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analytics program enablement for growth-mindset organizations

How Your Company Can See The Future With Predictive Analytics

Predictive analytics has already been part of daily lives for quite some time now–we take advantage of this technology every time we look up tickets for a future flight or check the weather forecast several days ahead. While this has become a common occurrence in our personal activities, several companies have not yet used this technology to anticipate future business events.

This doesn’t mean that businesses are completely unfamiliar with predictive analytics. The majority look at the practice as either a current investment priority or one that will be prioritized within the next few years. This increasing public awareness and application is because many more companies have a better understanding of the value of predictive analytics, as well as the spread of of advanced technologies that are easy to use.

Predictive Analytics

The power of predictive analytics is now known to a wider audience, including company analysts and key decision makers, who can adopt the practices quicker and better. There is also a wealth of user-friendly tools that help them make the most of intuitive models to discover new patterns, adapt to change and predict trends. The introduction of this computing technology has greatly reduced the amount of time as well as the expenses required of data processing and makes it easier to analyze a large mass of data.

The more that organizations make use of predictive analytics, the wider the net of opportunities they get for undiscovered areas of analysis. While almost all companies get data from structured sources, such as past records and tables, there are several solutions that can implement new data points into current structures. This can include unstructured data such as social media, and it leads to new, in-depth and valuable customer insights and the best way to provide value to those customers.

Several leading companies in both the US and the United Kingdom report several benefits of adopting predictive analytics solutions, such as an improved business performance potential, better use of available data and better insights into current business dynamics. Predictive analytics is also known to affect the bottom line of a business, helping them detect fraudulent transactions as well as determining customer revenue.

 

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