Boost Your Business With the Ultimate Guide to Predictive Analytics
Susan Currie Sivek, Ph.D.
Using predictive analyticsPredictive analytics uses data, statistics, and machine learning techniques to build mathematical models that can generate predictions about things likely to happen in the future…. More in business is a hot topic, but it continues to feel a little mysterious. People around the world are intrigued by the potential of data and artificial intelligence to predict future events, grow companies, and transform industries. Check out the Google Trends chart below, showing how search interest in the term “data scienceData science combines statistics, computer science, scientific methods, and business knowledge to analyze, model, and predict using data. The data science toolkit can be used… More” has skyrocketed since 2004:
But a lot of curious searchers probably stop there. The excitement undoubtedly fades when they encounter complicated, jargon-filled explanations of how AIArtificial intelligence (AI) refers to the development of computerized systems that can carry out tasks and perform actions that augment or take the place of… More is applied to big data to solve real business challenges.
We know well that the data science field is complex. That’s why Pecan focuses on making data science and predictive modeling accessible to everyone, not just data scientists. In fact, we want every organization to be well positioned to benefit from the important data innovations reshaping today’s business world.
Find out how marketing organizations are making the most of predictive analytics.
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The value of predictive analytics for any business
Predictive analyticsAnalytics is a business practice that uses descriptive and visualization techniques to gain insight into data; those insights can then be used to guide business… More can provide businesses invaluable insights into future trends and behaviors, allowing them to make informed decisions and take proactive measures.
What is predictive analytics? Based initially in artificial intelligence, it’s an analytical process that leverages data, statistical techniques, and machine learning algorithms to identify the likelihood of future outcomes based on historical data.
If that doesn’t sound so exciting, wait until you see how many business areas this method can positively affect. Predictions can be applied to a wide range of business areas, such as customer behavior analysis, marketing campaign management and optimizationBroadly speaking, optimization is a process used to either maximize or minimize an output value by selecting the right input values. In data science, this… More, and resource planning, among others.
With the ability to anticipate and respond to future events, organizations can stay ahead of the competition, reduce costs, and improve overall performance.
Putting predictions to work
Predictive analytics is a rapidly growing field with amazing potential to transform businesses. By using historical data to identify patterns and relationships, predictive analytics models can make accurate predictions about future events and outcomes. These predictions provide organizations with a deeper understanding of their customers, market trends, and internal processes.
There are a wide range of predictive analytical models that use data collected by organizations, including even large data sets, to provide insights into future outcomes.
For example, in the field of marketing, predictive analytics can be used to identify which customers are most likely to respond to a particular offer or campaign, allowing businesses to targetA prediction is the ultimate goal of a predictive model. In Pecan, a prediction is often tied to a specific customer. After learning from data… More their efforts more effectively. Campaign management and optimization can also be enhanced by predicting lifetime value and attracting more of the ideal customers a business seeks.
In the area of demand planning, predictive analytics can be used to identify customer demand trends and plan ahead to ensure customers’ needs are satisfied.
With the ability to forecast future events and behaviors, organizations can make data-driven decisions that improve their overall efficiency and competitiveness.
In short, learning more about predictive analytics can give business professionals the tools they need to make informed decisions, stay ahead of the curve, and achieve their goals.
Sounds like a pretty great capability, right?
A guide to the essentials of predictive analytics
Ready to dive in? Check out our guide, “The What and Why of Predictive Analytics.” The guide explains the basics:
- How predictive analytics works
- Approaches to implementing predictive analytics models
- The benefits of predictive analytics when foreseeing future outcomes is incorporated into your day-to-day decisions
The guide also puts predictive analytics into context with the other frequently used terms you’ve probably encountered, like machine learning and artificial intelligence:
Start exploring predictive analytics and its potential to grow your business with this clear, straightforward guide to the basics.
Check out the excerpt from the guide below that shares three important reasons to consider adopting predictive analytics for your business.
Why Your Business Needs Predictive Analytics Today
New predictive analytics tools make the transformative potential of this technology available to everyone. There’s never been a better time to take your business to the next level by making the most of your data. Unquestionably, it’s an investment that will benefit your team, no matter what area of the business you’re in.
1. Own the Competitive Advantage
Keep in mind that your competition is likely already using their data for these purposes, or they will be very soon. Indeed, the wider availability of user-friendly predictive analytics software is making this competitive advantage much more accessible. You want to be the leader in adapting your business decision making to a data-driven approach, making proactive decisions based on accurate predictions about the future, not just “best guesses” based on what happened in the past.
2. Predict Success with Customers
Predictive analytics can help you stand out in the sea of companies seeking customers’ attention today. With more choices than ever before, plus rapidly shifting consumer expectations and loyalty, you want every advantage possible. Use predictive analytics to improve the customer experience and maintain the relevance, reputation, and efficiency of your business.
3. Build Resilience
It’s obvious that we live in a time of great change and uncertainty. To be sure, pandemics, conflicts, and technological shifts make it difficult to know how to proceed in your business. But if you can use historical data to generate predictions, you can design an informed path forward. Navigate changing market conditions with confidence.
Knowing about the future lets you plan for future events, even when things seem unclear. Embracing predictive analytics offers you and your business this special capability — and it’s truly the next step in your business’s evolution.
Ready to get the full guide? Download it now and accelerate your learning — then accelerate meaningful business outcomes with predictive analytics.
Pecan is here to help you find the right applications of predictive analytics for your business, without data scientists. Don’t hesitate to reach out if you’d like to assess your predictive readiness with a quick, easy use-case consultation. We’ll help you find the best way to get future-ready.