products, stop hiring the wrong employees, and stop investing in failed ideas?  Predictive data will be a significant input of information to these business decisions.

Detecting fraud. As cybersecurity becomes a growing concern for all businesses, predictive data will be able to detect real-time criminal activity. Ever wonder how banks know your credit card is being used questionably? Your predictive data tells them this transaction is outside of your normal behaviors.

As the speed of business continues to increase, we are in more need of knowing what is ahead of us so we can make adjustments before we get there. Predictive data is the answer to increasing the speed of business without creating greater business crashes. What lead indicating information would you like to know to improve your business? I’m sure the data is available right now.

Share this:
Share this page via Email Share this page via Stumble Upon Share this page via Digg this Share this page via Facebook Share this page via Twitter

5 Best Attributes of Entrepreneurs

Without a doubt, success as a business owner is challenging. How do the best accomplish what they do? Here some of the best tools for successful entrepreneurs. Try these five attributes to propel your business success:

Without a doubt, success as a business owner is challenging. How do the best accomplish what they do? Here some of the best tools for successful entrepreneurs. Try these five attributes to propel your business success:

Don’t be afraid of mistakes. We are trending toward a zero-tolerance society, quick to point out every perceived mistake, slight, or error committed. We are all far from perfect and will make many thousands of mistakes over a lifetime. The key is not to let mistakes define who you are. Successful people, whether athletes or entrepreneurs, work hard at having a short memory for mistakes. In fact, mistakes are great learning tools for self-improvement, so you can go out and make bigger and better mistakes!

Don’t talk about it, do it. Nike made a great ad campaign on this idea a number of years ago. The fact is, there are talkers and there are doers. Talkers have great plans and big ideas that are short on execution. Doers transform the impossible into reality. How badly do you want to see your talk in action? Do it; don’t talk about doing it.

Network above your head. Learn to spend time with those who have already walked your path and have achieved the success you desire. Winners inspire you, improve your perspective, and in many cases, help shorten your learning curve. The most successful people realize success is not a limited resource. They enjoy helping others they respect achieve greater success. Be sure to have something to offer as well. If you are “all take and no give,” you will not last in that elevated network. Play above your head and grow into that level.

Ignore negativity. In the age of the offended, negativity rules the airwaves and social media. It has no purpose for successful people. Negativity is the siren song of those who are disappointed in their stance in life and only wish for success.

Have a love affair…with your job. When you have true passion about what you do, it’s not a job; it’s a labor of love. No one has ever achieved significant success without a complete passion for what they are doing.

Share this:
Share this page via Email Share this page via Stumble Upon Share this page via Digg this Share this page via Facebook Share this page via Twitter

Discipline Creates Commitment

 

What exactly does discipline mean? Simply, it is the measure of ability to stay the course until achievement is reached. Interested in improving your discipline ability when facing challenges? Try these three steps:

Step 1: Recognize this is a learned behavior

Discipline is like any other learned task in that it requires practice and repetition to experience improvements. Is this easy? No, but it is worth the effort. Once you get discipline working in your life you become the person who has better control over your life and its outcomes. Self-discipline may come easier to some, as playing a sport comes easier to some, but like sports you can improve your level of ability by working at it.

Step 2: Make the right choice

In my case, I know where my weaknesses are and work to make good choices to support my discipline development. When it is dark and cold in the mornings, I know I need an accountability partner who is expecting to meet me at the stop sign at 6:30 a.m. I know that with that extra commitment in my mind I will be there. And those are the type of choices you want to make where you feel your discipline is still developing. AA is there to help people make better choices. Personal trainers, the same. Look at the challenges you face. Where can you make a better choice, or get an accountability partner or coach to help you in your development of your discipline?

Step 3: Develop powerful habits and routines

As with all of the D’s (drive, determination and discipline) I’ve been writing about, you build on the success from the day before. Not all growth is perfectly linear. We all make steps backwards from time to time. I tell audiences you can change your history. Make today a better step and tomorrow your history got one day better. Build on your daily successes, and in a year you will be amazed at how far you’ve traveled on the road that is your personal success.

Share this:
Share this page via Email Share this page via Stumble Upon Share this page via Digg this Share this page via Facebook Share this page via Twitter