It’s time for this week’s featured Domo app. Today we’re going to take a peek at Predictive Toolkit, a revolutionary three-step predictive analytics app from Big Squid. Looking for a way to both reactively and proactively monitor your key business metrics? How about a way to forecast how certain decisions will affect those metrics? Well, you’re in luck.
How it works.
Currently, your brand likely relies on a data scientist to aggregate and transform your performance data before she or he can even start building any type of predictive functionality.Predictive Toolkit lives within your instance of Domo, using your real-time data sets to power predictive models—which means that it does most, if not all, of the data organization legwork.
This allows you to quickly and easily explore different business questions, or even dissect any one data set with multiple predictive models. Depending on the size of the data set, your forecast is crunched in seconds. (But please keep in mind that larger data sets can take a few minutes… we’ve got data science down, but we’re still working on time travel.)
Who can use it?
The app can accommodate all of your team members, no matter their specialty or involvement in the number-crunching side of your company. In a few clicks, business users can select their target data points and build a forecast. From within the toolkit, data scientists can access and build on these models.
Easy as 1, 2, 3.
We’re not lying when we call it three-step predictive analytics.
Step 1: Choose the data set you’d like to analyze and make predictions about. This includes a diverse range of metrics, from cancellations to employee retention to your sales pipeline. Let’s say you want to predict how certain internal business decisions will impact your customer cancellations.
Step 2: It’s time to get building. From within your chosen data set, you can dive deeper by hand-picking specific supporting metrics. To see which of these truly influence the model, you can “select all.” For our cancellations example, this includes customer service calls, days to sale, base fee, and the like. Once you have an understanding of what impacts what, you can go back to remove the less-important metrics and strengthen your model.
Step 3: Voila! Your forecast is served on a silver platter, complete with visualizations for easy digestion. Plus, the model-confidence grade lets you know how confidently you can rely on the resulting predictions. From there, you have more options: creating a new data set for future predictions, exploring “what-if” scenarios, saving the model, or applying it to another data set.
This is our favorite part. The Prediction Lab lets you explore how certain decisions will impact your KPIs. What if you increase your base fee? How will it impact the forecasted number of customer cancellations? Or what if you lower your number of penalties? This feature lets you change specific values to help offer prescriptive actions on what you can do to meet your business goals more efficiently and cost effectively.
Ready to see what this app, and other Domo Apps, can do for your business?
If you’re already a Domo customer, you can browse our ever-growing library of apps—or start building your own app today.