No Result
View All Result
SUBSCRIBE | NO FEES, NO PAYWALLS
MANAGE MY SUBSCRIPTION
NEWSLETTER
Corporate Compliance Insights
  • Home
  • About
    • About CCI
    • Writing for CCI
    • NEW: CCI Press – Book Publishing
    • Advertise With Us
  • Explore Topics
    • See All Articles
    • Compliance
    • Ethics
    • Risk
    • FCPA
    • Governance
    • Fraud
    • Internal Audit
    • HR Compliance
    • Cybersecurity
    • Data Privacy
    • Financial Services
    • Well-Being at Work
    • Leadership and Career
    • Opinion
  • Vendor News
  • Career Connection
  • Events
    • Calendar
    • Submit an Event
  • Library
    • Whitepapers & Reports
    • eBooks
    • CCI Press & Compliance Bookshelf
  • Podcasts
  • Videos
  • Subscribe
  • Home
  • About
    • About CCI
    • Writing for CCI
    • NEW: CCI Press – Book Publishing
    • Advertise With Us
  • Explore Topics
    • See All Articles
    • Compliance
    • Ethics
    • Risk
    • FCPA
    • Governance
    • Fraud
    • Internal Audit
    • HR Compliance
    • Cybersecurity
    • Data Privacy
    • Financial Services
    • Well-Being at Work
    • Leadership and Career
    • Opinion
  • Vendor News
  • Career Connection
  • Events
    • Calendar
    • Submit an Event
  • Library
    • Whitepapers & Reports
    • eBooks
    • CCI Press & Compliance Bookshelf
  • Podcasts
  • Videos
  • Subscribe
No Result
View All Result
Corporate Compliance Insights
Home Data Privacy

3 Ways to Leverage Predictive Analytics

by Kris Hutton
October 18, 2018
in Data Privacy, Featured
thousands of points of data mapped out

Using Analytics to Gain a Competitive Edge

Predictive analytics is quickly changing the way businesses effectively allocate their budgets and gain their edge over competitors. However, even companies with highly sophisticated predictive analytics programs still often run into challenges. Here are some ways to leverage your predictive analytics model by Kris Hutton, Director of Product Management at global enterprise governance SaaS provider ACL.

A growing number of companies are taking their predictive or advanced analytics strategy to a new level. They have settled on proof of concept and started to execute on a model designed to predict future targets that can help them either create value or identify loss. These areas run the gamut, from marketing campaigns to sales to supply chain and/or vendors.

In a hypercompetitive business environment, predictive analytics is fast becoming a way for organizations to gain an edge over competitors and allocate budgets more effectively.

However, even for companies with highly sophisticated predictive analytics programs, challenges abound. Here are three ways to sustain the effort and ensure it’s generating positive returns.

Respecting Data Privacy and Ownership

This is perhaps the most complicated aspect of managing data for global or multi-regional organizations with mature and advanced analytics strategies.

The main consideration is whether you have permission to move or use the massive amounts of data you compile every day. The General Data Protection Regulation (GDPR) and similar data privacy regulations impose strict rules on controlling and processing personal data; this includes everything from your CRM system to vendors to customer usage.

Improving Usability & Complexity of the Predictive Analytics Model

Model bias is a serious enterprise risk, particularly in the financial services sector. Financial services firms should use model risk management to apply governance rigor to their models to ensure they are making accurate assumptions.

Building models and managing data warehouses and data lakes is often best left to data scientists or other analytic experts. However, the technology ultimately exists to provide your front lines with the real-time intelligence they need to improve performance.

Creating processes with smart feedback loops is a matter of treating the nexus of your strategy with people, process and technology. An effective analytics strategy can provide invaluable insight and competitive differentiation. Once you reach that point, usability is more easily resolved.

Conditioning the Workforce

While continuing to recruit senior data analytics executives to drive the overall strategy, it’s crucial for companies to encourage their entire workforce to think about data analytics more frequently and strategically.

Algorithms, machine learning and artificial intelligence (AI) will continue to steer data analytics to the core of the company. And while not everybody needs to be a data scientist, almost everybody needs to be well versed in the digital lexicon.

Management needs its workforce to have the necessary skills to ensure technology is free from bias. Those brands that invest in data will get a leg up on the competition and be much better prepared for an increasingly post-digital age.


Tags: Artificial Intelligence (AI)Data AnalyticsGDPRMachine Learning
Previous Post

PwC’s 2018 Annual Corporate Directors Survey

Next Post

The Importance of a High-Risk Due Diligence Committee

Kris Hutton

Kris Hutton

Kris Hutton is the Director of Product Management at ACL, where he helps drive the overall portfolio direction. In this role, he interacts closely with commercial and public sector organizations, as well as industry experts across the globe, in identifying common operational, risk or compliance pains and exploring how ACL technology can be used to help mitigate those risks and deliver organizational value. Kris holds a bachelor’s degree in Political Science from the University of British Columbia, an MBA from Heriot-Watt University in Edinburgh, is GRCP certified and has more than 20 years of experience spanning multiple verticals.

Related Posts

gdpr

UK Resurrects Data Protection Reforms, EU Court Rules on GDPR in Civil Cases

by Jonathan Armstrong and André Bywater
March 15, 2023

Recent courtroom and legislative action in Europe will likely have ripple effects around the world for companies subject to regulations...

DALL·E 2023-02-16 13.18.43 - magritte style painting of robot looking into mirror

A Bot Isn’t Going to Take Your Place, But AI Will Make Your Job Harder

by Jennifer L. Gaskin
March 8, 2023

OpenAI’s splashy ChatGPT rollout has generated untold amounts of text, both directly and indirectly. While much of what’s been written...

cci top 10 stories collage

Top 10 Compliance Stories of 2022

by Jennifer L. Gaskin
December 7, 2022

The more things change, the more they stay the same. This time last year, we summarized the top 10 ESG...

eu flag

Preparing Your Company for the Latest GDPR Data Transfer Developments & Upcoming Deadlines

by Kevin L. Coy
November 30, 2022

An EU court decision and legislative moves in the U.S. and UK make compliance with privacy regulations increasingly difficult. Arnall...

Next Post
risk meter with dial pointed to max

The Importance of a High-Risk Due Diligence Committee

Compliance Job Interview Q&A

Jump to a Topic

AML Anti-Bribery Anti-Corruption Artificial Intelligence (AI) Automation Banking Board of Directors Board Risk Oversight Business Continuity Planning California Consumer Privacy Act (CCPA) Code of Conduct Communications Management Corporate Culture COVID-19 Cryptocurrency Culture of Ethics Cybercrime Cyber Risk Data Analytics Data Breach Data Governance DOJ Download Due Diligence Enterprise Risk Management (ERM) ESG FCPA Enforcement Actions Financial Crime Financial Crimes Enforcement Network (FinCEN) GDPR HIPAA Know Your Customer (KYC) Machine Learning Monitoring RegTech Reputation Risk Risk Assessment SEC Social Media Risk Supply Chain Technology Third Party Risk Management Tone at the Top Training Whistleblowing
No Result
View All Result

Privacy Policy

Founded in 2010, CCI is the web’s premier global independent news source for compliance, ethics, risk and information security. 

Got a news tip? Get in touch. Want a weekly round-up in your inbox? Sign up for free. No subscription fees, no paywalls. 

Follow Us

Browse Topics:

  • CCI Press
  • Compliance
  • Compliance Podcasts
  • Cybersecurity
  • Data Privacy
  • eBooks Published by CCI
  • Ethics
  • FCPA
  • Featured
  • Financial Services
  • Fraud
  • Governance
  • GRC Vendor News
  • HR Compliance
  • Internal Audit
  • Leadership and Career
  • On Demand Webinars
  • Opinion
  • Resource Library
  • Risk
  • Uncategorized
  • Videos
  • Webinars
  • Well-Being
  • Whitepapers

© 2022 Corporate Compliance Insights

No Result
View All Result
  • Home
  • About
    • About CCI
    • Writing for CCI
    • NEW: CCI Press – Book Publishing
    • Advertise With Us
  • Explore Topics
    • See All Articles
    • Compliance
    • Ethics
    • Risk
    • FCPA
    • Governance
    • Fraud
    • Internal Audit
    • HR Compliance
    • Cybersecurity
    • Data Privacy
    • Financial Services
    • Well-Being at Work
    • Leadership and Career
    • Opinion
  • Vendor News
  • Career Connection
  • Events
    • Calendar
    • Submit an Event
  • Library
    • Whitepapers & Reports
    • eBooks
    • CCI Press & Compliance Bookshelf
  • Podcasts
  • Videos
  • Subscribe

© 2022 Corporate Compliance Insights

Welcome to CCI. This site uses cookies. Please click OK to accept. Privacy Policy
Cookie settingsACCEPT
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT