The science of Predictive Analytics have sharpened many businesses' ability to not only forecast future revenue generation, but the quality of leads they are sifting out from the market. It appears it's not enough anymore to just be a closer in today's increasingly and fiercely competitive global economy, but to be an educated closer.
The pandemic has unearthed many weaknesses in the Financial Planning & Analysis profession, as by many Advisors and the like not being able to physically introduce (or force) themselves to new prospective clients, the stability of what else could be done was reliant on the ability of performing the profession online.
Meeting new people online isn't too hard with a decent internet connection. Meeting new people online, with intent to sell a product or service, no matter how many megabytes per second you possess in internet speed, has a much more difficult interpersonal dynamic to it. Being in person when pitching to a prospective client allows for your body's mannerisms, behaviorisms, and gesticulations even, to help your voice sell. Such bodily movements in fact, can moreover provide a solid assurance of quality of service that is crucial in forging trust with this new somebody that you don't know well enough, and who certainly doesn't know you at all.
The world's leading advisory firms do not waste time. Every cold call made has a monetary value attached to it in terms of sales conversion. To aimlessly shoot into the wind so to speak, without a real targeted focus, will always lead to disappointment and more so, disillusionment. Data Science is a growing field of expertise in every sector of economy, in fact, Data Science has been optimally utilized not just in the usual Fraud Detection and Disease control fields, but even in Dating Services such as Match.com.
According Match.com, the application of various Data Science methodologies, in particular those related to Big Data, allowed them to create 500,000 new relationships in 2021, which in resulted in 92, 000 marriages and 1 million babies. So, the refining of lead generation oil, if you will, via Predictive Analytics (a methodological application of Data Science) could yield the same reaping of benefits, as the Finance sector is as much in the online lead generation business as online dating services.
PREDICTIVE ANALYTICS APPLICATIONS FOR BUSINESS:
Data insights assist entrepreneurs in identifying sluggish payers, which can help improve their receivables' management, thus improving their monthly cashflow position.
Demand Planning has become something of an emerging science, even with specific roles in certain large wealthy corporates, such as "Supply Chain Specialist" or "Replenishment Planner". Predictive analytics ensures a reliable demand plan of forecasted sales over time, resulting in less customer returns, product scrapping, and the like which increases profitability.
The less errors any Finance team deals with, the more agility they can enjoy in financially committing to new product/service development opportunities that spontaneously arise, to capitalize on any emergent changes in consumer tastes, such as the need to increase storage capacity for stylish face masks; the need to broker more Crypto pension transfer schemes; or the need to buy more fridges to store the sperm of a sudden increase in sperm donors within a given time period.
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