Whether you’re a housing association, maintenance contractor or local authority, data is one of the most powerful tools for your business. Extensive and accurate data collection allows your organisation to spot trends and opportunities, while constantly analysing the data to find new ways to improve.
You’ll also be able to use this data to inform essential decisions and set strategic goals, which when combined will help to improve customer satisfaction and ensure you’re providing an excellent service.
In order to adapt to a constantly changing and evolving digital world, predictive analytics has been at the top of businesses’ wish lists for some time. Having the right tools to capture and analyse data is no longer seen as a nice to have, but an absolute essential.
If your organisation has the correct technology and software in place to facilitate good data management, then you’ll notice a considerable improvement in business performance and your ability to plan for the future. Not only does this benefit the business, but it will also deliver excellent results in terms of employee and customer satisfaction.
In this article, we explain what predictive analytics is and introduce you to ROCC Focus, our comprehensive business intelligence and analytics platform. With our help, you can see all of your business data across multiple systems in one place and in real-time.
What is predictive analytics?
Predictive analytics is the use of historical data, statistical algorithms and machine learning techniques to identify patterns, relationships and trends. This information is then used to help predict future outcomes and drive strategic decision-making.
By using predictive analytics tools and models, your business can use past and current data to forecast trends and behaviours and plan accordingly. This means you can detect risks and opportunities that may have otherwise gone unnoticed.
What are the benefits of predictive analytics?
Before we look at how ROCC Focus can work for you, it’s important to consider the benefits associated with predictive analytics.
- Able to forecast future trends
The main principle of predictive analytics is to forecast future trends and outcomes. For example, as a housing association, you may be able to make predictions about tenant behaviours and expectations. Or, alternatively, a maintenance contractor will benefit from data that helps to preempt future work ahead of time.
If you’re able to understand what could be required in the future, you can develop strategies that help to minimise risks and capitalise on opportunities.
- Goes deeper than traditional analysis
With the help of predictive analytics, you’ll be able to gain a deeper understanding of your operations and customers. Not only does predictive analytics analyse historical data, but it also helps you to anticipate what might happen in the future.
It’s much more detailed than traditional analysis, allowing you to discover otherwise hidden patterns and relationships within data that can give you an additional advantage.
- Uses advanced techniques
Advanced statistical techniques and machine learning algorithms are used to analyse huge amounts of data accurately and obtain worthwhile insights. Some techniques may include regression analysis, time series forecasting and neural networks that help to develop accurate predictive models that can be tailored to your business’s specific needs.
- Allows accurate decision-making
The more accurate data and insights you’re exposed to, the easier it is to make key business decisions now and in the future. Predictive analytics allows you to assess different scenarios and analyse potential risks, meaning you can improve your decision-making and create effective strategies.
- Time and cost-effectiveness
The final benefit of predictive analytics is a no-brainer. With the ability to effectively predict future trends, you’ll save valuable time and money further down the road. Accurate data allows you to plan accordingly, ensuring no time or resource is wasted across your business and budgets are able to be forecasted accurately.
This is beneficial not only for your business but also for the customers you serve.
Harness the power of data with ROCC Focus
Not sure where to start with implementing effective data management? At ROCC, we believe our cutting-edge predictive analytics software will allow you to make accurate predictions about the future and transform your business.
Mining through the huge, and constantly growing, amounts of tenant and property data you have at your disposal, we’ll ensure all of your important data across multiple business systems is kept in one place and captured in real-time.
ROCC Focus allows you to see all of your data on a single screen and enables you to keep track of all your key performance indicators and business measurements. With just a simple click of a button, our software provides insight to turn disparate data into information that helps you identify opportunities and risks, while informing decisions about the future of your business.
- Track your KPIs and stay on top of your targets in real-time.
- Multiple data sources ensure you see all your data from different systems in one place.
- Real-time access to operational and business information from anywhere at any time.
- Empower all users by assigning dashboards, charts and reports to all information consumers.
- With the click of a button, Predictive Analytics utilises statistical techniques such as data mining, predictive modelling and machine learning to analyse current and historical information to make predictions about future or otherwise unknown events.
- Quickly analyse existing data from any part of the business and receive easy-to-understand visualisations.
- Enables proactive decision-making and saves you money with cost-effective planning.
- Provide better service while minimising disruption to your customers and employees.
Peter Luck, Business and Operations Director, ROCC, explained: “ROCC Focus is the only solution that has been built specifically for housing organisations and intended to be used by everyone in the business – not just those expert few who have technical skills.
“Yes, there are other solutions housing associations can use, such as PowerBI or Qlik, but these come at a cost, require a strong level of technical report-building ability and do not come prepackaged with over 100 dashboards, charts and predictive models built for housing providers.
“The fact that ROCC Focus can plug into any and all data sources, including public sources, and then turn that data into information that is accessible to non-technical users, makes it a uniquely powerful solution for the housing market.”