If there is one motto that is universal to almost all kinds of business organizations across the world, it is to peek into the future, reduce costs and deliver more in less time. Predictive analytics, as it is being recognized as the next emerging practice whose impact will be felt profoundly, can enable you to meet both the goals.
Predictive analytics is successful because it can solve a number of problems. It can tell whether a team will be able to meet its deadlines, whether users will execute the process flows that a tester is checking, whether a business is developing products users will really care about, and so on.
Let’s take a look at how predictive analytics can impact different industries:
- Human Resources: Core HR processes such as talent acquisition, attrition management, sentiment analysis and employee fraud risk management – decision making and strategy development in all these can be guided by predictive analysis. This can lead to an improved business performance as well as better employee engagement and satisfaction.
- Telecom companies (Telcos): Telcos have been one of the first industries to adopt predictive analytics, data mining and operations research. And, there are a number of domains where predictive analytics has brought about a significant change – be it optimization of network, customer targeting, pricing and sales promotions, or attrition management.
- Retail: As we move forward into the future, bumping into big data is inevitable. Predictive analytics utilizes this data to answer questions that retail experts want to know answers for: When will this customer buy again? How much that purchase will be worth for? And so on. Such questions are essential for building their marketing strategy. In fact, retail is the one domain where the use of predictive analytics has been the most visible until now.
- Healthcare: Almost every day, something new is being researched or developed in medical science. Our physicians, no matter how smart they are, cannot humanely remember everything and tally it with a patient’s history to arrive at the best treatment for them. This is one of the several situations where predictive analysis can help. Predictive analysis can not only increase the accuracy of the diagnosis, but also help in preventing or ameliorating several diseases.
Predictive analysis is going to touch several aspects of human life – ranging from healthcare to government policies, and life insurance to the way we shop. It’s all just a matter of time.
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