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Predictive Analytics: Trends, Use Cases & Benefits

The activity of collecting and analyzing previous data in order to predict future results is known as predictive analytics. Multiple data are combined to connect the dots across various departments, business processes, and data kinds.u00a0However, just combining different data sets does not always predict future behavior. To find trends in huge data, predictive analytics uses statistical approaches like as data modelling, machine learning, and even artificial intelligence.<br><br>For More: https://www.indiumsoftware.com/data-analytics/

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Predictive Analytics: Trends, Use Cases & Benefits

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  1. Predictive Analytics: Trends, Use Cases & Benefits

  2. 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.

  3. 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.

  4. 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

  5. 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

  6. Thank You For more Visit: https://www.indiumsoftware.com/data-engineering/ Inquiries: info@indiumsoftware.com Toll-free: +1(888) 207 5969

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