Predictive Analytics: Trends, Use Cases & Benefits

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Predictive Analytics Trends, Use Cases Benefits
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Predictive Analytics

• Today, analytics is an important part of business
  management. Predictive and prescriptive analytics
  are two of the most common forms of analytics
  techniques which is widely used.
• Predictive analytics is defined as the branch of
  advanced analytics which helps us to make
  predictions about unknown future events.
• The predictions about the future are made by
  analyzing using many techniques such as data
  mining, modeling, machine learning AI
• The future risks opportunities are identified
  by analyzing the patterns found in the past data.
• Businesses using this type of analytics can
  predict the future outcomes, pin down risks and
  can make better business decisions.

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Why Is Predictive Analytics Important

• Predictive analytics is being used by businesses
  to address problems and identify new
  opportunities. Typical applications include
• Detecting fraud Pattern recognition and criminal
  behavior can be improved by combining several
  analytics tools.
• Optimizing marketing campaigns Predictive
  analytics is used to predict customer responses
  and purchases to acquire and expand their most
  profitable consumers.
• Improving operations To predict inventory and
  manage resources, many businesses use predictive
  analytics. Predictive analytics allows businesses
  to operate more efficiently.
• Reducing risk Predictive analytics can identify
  possible areas of risk by sorting through the
  huge amount of data points gathered by most
  businesses and identifying potential areas of
  risk.

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Top Trends in Predictive Analytics

• The following are the top trends in predictive
  analytics that will impact the future of your
  business.
• Scalable Artificial Intelligence
• Personalized Solutions
• Flexible and Agile Data Analytics
• Hybrid Cloud
• Data Fabric
• Edge Computing to Speed up Analysis
• Customized Views
• Engineered Decision Intelligence

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Use Cases For Predictive Analytics In Business

• To predict future outcomes, predictive analytics
  models are integrated into applications and
  systems. Below listed are the use cases of
  predictive analytics
• Churn Prevention
• Customer Lifetime Value
• Customer Segmentation
• Next Best Action
• Predictive Maintenance
• Product Propensity
• Quality Assurance
• Risk Modeling
• Sentiment Analysis
• Preventing Churn

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