The Holy Grail of all business endeavours has been prediction. We have long had the ability to discern patterns in data in order to analyse in hindsight, and then apply this to future action. However, predictive analytics takes us a step closer to deciphering the unknown.
Predictive analytics gathers information and data analysis techniques from all possible sources including artificial intelligence, machine learning, Big Data mining, future scenario modelling and statistical algorit
The primary focus of predictive analytics is the prediction of future behaviours in the context of identifiable expected trends. It looks at the likelihood of specific outcomes, using historical data, and analyses them to determine their comparative efficacy and value in the delivery of the right customer experience.
What this means for your business
Big Data and machine learning are creating a world where massively complex data sets can be put to use in deciding on the most effective and profitable way to operate. If your business doesn’t start using predictive analytics in this way, survival will become questionable.
Your business will need to:
Fully understand the implications and advantages of predictive analysis to enable a seamless omni-channel customer experience.
Know how to use the results in the right way.
Transform business processes and operations so that they can respond immediately to the information provided by predictive analytics.