Predictive Analytics in Tableau

July 24, 2018
Predictive Analytics

Success in most enterprises is reliant on the IT organization and technology to help in business operations, using big databases and predictive analysis for forecasting trends and finding solutions for real-time decisions. Tableau is one of the best tools available with its unique features like a built-in dashboard, requiring no R scripting or other scripting and being able to import your data in varied formats onto the panel.

Pillars of Predictive Analysis

The main components of Predictive Analysis are the monitoring at any given moment of Big Data, the understanding of data analytics and effective utilization of data across the enterprise. Tableau can provide specific views of small events or co-relate information to present trends and forecasts in real-time. Tableau can thus ensure efficiency in allocating resources and increasing organizational effectiveness. The V8 version of Tableau allows you to set alerts and saves you and your clients from data disruptions and system downtime. Further, the Tableau package provides for security, improved governance, reliable, flexible and robust solutions applicable across the entire organization by using data analytics, predictive analysis, and machine learning. Radically Tableau’s capacity as the best tool for predictive analysis reduces the time it takes to connect to your data, visualize, analyze, and ultimately find business solutions as in the New York City Health Solutions case.

Benefits of Predictive Analysis in Tableau

The takeaway illustrates that Predictive Analysis in Tableau has considerable benefits enumerated below.

  • See all the facets of your IT organization
  • Monitor in real-time – the utilization
  • Allocate resources efficiently
  • Deploy securely across the enterprise

Here is what is needed to implement predictive analysis using Tableau successfully.

IT Architecture Building

The architecture of your analytics decides your data flowchart, where and when it is processed, which database to use, who will monitor the insights, how it is secured and most importantly how it will impact business goals. Data is the very life breath of an organization and its timely use in predicting trends and forecasts invaluable to business growth.

Become an Algorithmic business with Tableau

The algorithm can work, understand and process the data to give you gainful insights and trends. However, using these is the crux of the matter. Of course, the Tableau package is the most superior tool for predictive analysis and with its excellent features like

Examples:

  • Online retail segment benefits significantly from data analytics in real time by catering to clients based on their purchase history, browsing habits and other demographics.
  • The housing sector can predict trends, price products right, increase buying, selling, customer acquisition and retention.

Information can already be at your fingertips, to empower you and your organisation. However, this requires to be a data-driven business implementation of choices.

Align and Prioritize Analytics

An example of prioritizing is the Intel Corporation who evaluates analytics to meet and align with enterprise goals and grow trust and clients. The criteria they use to assess potential projects include

  1. Executive sponsorship. Big Data analytics is limited by the stake holder’s involvement and dedication to business goals across all levels of the organization.
  2. Finding and dealing with the right problem. Data and predictive analytics have no preferences and can quickly become a liability if the identification of the right insight aligned with business targets and growth is not identified and prioritized across the entire board.
  3. Data needs to be used right. Quality of data and API availability are essential criteria that impact the feasibility and value of the project.
  4. Resources. The skill availability, choice and use of tools, and processing power will decide how quickly the project gets underway and ends before deadlines.
  5. Time to delivery
  6. Projected benefits.

Conceptual use and Change Management

Big data and analytics of it need to serve the process. To prove the concept is to use the results effectively and, in this segment, it is entirely up to the organization to implement. Caution your data may grow, and your business will grow. Technology shall evolve and change. Hence at some future point changes to infrastructure may be needed.

Indeed the advent of the internet, artificial intelligence, technology and vast amounts of data in our everyday lives has made the process of predictive analysis and data visualization, its use in the various operations of buying, selling, after-sales and its presentation skills one of the prime tools in data analytics using Tableau.

References:

www.jenunderwood.com/…/how-to-visually-analyze-r-predictive-models-in-tableau/

https://community.tableau.com/thread/247149

https://www.tableau.com/…/6-ways-tableau-can-help-advanced-analytics-projects-422

https://itpeernetwork.intel.com/proving-concept-adopting-pocs-analytics/? _ga=2.252674058 .248019853. 1533527644-92363899.1533526929

https://codeburst.io/big-data-applications-in-real-estate-analysis-502accc54dc8

 

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