Prevedére - Big Data Predictive Analytics That Drive Business Results

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Big data company Prevedére creates an automated, systematic and repeatable solution, allowing companies to seamlessly identify and leverage external factors affecting business performance. Prevedére helps organizations to analyze past performance through a new lens and predict future performance using the correct, business-specific external factors, including macroeconomic influences, manufacturing activity, consumer behavior, online traffic and weather data. Last year Prevedére raised a $6.7 million Series A funding led by PointGuard Ventures. Here is our interview with Rich Wagner, CEO of Prevedére:

Q: What does Prevedére do really well? Tell us something more about the company?

A: Prevedére’s predictive analytics software allows companies to look beyond their own four walls to identify key external drivers of financial performance. By identifying and understanding how these external factors affect their businesses, companies make better decisions, rapidly increasing profits, reducing cost and outperforming competition.

Research from KPMG shows that companies’ forecasts are on average 13 percent off. That’s because most companies rely on past internal results and assumptions to forecast future demand and performance, overlooking the significant effects that external data like shifting customer preferences, global economic trends and even weather have on their businesses.

Prevedére solves this problem, allowing companies to examine and leverage the millions of external factors that affect their performance. By acting on fact-based data, corporations create more accurate forecasts and increase shareholder value.

Q: What is your core competence?

A: We give companies answers to the “whys” and “what ifs” behind business performance. For example: Why did sales drop last month? What if there’s a spike in oil prices – how will that affect our margins? What if the current market declines? What market should we enter and what markets should we exit? Before Prevedére, companies had to guess at these answers, resulting in having to explain to the board why once again they missed their targets. With Prevedére, companies can analyze past performance through a new lens and predict future performance using the correct, business-specific external factors, including macroeconomic influences, manufacturing activity, consumer behavior, online traffic and weather data.

Q: Last year you raised $6.7 Million in funding, what are your plans?

A: Much of the investment will be used to expand our staff to support our rapidly growing client base. For example, we are expanding our economic and data scientist teams who help us continue to create models and industry forecasts that give our clients unprecedented performance insights. We’re also adding account management, sales and marketing team members to help us reach new customers, and we will continue to enhance our product offering to meet client demands.

Q: What advantage does Prevedére have over its competitors?

A: Prevedére has several advantages over other predictive analytics providers. First is deep experience working in large companies to build and support software that provides answers to major business challenges. There is no other predictive analytics company that creates an automated, systematic and repeatable solution like ours, allowing companies to seamlessly identify and leverage external factors affecting business performance. Our unique solution helps our customers reduce inaccurate decision making in real time.

Secondly, Prevedére specializes in providing predictive analytics that leverages external drivers in an easy to use solution that works with any current internal system or platform. There is no more need for a “Boil the Ocean” technical platform approach that consumes large amounts of internal resources and time. With our cloud architecture and web browser-based software, our customers do not have to learn another system or have a background in statistics or economics.

Companies today spend weeks and valuable resources to try to mine for data themselves, only to have it become immediately outdated, in products from other software companies. We put answers, not data, in our customers’ hands, and that information is constantly updated in real time.

Additionally, our In Memory patent-pending software with our External Data Analytics™ engine uniquely finds hidden relationships between an individual businesses’ performance and these external factors – eliminating the need for statisticians and economists to spend enormous amounts of time to develop and test theories. Then, we modernized and improved legacy predictive model building with today’s advanced technology to better anticipate business performance. No other system can provide this level of intelligence and actionable insights.

Q: More generally, how do you see the Big Data Predictive Analytics landscape developing, and where do you place yourself in the industry?

A: Prevedére allows executives and key decision makers to truly use big data to make the right decisions, eliminating the technical barrier. Right now, most executives understand that there is a lot of information out there that could benefit their bottom lines, but they don’t know where to start – how to collect it and what to do with it once they have it. As more and more data becomes available, companies can easily get overwhelmed – making sense of what data is meaningful and what is garbage. We eliminate that confusion.

Once companies have a handle on just what information is out there, how to get it and then what to do with it, that’s when the power of predictive analytics can be utilized. It’s not enough to look at this information as a filter for what happened in the past. How will you use it to make better decisions for the future? CEOs and CFOs have found our software invaluable and mission critical in making all operational and strategic decisions. We have now helped dozens of industry leading companies take advantage of global data, providing new, better and faster insight into business drivers and eliminating decision making based on guesswork and gut feel. In today’s fast-changing and highly volatile global economy, creating forecasts with predictive analytics using external drivers is a must for companies to outperform competition.

Last Updated on January 29, 2016

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