Why Predictive Analytics is A Must for Any Business Today!

1. Why Predictive Analytics is A Must for Any Business Today! On route work, have you ever received a message on your phone suggesting a nearby restaurant serving your preferred food? Or while listening to music, have you ever received suggestions for songs that you are most likely to enjoy? Or most shocking, your car notifies you that it is going to need a servicing in two week’s time, else its transmission will suspend. I was gob smacked when I received such suggestions for the first time on my phone. Upon reaching work, I explained my horror and a cool colleague just told me that it was a result of Predictive Analytics. That was my first introduction to the term which was soon going to take the marketing and business world by storm. The world is going gaga over Predictive Analytics. Bering the quality of improving your business relationships, this new technology deserves the accolade that it is receiving. No, it is not something new or unknown. It has been around for quite some time, but, the environment was not as adequate back then as it is now. What is Predictive Analytics? It is basically data, technique, statistics and algorithms that help one identify or assess future trends. It is crucial for any business to know what the future will bring for their niche so that they can be well prepared to face the future challenges and well stocked to gain the best business in future. With the help of analytics, this technology alerts you about future trends that are anticipated to rule your industry, so that you can equip yourself for future.

2. Why is it such a rage? It is a rage because not only does it tally the outcome of your actions you are taking at present but even predicts what’s yet to happen. It is a great way of finding out how you can engage better with your audience and customers. You don’t even realize whenPredictive Analytics come in play to make your experience a better experience. For example, you are driving to a destination and your Navigator suggests routes that would be less crowded or routes that would be more convenient for the type of car you have. Such is the competence and effervescence of this technology that it leaves you awestruck and alerted at the same time. It prepares you for what can happen the next day, the next week or the next decade. About 36.8% companies invested in Predictive Analytics in 2016 according to a reliable report. Forbes reported that about 86% of companies, having $20million in revenue, have been investing in Predictive Analytics and have already had better Return on Investment. Having this analysis is an opportunity for marketers to foster leads as you can send them hyper personalized messages or serve them better since you already have the data that tells you a lot about their buying inclination. Conclusion Be it Governmental organizations, charities, hospitals, marketing firms, schools or universities, every sector is using this technology to better understand their audience and to engage with them on a much deeper level so that the consumer can be served better. At present the Predictive Analytics software are more inclined towards predicting your buying trends and the possibilities of you spending money in future but the future hold better promises as the newer software will be about finding ways for improving the revenue for companies. The technology is going to be more accurate and in depth, and the focus is going to be on factors that can bring better revenues for your business regardless of what your work stream is.