Is Predictive Analytics Real or Does it Promise More Than it Delivers?
Why would anyone want or need to use predictive analytics? What good is forecasting anyway? Doesn’t it always end up being wrong? Well, no! That’s why wise businesses use these techniques to plan and forecast and to understand how a change they are considering might impact their business success. Nearly every organization today is using analytics to improve productivity, competitive positioning, market presence, financial investment strategies, price point planning, risk mitigation and many other business factors.
Here are just a few of the ways in which you can use predictive analytics to refine your business strategy, discover opportunities and plan for the future. These examples may give you some insight into how your own business might benefit from predictive analytics and the use of augmented analytics within your teams:
- Banking, Financial Services, Insurance: Risk and fraud mitigation helps the business to mitigate fraud, refine loan approval processes, improve business results and develop and sustain fraud detection to enable operations monitoring.
- Retail, Small Business Services: Understanding customer churn and how to sustain a customer relationship rather than having to replace a lost customer. Businesses can also plan for demand and accommodate seasonality or other factors with adjustment of supplies, inventory and resource plans.
- Research, Medical, Wellness: Targeting clients and customers in a particular demographic or with particular characteristics or traits to anticipate the need for additional supplies, resources, and develop key messages to attract and inform the right market or segment.
- Manufacturing, Production, Supply Chain, Infrastructure, Logistics: Plan for necessary maintenance, reduce downtime, assure appropriate resources, training and more.
- Technology, Professional Services: Anticipate the hiring, training and job satisfaction issues that will allow the business to hire the right people and retain the right talent and skills.
These are just a few of the ways predictive analytics can help your business to succeed with assisted predictive modeling, augmented analytics that are suitable for every business user and intuitive for use by those with average technical skills. Predictive analytics for business users allows your organization to test theories and hypothesize how a change might affect the outcome and bottom line. It enables business users and the management team to forecast more accurately and confidently.
If you want to benefit from Predictive Analytics And Assisted Predictive Modeling, Contact Us today. Explore our Use Cases to better understand how Predictive Analytics is used in business today.