What is Predictive Analytics?
A branch of advanced analytics, it is used to make predictions about unknown events in the future. It extracts information from existing sources of data to determine patterns and predict future trends and results. It uses different techniques to make such predictions, like artificial intelligence, statistical modelling, machine learning, etc. A reliable method of forecasting, it also focuses on risk management and takes what-if scenarios into account. Moreover, it helps organisations adapt to the needs of the industry and innovate on the go.
When applied to business, predictive models can analyze historical and current data to understand products, customers and partners, and identify potential opportunities and risks. Thus, it can be used to analyse buying patterns and provide meaningful insights to organisations to help them add more value to their offerings and ensure that customers enjoy a better buying experience.