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5Predictive Analytics is the use of techniques such as; modeling, data mining, statistics, machine learning and other important techniques in analyzing past and recent data in order to predict the future outcome of a business. This is what most organizations apply and eventually come out with success in their endeavor. This predictive analytics can be classified into three types and they are; predictive models, descriptive models and decision models. This model is used to predict the past performances of customers and subsequently apply them in the future marketing effectiveness of the organization. It can be applied in fraud detection and makes use of calculation in determining risk or opportunity of particular customer or current business deal.

On the other hand, descriptive models have to do with studying customers’ behaviors in such a way that they are classified into groups in order to find the relationship between their performances. It helps in taking an action as regards a particular product or customer with respect to the category they fall into. That is to say that it gives future behavior of a customer’s performance based on the group he or she falls into. For instance, due to high cost of living in most African countries, the residents go for low fuel consumption vehicles without minding the durability of the engine. Toyota products are cars that are on very high demand in Africa especially Nigeria and Ghana as a result of its low fuel consumption. Visit www.toyota.com. Now descriptive model classifies all African residents into such category and manufacturers make adequate modifications to suit the demands of people in these areas.

Similarly, decision models compare all events and past performances with careful study and subsequently bring out the likely best option among all for future performance as well as successful outcomes. As a matter of fact, predictive analytics can be applied in any organization irrespective of what their product or services. However, there are online firms that offer predictive analytics software for easy study owing to the fact that it is quite hectic trying to analyze and study all these performances all alone. These software records and stores data of past events in the organization thereby comparing it with more recent events and development and eventually predicting what similar future performance will be. The software companies available are; IBM, FICO and other powerful sites. With this software, you can be sure of having a better prediction of future performance of your firm as well as customers’ behaviors. Information about financial management and customer’s financial behavior can be obtained in www.fico.com.

4This has to do with working on information gotten from the existing data of a firm in order to forecast the future of the organization. It is a step higher than ordinary business intelligence that has being in existence. Business intelligence which has been rightly replaced is the normal business acumen that professionals always follow to enhance business transaction. It is as a matter of fact, very effective but not to be compared with predictive analytics. Most organizations ensure they employ the services of experts in various field to put in place powerful business strategies. Unfortunately, most times what happens in future cannot be ascertained even with so many years of experience. Sometimes, the end point results to failure or outcomes that is far more below the expectation of the organization. Since the inception of predictive analytics, companies can now predict and make adequate arrangement for future and subsequently achieve exactly what has been expected.

However, predictive analytics can be made available through various means such as; data mining, modeling, statistics, machine learning and so many other techniques.  Moreover, it is available in software obtained from www-03.ibm.com. And if you are using a smartphone you can search for specialized apps on FreApp.

Hence, with a careful study on these areas, it will be quite possible to know what tomorrow holds for a successful output of the firm. Predictive analytics is applied in so many areas owing to the relevant technique applied and the areas where it can be applied are; marketing, healthcare, retail, financial services, travel, actuarial science, telecommunication, pharmaceuticals, insurance and so many other fields. Predictive analytics is classified into three main types and they are; predictive models, descriptive models and decision models. The predictive model gives the model of the existing data and pattern it followed. This can be used repeatedly in order to predict future. Descriptive model explains how the data was used and the best possible way it can be handled in the future for the growth and high efficiency of the product and services.

On the other hand, decision model gives the various means through which the ideas can be applied and open the way for the right decision to taken. As a matter of fact, there are areas that require specific predictive analytics to be applied. For instance, in the financial services, credit scoring is normally used. This can be obtained from www.fico.com. This gives the much needed information about the customer such as the credit history, loan application, customer data and other important information about the customer. With all these, the firm can make adequate decision on how to handle such customer in future having understood what is expected of him as a result of his past behavior.

3Basically, business managers who are professionals are always employed in setting unique procedures that must be followed in an organization in order to bring about good profiting. This is what business intelligence is all about. Nevertheless, even with a high level managerial skill, the future of a business cannot be fully determined and as a result still hang on the scale. Success of a business adventure must depend on both business intelligence as well as predictive analytics. As a matter of fact, the latter is of greater importance as it helps the management to predict accurate what the outcome of a business will be in future and thereby make adequate preparation for its success. However, it may interest you to know that predictive analytics comes first before business intelligence.

As a matter of fact, predictive analytics are classified into three types and they are; predictive models, descriptive models and decision models. This model is used to predict the past performances of customers and subsequently apply them in the future marketing effectiveness of the organization. It can be applied in fraud detection and makes use of calculation in determining risk or opportunity of particular customer or current business deal. Also, descriptive models have to do with studying customers’ behaviors in such a way that they are classified into groups in order to find the relationship between their performances. It helps in taking an action as regards a particular product or customer with respect to the category they fall into. That is to say that it gives future behavior of a customer’s performance based on the group he or she falls into.

For instance, high standard of living in most European countries has compelled residents to go for heavy engine vehicles without minding the fuel consumption rate of the engine. BMW products are cars that are on very high demand in Europe especially Germany as a result of its durability. Visit www.bmw.com. Now descriptive model classifies all European residents into such category and manufacturers make adequate modifications to suit the demands of these people. One of the commonest software is designed by IBM. Visit www-03.ibm.com. IBM predictive analytics software is applied to enable you develop a model by uncovering patterns and associations from your company’s data. It also does advanced analytics, social media analytics, data mining, statistical analysis, text mining, data modeling, online survey research and predictive modeling. It also uses command syntax interfaces, menu-driven interfaces and advanced interfaces for higher skilled researchers. This is what predictive analytics is all about.

2 Predictive analytics are steps higher than ordinary business intelligence which has being in existence from time immemorial. Business intelligence which has been rightly replaced is the normal business ideas that professionals always follow to enhance business transaction. It is as a matter of fact, very effective but not to be compared with predictive analytics. Most organizations ensure they employ the services of experts in various field to put in place powerful business strategies. Unfortunately, most times what happens in future cannot be ascertained even with so many years of experience. Sometimes, the end point results to failure or outcomes that is far more below the expectation of the organization. This is not so with predictive analytics.

As a matter of fact, predictive analytics can be considered in three models and they are decision models, predictive models and descriptive models. Decision models compare all events and past performances with careful study and subsequently bring out the likely best option among all for future performance as well as successful outcomes. Hence, predictive analytics can be applied in any organization irrespective of what their product or services are. However, there are online firms that offer predictive analytics software for easy study owing to the fact that it is quite hectic trying to analyze and study all these performances all alone. These software records and stores data of past events in the organization thereby comparing it with more recent events and development and eventually predicting what similar future performance will be. The software companies available are; FICO and other powerful sites. With this software, you can be sure of having a better prediction of future performance of your firm as well as customers’ behaviors. Information about financial management and customer’s financial behavior can be obtained in www.fico.com.

Thus, having proper predictive analytics on ground, you can be sure of a successful business outcome in the far future. Many companies in the world today have grown to enviable height owing to the fact that they were able to predict their future outcomes. For instance, an improvement on mobile communication devices such as Nokia can only be gotten through proper analysis of the existing data. This is done by studying what the customers demanded for that was not available in older devices and subsequently making provision for such facilities in the recent devices. Such improvement can be seen in the screen resolution, color, brightness and video/picture productions of iPhone as seen on www.apple.com. Also, not only on product improvement, predictive analytics contributes in determining the right approach that will be given to a particular customer in future having studied the customer’s behavior in the past.

1It has being a common practice to always employ the services of business managers who are professionals in setting unique procedures that must be followed in an organization in order to bring about good profiting. This is what business intelligence is all about. Nevertheless, even with a high level managerial skill, the future of a business cannot be fully determined and as a result still hang on the scale. Success of a business adventure must depend on both business intelligence as well as predictive analytics. As a matter of fact, the latter is of greater importance as it helps the management to predict accurate what the outcome of a business will be in future and thereby make adequate preparation for its success. However, it may interest you to know that predictive analytics comes first before business intelligence.

With a proper predictive analytics on ground, you can be sure of a successful business outcome in the far future. Many companies in the world today have grown to enviable height owing to the fact that they were able to predict their future outcomes. For instance, an improvement on mobile communication devices such as Nokia can only be gotten through proper analysis of the existing data. This is done by studying what the customers demanded for that was not available in older devices and subsequently making provision for such facilities in the recent devices. Such improvement can be seen in the screen resolution, color, brightness and video/picture productions as seen on www.nokia.com. Also, not only on product improvement, predictive analytics contributes in determining the right approach that will be given to a particular customer in future having studied the customer’s behavior in the past. Business intelligence can only tell you what is needed at the instant but will still need the help of predictive analytics to determine the success.

However, it will be very cumbersome and stressful to study various techniques and areas where predictive analytics must be applied so the used of software makes it much easier. There are companies who have designed such software to enable you understand future by studying the past. One of the commonest software is designed by IBM. Visit www-03.ibm.com. IBM predictive analytics software is applied to enable you develop a model by uncovering patterns and associations from your company’s data. It also does advanced analytics, social media analytics, data mining, statistical analysis, text mining, data modeling, online survey research and predictive modeling. It also uses command syntax interfaces, menu-driven interfaces and advanced interfaces for higher skilled analysts.