In years past, it was quite the cumbersome task to put together corporate conferences for the dissemination of important information and trends among industry stakeholders. It was only within the last few years that advancements in technology have provided efficient ways to bring large groups of stakeholders together for them to share information.
One of the hot topics on the conference circuit today is how business owners and principals can use predictive analysis to run their respective businesses. With the proliferation of digital marketing and sales, those organizations that can identify the best ways to use predictive analysis are the ones that stand to increase revenues and top out the competition.
In the sections below, we will discuss the use of predictive analysis and how it has changed the way conferences are run. There will also be a short discussion about how group conference calls have made conferencing an easy and efficient way to bring stakeholders together.
Practical Uses of Predictive Analysis
If you could look into the future and see the outcome of a football game, wouldn’t you be motivated to head to Vegas and place a large bet on the game? That really is the theory behind predictive analysis. Predictive analysis is a set of analytical tools business stakeholders can use to predict the future and make business decisions that will give their business organizations the best chance for enhancing profitability.
Depending on the relevant industry, we see predictive analysis being used to develop Artificial Intelligence (AI) in the IT realm. It’s the use of AI that is creating the ability to make fast and efficient predictions about marketing and sales trends.
The most practical uses of AI include data mining, historical analysis and the handling of otherwise mundane administrative tasks. As for data mining, the digital world creates mounds of useful data. Unfortunately, this data is only useful if an organization has an efficient way to accumulate the data and formulate it into meaningful statistics.
Once these mounds of data are put together to paint a historical picture of the buying behavior of customers, it becomes infinitely easier for marketing personnel to put together marketing strategies that offer customers the best shopping experience. That usually results in higher capture rates, which ultimately translates to higher revenue.
As for handling administrative tasks, predictive analysis is useful in helping to identify what vendors or customers want to know. Imagine being able to use AI to predict the questions customers might have before they actually ask them. The ability to do that saves time, which generally translates to more revenue with less effort.
How Predictive Analytics Advances Has Rewritten the Rules on Corporate Conferences
In the past, stakeholders had to invest a lot of time and money to participate in group conferences. They had to deal with making travel plans, securing accommodations in a busy conference center location and spending the requisite time needed to garner whatever information was needed from the conference.
Today, robust conferences on a variety of business topics can be organized around a simple group conference call. What’s truly amazing is these group conference calls can include literally hundreds of participants. Even better, some of the software platforms for these group conferences allow for video/audio participation and access for attendees to break out in smaller groups for mini-conferences.
The way predictive analysis plays into the group conferencing process is actually quite interesting. Through the use of AI, data can be collected from prospective attendees regarding what topics should be covered. The information might also point out information about how attendees would like to see the conference flow. By using this information, conference organizers should be able to create the optimum conference experience. Anytime you can make things pleasant and efficient for stakeholders, the more likely they are to participate in the future.
Conclusion
The world of business interaction is changing rapidly. The money stakeholders can save by attending group conferences online is money they can put back into the business. At the end of the day, a dollar saved is a dollar earned. Indeed, predictive analysis group conferencing is quickly changing the way consumers and businesses interact with one another and among themselves.