In business, the future is never clear but predictive analytics makes it clearer. Incorporating predictive analytics software into your business is a sure way to take a peek into what is likely to happen beyond the present and manipulating it to your advantage.
What is Predictive Analytics?
Predictive Analytics is a branch of advanced analytics which is used to make a prediction about unknown future events. It uses techniques from Data Mining, Data Modeling, Machine Learning, and Artificial Intelligence to analyze current or historical data to make a prediction about the future.
Simply using data to predict what is going to happen next, make predictive analytics applicable and valuable to all business sector, industry, organization, and government (Local, State, and Federal).
Predictive Analytics Use Case
Companies such as Health Catalyst uses predictive analytics with machine learning to predict the likelihood that patients will develop a chronic disease thereby improving people’s lives. The hospital medical record along with Health Catalyst internal data warehouse records on historical cases is used to gain insights on patterns that might lead to a higher likelihood of infection See Catalyst.ai and Healthcare.ai for more.
Oil and Gas
Rockwell Automation MPC software uses predictive analytics to maximize the efficiency and stability of the natural gas liquid (NGL) fractionation process. A challenge that companies in the industry must overcome in order to achieve specific quality.
Predictive analytics software such as Dataiku DSS (Data Science Software) uses vehicle raw sensor data for cars or trucks, cleanse, format, and model it to predict which components might fail or not perform as required
Predictive analytics solutions such as IBM SPSS are used to strengthen customer loyalty and retention, maximize and mitigate fraud, optimize the hiring process, drive revenue growth and profitability and manage risk, etc.
The local authority in Sonoma County in collaboration with IBM is addressing the challenges of Homeless people in communities using ACCESS (Access Coordinated Care to Empower Self Sufficiency), an integrated multi-disciplinary solution built on predictive analytics and AI.
Is Predictive Analytics For Your Business?
The continued survival of any business will depend upon an agile, data-centric architecture that responds to the constant rate of change. Predictive analytics has a huge role to play in business growth. It helps organization collate data points of their customers across all online and offline channels, extract actionable insights from it and enables them to create a roadmap for growth accordingly.
Businesses of all sizes can integrate predictive analytics to:
- Determine which target segment will be the most interested in your offerings
- What products and services are the more likely to buy
- Where are they purchasing the products and services from
- What nudges them to make the purchases
- How much are they really willing to spend
- What will nudge the consumer to spend more
These are priceless actionable insights for any business to outflank the competition. Organizations in likes Google, Facebook, and Amazon deploy predictive analytics to acquire, provide a rewarding experience, retain and win back their consumers.
How to Get Started
Predictive analytics is not rocket science. There are tons of solutions for companies of all sizes, including free tools. However, only a handful deliver on the promise and that’s where you trust experts in our team at Eureka Labs.
We house a team of young dynamic professionals with hands-on project experience applying predictive analytics to deliver simple yet powerful business solutions. Are you interested in integrating predictive analytics into your business process or you’d like to gain knowledge and expertise in Data Analytics, contact us at Eureka Labs today,
Uko George has over 10 year’s hands-on work experience in the fields of Telecommunication, Business Development, and Data Analytics. He is a Google Certified Analytics Expert, Certified Trainer for Facebook Business. He is the Lead Technical Business Analyst and Co-founder at Eureka Labs.