Ask the Experts Series: What is Predictive Analytics?
When embedding business intelligence (BI) in your organization, don’t overlook the importance of predictive analytics. This particular form of analytics allows for forward-looking planning, enabling companies to adjust their current strategies to ensure the best possible outcomes.
Using specific software applications, individuals can determine risk and solve current problems. They can also anticipate future events, behaviors, and conditions based on historical data contained in enterprise systems. Information Builders helps companies deploy predictive models with WebFOCUS RStat, the market’s first fully integrated BI and predictive analytics environment. WebFOCUS RStat gives business analysts the ability to build statistical models – without advanced statistical training.
Being provided with the power to know what will happen next ultimately gives companies the opportunity to realize significant benefits. For instance, predictive analytics can optimize productivity and cost-efficiency, increase profitability, and drive customer loyalty and retention. From marketing mix modeling to price optimization to sales and operations planning, predictive analytics allows users to make decisions based on accurate, validated forecasts of future events or conditions.
Looking to identify and take advantage of emerging opportunities that will improve your organization’s bottom line? Check out how predictive analytics can benefit your business in this week’s “Ask the Experts” video.