Predictive Analytics Help Organizations to Save Cost, Increase Efficiency and Reduce Uncertaintyby Syntelli S. Marketing In a highly competitive economic environment, businesses cannot completely rely on decision-making techniques. Therefore, to analyze current and historical facts and to make predictions about future or unknown events, enterprises rely on predictive analytics that encompasses a variety of statistical techniques like predictive modeling, machine learning, and data mining to make future predictions. Predictive analytics is used by businesses to predict trends and behavioral patterns by extracting information from data. Analysis of the data provides a snapshot of the present and forecasts for the future. Sometimes these forecasts have new questions and accompanying methodologies that are more accurate than standard methods, increase efficiency and are more cost-effective.
Predictive analytics broad application across varied business functions:
General Electric - GE aviation recently developed a new technology based on predictive analytics to predict an incipient failure in aircraft before it actually manifests and it was able to predict around 16 days earlier that an aircraft system was moving away from the normal and highlighted to a faulty valve.
McDonald's - McDonald's are applying predictive analytics to enhance customer experience and increase collaboration. Earlier also they have applied analytics to discover an error that is occurring in the drive-through orders after which they adopted new order-taking procedures and also upgraded audio equipment. In another new project, they are analyzing car traffic patterns using the store's external cameras that can later be used to optimize the design of drive-through lanes and windows.
ConAgra Food - This company is using predictive analytics in human resource to improve their hiring rate of successful candidates, to identify high performing leaders and to respond to potential employee resignations.
TiVo - TiVo is using predictive analytics to analyze the impact of social TV on increase in sales and also to analyze sales response within 24 hours, volume, sentiment analysis and long-term effect on sales.
Monsanto - This company is using predictive analytics to help farmers improve productivity, reduce farming costs and grow the best quality foods for consumers and better feed for animals. The company has come up with Integrated Farming Systems using predictive analytics that is designed to provide farmers with the latest approach to boost on-farm productivity and to support on-farm productivity to come up with highly sustainable agricultural systems for increasing world population.
Besides these, all major online companies like Amazon, eBay, Google, and Facebook are using predictive analytics to gain insights about everything. In future also more and more companies across diverse industries are expected to embrace analytics in future to increase efficiency, reduce uncertainty and save cost.
Created on Nov 21st 2018 03:12. Viewed 412 times.
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