Prediction modelling predicts future outcomes or events by analysing current patterns or data that is likely to forecast future results.
Whilst no one has a crystal ball, Geotech Information Services do utilise statistical analysis and prediction modelling to unlock the sercrets on what drives performance of products or services that are unique to a particular industry and brand.
Predictive modelling can have many different business applications, including identifying what drives sales revenue, what makes the highest performing stores perform as they do, and identifying what types of products a consumer is most likely to purchase.
Putting Science Behind Business Decisions
Businesses have a wealth of information available about their network of stores, and their products or services. However, many do not have the in-house expertise to analyse and take full advantage of the data and information available, and the ability to then link the findings back to actionable business strategies.
Geotech Information Services assists businesses understand what drives demand for their specific products or services, and provides insight into what this means for their business. Putting science behind business decisions, allows businesses to more confidently move forward with growth strategies.
Geotechs expertise are in building prediction models and tools to forecast future revenue or performance, and unlocking the critical factors driving performance of a brand. Once developed, a model or tool can not only help prioritise new site opportunities, but it can also assist with optimising the performance of an existing network – what stores are both over and under performing theoretical potential so that action can be taken.
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Location Growth Strategy
Incorporate prediction modelling as part of your location growth strategy to determine the best locations for your brand.