As we enter lockdown again across the country, it left me thinking of all the uncertainty that business owners are dealing with in attempting to plan and forecast their business into the future.
Here at Kurvv, we deal in the future. Using a mixture of historical and real-time data to help predict future occurrences and lend insight to leaders that have to plan and prepare for those situations. When everything clicks it is very powerful for organizations, and gives them a clear guidepost to which they can optimize all aspects of their business toward.
But what if you suddenly found yourself running a company in an environment that changed overnight and your years of data, industry knowledge, and customer history were essentially irrelevant? How would you make decisions? How would you lead your company? What should you do first? This is the situation thousands of businesses found themselves in in early March. The world changed, seemingly overnight, and with it the environment that they were used to operating in.
This affects Machine Learning as well. If we don’t have a robust dataset of relevant historical data, then our models are worthless. Key word in there being Relevant.
We have been living in this “New Normal” for 7+ months now. Customer behaviors have changed, your employees lives have changed, everything has changed. And the messaging has been that we must weather this storm so we can “Get Back to Normal”, but what if we don’t? What if we are forever changed? If our current state drags our for another year or two, and then we morph into hybrid of the old and new. Then what?
In another month or two something interesting is going to happen. We will start to have the bare minimum necessary to start making predictions about this environment. Patterns will emerge. Behaviors will start to form. Plans will need to be made. We typically need 9-12months, at minimum, of historical data to build models that will tell us what the future state of this environment will look like. (This is highly dependent on what we are predicting and and what level of confidence is required). If this environment is going to persist through 2021 and beyond you can start to gain some insight into how best to optimize, build, save…thrive.
Here are some things you should do to prepare:
- Think of the metrics and insights that would allow you to level up your business if you could accurately forecast them into the future.
- Rank them in order of priority / impact
- Collect, clean, and organize all your data since the March reset.
- Reach out to your technology provider and start the discussion around predictive analytics and Machine Learning.
Contrary to popular belief, you do not need a dedicated team of data scientist, millions of dollars of compute power, and a HAL 9000 to leverage machine learning and gain deep, actionable intelligence about your most important metrics, machinery, production volume, inventory, and much more.
The world is moving in your direction. Resources are pouring in to the space for everyone to take advantage of. Our vision is to enable non-technical business leaders and teams with the ability to take full advantage of Artificial Intelligence. To make it as easy to use, and insightful, as possible.
Get ready. The future is here.
If we can be helpful, you can reach me at Jeff@kurvv.ai and we can talk through how you can make, and implement, a great plan for success.