From the course: The Data Science of Retail, Sales, and Commerce

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Predict trends

Predict trends

From the course: The Data Science of Retail, Sales, and Commerce

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Predict trends

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- [Narrator] Let me ask you a critical question. Can you tell if a deal will go through? Are you able to identify the good leads, the ones that are going to be most productive for you and your business? Well, I like to think that most experienced people in business have a good intuitive sense of this. However, the data does not always support this in the way that we want it to. A recent study by CSO Insights reported on one company that went from gut-level predictions about sales wins to predictive analytics. The gut-level win rate, that is the percentage of leads that they thought they were going to successfully close the sale based on a gut impression was about 59%. That's over 50%, that's good, it's almost two-thirds. It's not bad but when they went to solid predictive analytics, it increased to 76% in terms of accurately predicting the win rate. This was enormous and in a large company, this can make a difference of millions of dollars and productivity over the year. Now let's…

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