In 2015, the first Predictive Analytics Times Executive Breakfast launches in San Francisco on April 1st. With anticipation of this inaugural morning gathering focused on enhancing predictive analytics success, we interviewed Eric Siegel, founder of Predictive Analytics World, author of Predictive Analytics: The Power to Predict Who Will Click, Buy, Lie, or Die, and presenter at this executive event.
Catch an advanced glimpse of the opportunity to learn from this predictive analytics expert by hearing his best advice on gaining knowledge about predictive analytics:
|INTERVIEW WITH ERIC SIEGEL
Question: What is the best way to learn about and understand predictive analytics? What advice would you give to an executive who is trying to master the concept?
Eric Siegel: Predictive analytics serves value in a very specific way: Its per-individual predictions drive operational decisions such as whom to call, mail, approve, test, diagnose, warn, investigate, incarcerate, set up on a date, and medicate.
Therefore, you need not delve deep into the core technology -- how it analytically learns from data to render predictions for each individual -- in order to understand how it generates value and how it may be employed at your organization.
With that in mind, learning more about predictive analytics can follow several tracks:
- Meet with your analytics staff frequently, and keep a running list of questions, confusions, and concerns to pass by them for these meetings.
- Attend the introductory and/or hands-on training workshops at Predictive Analytics World.
- Read my book, Predictive Analytics: The Power to Predict Who Will Click, Buy, Lie, or Die, and/or the more "how-to" deeper dive books cited in my book's Notes.
- Attend the Predictive Analytics Times Executive Breakfast.
Question: If you were to emphasize one important issue that executives should be paying more attention to in relation to predictive analytics, what would it be and why?
Eric Siegel: Predictive analytics initiatives sink or swim with organizational buy-in (or the lack thereof). More than the technical challenges, success hinges on whether there is support and consensus in the deployment -- by which I mean the use of predictive scores to drive operations that are key to business functions such as marketing, website optimization, credit scoring, fraud detection, etc.
This not only means executive buy-in, but a rudimentary understanding by all whose activities are touched by an operational predictive model.
Question: Why should executives attend the Predictive Analytics Times Executive Breakfast in San Francisco?
Eric Siegel: In addition to the presentations, the event will provide roundtable and networking interaction so you can gain perspective from executive colleagues.
Question: SNEAK PREVIEW: Please tell us a hot topic that you will cover during your presentation at the PA Times Executive Breakfast.
Eric Siegel: I'll have time to touch upon uplift modeling, which is the means to predict not which customer will buy (or cancel), but instead which customer will be positively influenced by certain marketing treatments – which customer will be positively convinced to buy, or to stay. In marketing, healthcare, and other areas, the objective isn't just to foresee outcomes, but to change those outcomes. Persuading customers can only be optimized analytically by predicting persuasion/influence itself, which is another ballgame from the more common approach of predicting behavior/outcome.
Take advantage of this wonderful opportunity to learn from Eric Siegel in person by submitting your request to attend. Attendance is FREE for qualified professionals, including those at VP-level or above, but space is limited. Submit your request to attend today:
This Breakfast is being held simultaneously with Predictive Analytics World for Business, Predictive Analytics World for Workforce and Text Analytics World, and includes complimentary access to these events' exposition hall.