Predictive Analytics Application across Diverse Sectorsby Syntelli S. Marketing Predictive Analytics is the use of statistical data and advanced analytics to predict future events. It can help businesses attract new customers as well as retain or grow their profitable existing customers. Predictive analytics is the use of data, statistical algorithms and machine learning techniques to identify the future outcomes likelihood based on historical data. The aim is to provide assessment of what will happen in the future. Though predictive analytics has been around for sometime but the time for this technology has arrived now, as today several organizations of diverse sectors are turning to predictive analytics to increase their bottom line and competitive advantage.
The use of predictive analytics is increasing mainly because of growing volumes and types of data, therefore businesses are showing interest in using data to produce valuable insights. Computer systems have become much more cheaper and due to the availability of easier-to-use software, predictive analytics is used across diverse sectors. Beside, today there is a tough economic conditions and there is a need for competitive differentiation. Predictive analytics no longer remain the domain of mathematicians and statisticians but even business analysts and business experts are using this technology as well because of the interactive and easy-to-use software.
Predictive analytics is used across diverse industries to reduce risks, optimize operations and increase revenue. A close insight on how predictive analytics is benefiting across diverse sectors:
Banking & Financial Services - With huge amounts of data and money at stake, financial sector leverage upon predictive analytics to detect and reduce fraud, measure credit risk, maximize cross-sell opportunities and retain valuable customers.
Retail Sector - Today retailers are commonly using predictive analytics for merchandise planning and price optimization. It helps them to analyze the effectiveness of promotional events and in determining lucrative offers for consumers. They gained insight on customers by analyzing behavior, giving complete picture of customers and realizing increase ROI.
Government and Public Sectors - Predictive analytics can be used by any industry to reduce risks, optimize operations and increase revenue. This technology has been used by even the governments and the public sector to improve service and performance, detect as well as prevent fraud, understand customer behavior and to enhance cyber security.
Healthcare - Healthcare industry is using predictive analytics to detect claims fraud but also to identify patients who are at risk of chronic disease and to find which interventions are best. Predictive analytics help healthcare sector identify patients who are not adhering to prescribed treatments, thereby resulting in great savings.
Manufacturers - It is vital for manufacturers to discover factors that lead to reduce quality and production failures. They also use this technology to optimize parts, service resources and distribution.
Created on Apr 18th 2019 03:57. Viewed 327 times.
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