![]() ![]() ![]() ![]() How to use predictive analytics in different business scenarios: 3 examples Gartner defines predictive analytics as a form of advanced analytics that examines data or content to answer questions such as, "What is likely to happen?"Predictive analytics uses historical data, artificial intelligence, and machine learning to predict future outcomes.Predictive analytics solutions use statistical tools such as regression analysis, data modeling, forecasting, and multivariate statistics to answer questions around what will probably happen in the future. We’ll also walk you through the steps to successfully embed predictive analytics into your business process. This article will discuss how to use predictive analytics in different business scenarios along with real-world examples. ![]() You must follow this disciplined data approach to be able to make more accurate forecasts poor data collection and preparation results in watered-down prediction models, which will lead to bad business decisions. Collecting, organizing, and storing the right data are prerequisites to adopting predictive analytics. Sales teams using predictive analytics are nearly three times as likely to be outstanding or very good.īut, successfully implementing predictive analytics is a big challenge, especially for small businesses with limited data management resources. Sixty-six percent of sales professionals report that using predictive analytics increases their sales velocity. With the right data, you can predict future business outcomes with greater accuracy. Researchers in Germany are predicting which products are likely to be returned by specific customers after a sales season, helping e-commerce companies better organize their delivery teams to reduce costs.īut how do you make predictions such as these and identify which are the accurate-more realistic-predictions? FOR EXAMPLE:Ī small coffee shop in New York saved 38 percent on its marketing costs by predicting which customers were likely to churn, sending them targeted discount offers and putting less effort into loyal customers and lost causes. Maybe that’s because predictions are so hard to make and even harder to get right.īut, making the right market predictions will save your business tons of money and will deliver superior results. Predictions have always piqued our interest. ![]()
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