What is Predictive Analytics and How Can it Help My Business?
What is predictive analytics? Put simply, predictive analytics is a method used to forecast and predict the future results and needs of an organization using historical data and a comprehensive set of data from across and outside the enterprise.
Predictive Modeling allows users to test theories and hypotheses and develop the best strategy. It enables more accurate, dependable planning and allows the organization to use fact-based planning, rather than using guesswork or opinion or using incomplete data.
Data modeling provides a picture of products, services, locations, customers, investments, resources, competitors, marketing, sales and other aspects of the organization that will impact forecasting and planning.
If the business chooses an Advanced Analytics solution that includes Natural Language Processing (NLP), every member of the enterprise team can leverage these tools and plan for the future, asking questions in natural language and receiving answers in the same way. There is no need for programming or training in algorithms or statistical or analytical techniques.