There are many enterprises that utilize Predictive Analytics. This not only helps them exploring new market opportunities, improve the operational efficiency of the business process, strengthen customer loyalty and retention but also enable them precisely mastering customer target approach and exploring new business models. Some indicative business benefits are
- Increase sales turnover
- Increase campaign response rate
- Reduce marketing spend
- Reduce customer churn
- Increase customer acquisition, retention, and loyalty etc
Predictive Analytics Tools:
A wide range of tools is used in predictive modeling and analytics. Some popular vendor names in the market are:
R, Apache Spark, HP Haven Predictive Analytics, Actian Vortex Express, Konstanz Information Miner.
SAS, IBM, SAP
Google Prediction API, Microsoft Azure Machine Learning, BigML, PredictionIO
- Focus on prediction/ trends and foresight rather than just information collection, organization, and clustering.
- Quick time-bound prediction and forecasting by taking decisions on most recent and latest insights
- Understand the end goal of Predictive Analytics for the organization.
- Define the approach for gearing them towards Predictive Enterprise
- Keep business users engaged with what Predictive Analytics could help them achieve.