About Predictive Analytics and its benefits
Predictive Analytics is an advanced analytics used to predict the unknown facts or events of the future. This uses many techniques like statistics, data mining, modeling, machine learning and artificial intelligence to use the current data and make analysis or predictions for the future. This uses many advanced techniques of Information Technology and modelling business process to make predictions for the future. The patterns analyzed or found in historical and transactional data will be used to identify any risks or opportunities for future. This model captures many factors to know the kind of risk with a set of conditions. By using predictive analytics, companies can analyze data and can take better decisions to improve their business and increase their profits.
Different techniques of data mining, analytics and statistics helps the business users to create predictive intelligence by uncovering patterns and relationships in both the unstructured and structured data. When I mean structural data like Age, gender, marital status, sales and other structures data. Some of the unstructured data like the text data in social media, images and other unstructured data can be used by predictive analytics and build the modeling process.
Predictive Analytics help the organizations plan and make the right decisions at the right time. This also helps in identifying any risk and follow a mitigation plan. This helps in planning ahead and benefit from the predictions. Suneratech helped a for-profit education company to make an informed decision using Predictive Analysis.
General Steps followed in Predictive Analytics:
1) Define the Project
2) Data Collection
3) Data Analysis
4) Statistics
5) Modeling
6) Deployment
7) Model Monitoring
Different Applications of Predictive Analytics, some of them are listed below:
1) CRM (customer Relationship Management): These Predictive Analytics Application helps in achieving the CRM goals like sales, customer services and market campaigns and other activities that involved in the life cycle and help in taking the right management decisions for the growth of the organization.
2) Health Care: Predictive Analytics Application helps in knowing whether a patient can develop conditions for different diseases like Diabetes, asthma etc.
Industries which can use Predictive Analytics:
Different markets where predictive analytics is used are Tele Communications, Pharmaceuticals, oil and gas, Insurance, Banking marketing, Financial Services like this Predictive Analytics is used in many industries.
Software which developed Predictive Analytics:
Some of the Predictive Analytics Software is IBM Predictive Analytics, SAP Predictive Analytics, RapidMiner etc.
