Small business owners with backgrounds in statistics or technology are all set when it comes to using predictive analytics to identify which prospect groups are most likely to want their product or services — and so are larger corporations with big budgets to spend on outside analytics consultants. But what about everyone else?
A 2015 survey by Dresner Advisory Services found that predictive analytics is still in the early stages of deployment, with just 27% of organizations currently using these techniques. In a separate survey by IDG Enterprise, 24% of small and mid-size organizations said they planned to invest in predictive analytics to gain more value from their data in the next 12 months.
In an effort to encourage this growth and expand their base of users, vendors with business intelligence software are introducing more self-service platforms. Many of these platforms include predictive analytics capabilities that business owners can utilize to make smarter marketing and operations decisions. Here are five of the options available right now.
1. Datafinder: Analytics & data technology for small and mid-size businesses
A self-service data technology solution for small and mid-size businesses, Datafinder was introduced by the data technology company Versium in 2014. Datafinder is a self-service website that offers data and data technology tools to build predictive models in a matter of hours. Users upload their historical customer lists, and Datafinder adds attributes like contact, demographic, financial, lifestyle, and purchase interests, to each record. This new data is then run through several machine learning algorithms to build custom predictive models that will determine which attributes provide the best signals that leads are likely to convert. Pricing for Datafinder is based on the number of uploaded records, with a minimum price of $99 for each file.
2. Watson Analytics: Identifying consumer product and channel preferences
IBM’s Watson Analytics says it provides small and mid-size businesses with the benefits of advanced analytics, but without the complexities. The cloud-based platform uses predictive analytics and data visualizations to help users feel more confident in their ongoing business decisions. For example, local retailers can use Watson Analytics’s platform to identify product and channel preferences for consumers before they’ve even arrived at their stores. Automated data visualizations and analytics can then be used to create more timely offers or track purchasing trends over time. Watson runs on a “freemium” model.
3. Predixion: Business insights from historical data within Excel
A software company that focuses on general analytics, predictive analytics, and data management, Predixion has developed a predictive platform that enables businesses to unlock insights based on historical data within Excel and other popular business applications. Predixion Enterprise Insight is the company’s self-service predictive analytics solution, created to help businesses of all sizes leverage their own data to create models that include objective, data-driven predictions. Predixion’s deployment framework can be integrated into live data sources and distributed into CRM and mobile devices, as well as Excel. Businesses can contact Predixion directly to price out the company’s self-service platform.
4. Canopy Labs: Using data to personalize customer relationships
Canopy Labs helps mid-size businesses identify their most valuable customers with a three-phase approach that starts with data aggregation and automated personalization. Leveraging data from past purchases, the company’s self-service product predicts future sales and generates predictive models. Using this information, sales teams are better able to personalize offers and make relevant product recommendations to their customers. Users can also generate their own highly-targeted customer segmentations automatically based on customer data. A free trial is available, and standard pricing for Canopy Labs starts at $250 per month.
5. TIBCO Spotfire: Integration with existing analytics investments
TIBCO Spotfire’s data visualization and analytics software provides businesses with tools that can reduce uncertainty in decision-making. Although TIBCO Spotfire is typically thought of a platform for advanced statisticians and technology professionals, it also offers predictive analytics at a self-service level. Decision makers, who tend to be business owners within the SMB category, are able to interpret analytic results through TIBCO Spotfire’s applications. The company’s predictive modeling tools give users insights into their own data with ad hoc analysis, without the need for statistical programming. TIBCO Spotfire is available with variable pricing.
Know of other self-serve platforms that small and mid-size businesses can use for predictive analytics? Leave a description in the comments.
Stephanie Miles is a senior editor at Street Fight.