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Predictive analytics is the practice of extracting information from existing data sets in order to determine patterns and predict future outcomes and trends. and does not tell you what will happen in the future. Thank you
Predictive analytics are used to determine customer responses or purchases, as well as promote cross-sell opportunities. Predictive models help businesses attract, retain and grow their most profitable customers. Improving operations. Many companies use predictive models to forecast inventory and manage resources.
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Predictive analytics are used to determine customer responses or purchases
Predictive analytics is process of generates the stats/Machine learning model , which is trained by history data to predict future outcomes.
Based on the customer history data , analytics can categorize the customers and predict the forcast report which helps firm to provide better services to increase the sales.
Predictive analytics is the use of data, statistical algorithms and machine learning techniques to identify the likelihood of future outcomes based on historical data. The goal is to go beyond knowing what has happened to providing a best assessment.
Well its by making use of experience and intelligence to analyze current data to make predictions about future behaviour of Customer. Its important in terms of Business as it offers a unique opportunity to determine customer response and identify future trends and allows organizations to act upon them
All my friends explained it so well below and I appreciate their views and agreed with them.
To predict future behavior. In doing so it identifies risks and opportunities. By consolidating all the customer data existing within the company’s databases with what customers are saying on social media and other public platforms
predictive analytics is computers learning from past experience to make forecasts about what might happen based on statistical likelihood , it uncovers statistical patterns and monitors processes to better understand the current business situation , it can figure out the customers preferences and can forecasts what kind of products will appeal to a particular target audience .
It's important because it can dedect fraud , reduce risk ,improve opreations and optimize markting campaigns .
