Is it possible to do accurate predictive modeling in-house, or does it require outside expertise?
Data analytics has been a great way for us to gain insight into our customers behavior, but it doesn't really tell us what they will do in the future. We are discussing a predictive modeling project, and there is some debate whether we can do this in-house, or whether we need to contract out for the project. Obviously, the downside of the second option is cost, which will run into six figures. On the other hand, using our internal resources only results in savings if the results are valid. How accurate has predictive modeling generally proven to be, and is it realistic to take on the task in-house, or does it really require outside experts to get it right?
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