I know what you're thinking, what does James Taylor have to do with this? It's not that James Taylor...
With more information being captured about customers, including information customers are creating themselves in the public domain, more opportunities are created for really understanding how they tick. And the more we know about them the better we are at predicting what they may need or want tomorrow. Not just based on what they've done in the past, but also on where they may be headed in the future.
Enterprise decision management (EDM) and predictive analytics are being used to determine which prospects you should try to convert into customers and which ones you shouldn't. These systems also are being used to improve interactions with customers, and also to determine future needs of these customers in order to create loyal, long-lasting relationships.
I had an opportunity to speak with leading EDM expert, and co-author of Smart (enough) Systems, James Taylor. James gives us the current EDM landscape, what areas of business would benefit from implementing EDM, and discusses if SMBs would benefit from implementing these solutions. James also shares his thoughts on how corporate culture determines the success of a EDM implementation, the complexities involved, and how information coming from social networks is beginning to funnel into EDM systems.
Out of the many things of note James said during our conversation, this one statement really stayed with me - predictive analytics turn uncertainty about the future into usable probability . And anything that can help us better understand the future needs of our customers is worth exploring. Check out the whole conversation by clicking on the player below, or download the whole conversation by clicking here. And if you're interested in learning more about this area, you may want to check out the free webinar The Smart Data Collective is putting on Tuesday September 9th at Noon et/ 9am pt - Putting Customer Value to Work: What Predictive Analytics Can Do for Your Bottom Line. James is featured here as well, along with a panel of experts from SAS, Teradata and Vodafone.
A big thanks to James for all of the great information, and for humoring me about that other James Taylor.