You won’t be able to see the future with predictive analytics, but you will be able to forecast likely trends and patterns. Essentially, it’s similar to weather forecasting, where the basic premise is to use past data to guide our thoughts for future outcomes. Here are three ways to begin scratching the surface of predictive analytics.
By following the steps above, you will be able to start using predictive analytics to forecast important developments, such as changes in the performance of your competitors, predicting risk or the changing preferences of your clients.
For example, U.S. retailer Macy's is using predictive analytics to better target consumers and develop more tailored digital marketing campaigns. After developing 20 predictive models and deploying better targeted e-mails, the retailer saw an 8-12 percent increase in online sales.
With the explosion of data available to most businesses today, there is little excuse not to leverage that data to power predictive insights that can help your business survive and even thrive in an increasingly demanding and competitive marketplace.
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