What is Predictive Analytics?
A branch of advanced analytics, it is used to make predictions about unknown events in the future. Predictive analytics solutions involve extracting information from existing sources of data, and determining patterns, and predicting future trends and results. It uses different techniques to make such predictions, like artificial intelligence, statistical modelling, machine learning, etc. Predictive Analytics solutions are a reliable method of forecasting, since it also focuses on risk management and takes what-if scenarios into account. Moreover, it helps organizations adapt to the needs of the industry and innovate on the go.
When applied to business, predictive analytics solutions analyze historical and current data to understand products, customers and partners, and identify potential opportunities and risks. This results in analyzing buying patterns and providing meaningful insights, helping organizations in adding more value to their offerings and ensuring that customers enjoy a better buying experience.