What Is Predictive Analytics?
With Quantiful's easy-to-use and powerful tools, you can build and deploy measured predictive models directly into your core business processes to identify trends, understand your customers, improve your business, predict customer behaviour and, most importantly, make strategic decisions for better marketing and business performance.
What is predictive analytics?
Predictive analytics derives information from existing data sets (including current and historical data) to determine possible patterns and predict future outcomes and decisive trends. Predictive analytics core capability is that it can forecast what might happen in the future with a degree of reliability, and its forecasts includes what-if- conditions and risk analysis.
Predictive analytics uses data, data-oriented algorithms, and machine learning to predict possible future outcomes based on current and historical data, resulting in informed insights that can lead to better actions.
Why is there a surge in the number of companies turning to predictive analytics to improve their bottom line and gain competitive advantage?
The top reasons for the increase in interest in predictive analytics include:
More scope to gather data and more interest in using this data to produce beneficial results
Availability of faster, affordable cloud storage and user friendly software
Volatile economic conditions and the need for key differentiators
Because of this, the task of predictive analytics is no longer confined within the domains of statisticians and mathematicians and, as a result, even a company's business executives can now use these technologies.
Benefits of predictive analytics
Predictive analytics can help companies’ make better decisions by identifying marketing trends, understanding customer behaviours, improving business performance, assisting in decision making and predicting behaviours.
Applications
Predictive analytics can be used for a number of applications including:
Fraud detection and security
Marketing
Risk
Clinical decision support systems
Customer relationship management
Portfolio level prediction
How to get started?
To get started with predictive analytics, you first need to agree the problem you want to solve i.e. what do you want to be able to predict from the data?
Unfortunately, predictive analytics is often hindered by a company’s inability to turn these insights into decisive, valued actions. Quantiful cannot only develop these insights, but can also deploy the data findings directly into your processes. Having the ability to better manage your data and predict customer behaviour, can lead to a new scale of success for your business.