One of the most challenging things that business owners face is to understand what is going to happen in the future with their business. No one knows the future but, for a business owner, it’s important to be able to predict, with some certainty, what will happen in the future. Your logo is an important aspect of your success online, which we will discuss in more detail a bit later on.
Being able to predict your finances is important, also.
That’s why some CEOs and business owners hire a CFO (Chief Finance Officer) for this very reason. A CFO has the experience and know-how to predict with some degree of accuracy, the likely trends of a business’s financial situation and to know what the trends show will occur.
This is all based on succinct data collection and a science called, “predictive analysis.” This field crosses over into several industries and disciplines, including the area of mathematics, education, the stock market, and many others. If there were no predictive analysis, people would never purchase shares on the stock market because it would be too risky to do so. They use predictive analysis tools or join platforms that offer this service to keep in touch with the trends.
Trends and analysis help guide the decisions of business owners who would otherwise be groping in the dark for answers on how to proceed.
Predictive Analysis and Statistics
In statistics, predictive analysis is often referred to as variance and “predictability.” Statistics, alone, are only numbers and trends. But when you put the information together with other factors, you can start to extrapolate the information and data to include future prognostications, as well.
It is through these analyses that one can start to evaluate what might occur in the future. And this is what is needed for the business owner so that they keep their risks to a minimum.
Today, artificial intelligence and automation have stepped in where people fear to tread to take on this daunting task of analyzing future outcomes. Through specific tools and techniques, AI systems and tools can predict the most likely outcome based on the current status of something with incredible accuracy. This is because, when it comes to computation and mathematical analytic analysis, machines win over humans.
Computers are, by nature, mathematical and computational oriented. This means that they will be more successful with the prediction based on a set of factors and numerical data that a person would be. The opposite is true when it comes to intellectual, artistic, or innovative thinking. That’s where man trumps computers everytime.
Think of a computer system or automated tool of any kind as a “cookie cutter” entity. They can compute information that we give to them, calculate the data, and predict the outcome predictably. But, even with AI, it is difficult to teach computers to think like human beings because we take into account so many other factors that can influence the results.
A discussion on predictive analysis always gets in pretty deep! It involves all of the technological advancements that we’ve experienced so far, including artificial intelligence, applied statistical analysis, and the interaction of humans with machines. In the end, though, it should only be considered a tool and not the final say on anything that you decide to do in your business.
Keeping the Control at the Top
As with any advanced technology, a business owner should always strive to maintain the control “at the top.” This means that you should never turn over everything to automation, no matter how many big corporations, innovative entrepreneurs, or successful business owners are screaming for you to “automate everything.”
A completely technocratic society would be something out of a science fiction movie that might make for great entertainment but would falter over time when it forgets to include the human element.
It is only the interaction of the human components that make machines and computer do what they do and for tools such as predictive analysis tools to be able to predict a possible future scenario.
That being said, to use predictive analysis in your business, consider the following applications to get started:
1. Use predictive analysis for data mining.– When you use predictive analytics to discover, mine, and filter new data, you give yourself an advantage in the business world because you are opening up new information that was not available before.
2. Use it to gain insights.– The value in using predictive analytics is that you can gain helpful insights into what you should consider doing with your business by analyzing a variety of important factors. The business intelligence and data mining that you can obtain from this type of tool are valuable because you can use it to make decisions that may increase your chances for a better outcome.
In this way, predictive analysis is not only a data prediction tool but a method of foreseeing the most likely outcome and using this to base your decisions on for the future.
3. Use Google Analytics– Sometimes you can scrutinize something so closely that you fail to see the obvious. In this case, the obvious is Google Analytics. Many people, in search of something better or more modern, forget that one of the best tools you have is the old standby. Google Analytics allows you to look at current data and compare it to what you have done in the past to predict future success. You can do this with individual “experiments” or campaigns, as well as other tools that you can find on the Google Analytics site.
If you look at the line graph that is always present on your general view page, you will start to see trends that you can use to predict the future outcomes of your efforts.
The Importance of Your Logo with Predictive Analytics
When you are using predictive analytics to improve your brand presence and impact, make sure that you have a logo that will help you to maximize the impact that you make with your ad campaigns. Everything you do online will reflect (either positively or negatively) on your brand.
Start with a great logo that represents your brand in a positive way. If you already have a logo, you should think about how you are using it with the data mining and predictive analytics to promote your brand. This starts with great branding and a determination to use the tools that are available to you to make the most of them.
If you need help with your logo, call on us at logodesignteam.com.
We have been creating logos and original digital assets for businesses for over a decade, and we can do the same for you.
Check out our online portfolio and let us know how we can help. Once you get your branding right, you will find that using tools like predictive analytics are just an instrument to get your brand out there to the people who most appreciate it.
