Insights into the Predictive Analytics
Dr. Hemachandran K
Director - AI Research Centre| Associate Dean | Manjeet Rege - Chair Professor |Course5i Chair Professor| Professor & Area Chair - Analytics Department, Woxsen University| ATL Mentor of Change
Predictive Analytics has opened new ventures in business organisations by providing ample opportunities. It’s an effective new way to look into the future by improving business and marketing strategies. Predictive analytics is the systematic use of data, machine learning techniques and a host of statistical algorithms to identify patterns that forecast the future outcomes based on huge chunks of historical data. It is about keeping an eye on what is happening in the market to determine the future.
How it is important?
The important aspect of Predictive analytics in the competitive market is to know the behaviour of competitors and make wise decisions for the profitability of a business.
Behind the Predictive Analytics
Data: Data is a huge wealth of information collected from many resources.
Statistics: After the collection of data, it is to be analysed. There are two types of statistical methods such as Descriptive Statistics and Inferential Statistics and various models to analyse it.
The most frequently used predictive modelling techniques are Decision trees, Regression and Neural networks. The other popular techniques are Bayesian analysis, Ensemble models, Gradient Boosting, K-Nearest Neighbor, Support Vector Machine and Time series data mining.
Expectations: Expectation is the output. The more accurate data, the more the predicted data
Benefits of Predictive Analytics
- Helps companies to get an edge over their competitors
- Business Growth
- To satisfy customers
- To make smart decisions from past data
- To provide personalized service
- Helps in customer retention
- Direct Marketing
- to recommend customer favourite products
- To launch behaviour-based advertising
- To predict the email to which the customer responds
- Credit Scoring
- To predict the donation amount in non-profit fundraising
- To help in Insurance pricing and selection
In addition to the above applications, it plays role in collections, supply chain optimization, human resource decision support for recruitment and human capital retention, and in market research survey analysis
Predictive Analytics helps your business to depend on the prediction of customer behaviour
………….if you predict it, you own it!!!!!!!!!