What is Predictive Analytics?
Predictive analytics is the use of data and machine learning algorithmic technology to identify and inform future outcomes based on company, market, and global data. By definition, predictive analytics is the branch of the advanced analytics which is used to make predictions about unknown future events. Predictive analytics uses many techniques from data mining, statistics, modeling, machine learning, and artificial intelligence to analyze current data to make predictions about future.
Predictive analytics has been around for decades. However, technology has changed the predictive analytics landscape. Organizations have realized quickly that building in predictive analytics process into planning is no longer a ‘nice to have,’ but has become a necessity. Companies are turning to predictive analytics companies to increase their bottom line, overall planning, and competitive advantage.
Software tools and service have become easier to integrate and manage across organizations. Once thought of as the expertise of company mathematicians and statisticians, predictive analytics has transformed into a multifunctional tool that spans roles and experience levels. Business analysts, department leaders, and C-Level executives can access and use advanced statistical analytics to increase productivity.
What is the Predictive Analytics Use Case?
Predictive analytics is used in almost every type of organization financial services, insurance, telecommunications, retail, CPG, travel & hospitality, capacity planning, product development, pricing models, customer lifecycle, sales planning and much more.