Use data to drive business success.
Imagine you're a business leader making informed judgments regarding your company's future. You're overwhelmed by data and need a tool to simplify decision-making. Learn how predictive analytics will help your business prosper by reading ahead!
What is Predictive Analytics?
Predictive analytics is a type of technology that helps businesses do their jobs. It guesses what will happen or how people will act in the future by
● Getting the right information from different places.
● Cleaning and processing the data to make it usable.
● Analyzing the data using statistical and machine-learning methods.
● Building models that can be used to make predictions.
Why is Predictive Analytics Important?
Businesses today acquire massive volumes of data from social media, sensors, customer interactions, and transactions.
Organizations can use predictive analytics to find patterns and trends in this data.
Predictive modeling helps firms make better decisions, optimize operations, and remain ahead in a changing market.
How Do Companies Use Predictive Analytics?
Here are some examples of how organizations use predictive analytics:
Forecasting the Future:
Companies use predictive analytics to forecast future demand and make better pricing decisions. An excellent example of this is Amazon.
Optimizing Supply Chain and Production Processes:
Companies that make consumer goods, e.g., Procter & Gamble, can avoid shortages and overstock by looking at customer demand data and changing their inventory and production.
Improving Customer Experience:
Predictive analytics can help businesses improve the customer experience by predicting how and what customers will do.
For example, Netflix suggests movies and TV shows based on what viewers watched in the past. This makes the customer experience better as a whole.
Detecting and Preventing Fraud:
American Express and other financial companies use predictive analytics to find and stop fraud. They look at past fraud data and look for patterns that could be signs of future criminal activity.
The Benefits of Predictive Analytics For HR
HR departments can benefit from predictive analytics in many ways:
● Find the best ways to hire people
● Retain employees
● Find out who is doing well and who needs more help
● Set up programs for training
● Increase diversity
Use Predictive Analytics for Your Company:
Predictive analytics is a must-have skill for all business leaders. To become a pro, you can join our upcoming public trainings on analytics! No technical background is required.
Sign up now and take your company to the next level!
Customer Analytics: Practical Tools and Techniques (in partnership with ANZCHAM Philippines) - April 26, May 3, and 10, 2023 (online)
HR Analytics: The Tools and Techniques You Need - May 15-16, 2023 (face to face)