10 Benefits of Using Predictive Analytics in Your Business

1. 10Benefits of Using Predictive Analytics in Your Business

2. Predictive Analytics Where methods and technologies are used to spot trends and patterns in the data collected from various resources, so businesses can respond to them and identify new opportunities. Both structured and unstructured data are used in predictive analytics. Predictive analytics is the new mantra for businesses and data warehousing experts because it gives them a decisive advantage while striving to achieve a varied range of business outcomes, higher customer satisfaction, productive websites and efficient operations. It is now widely being used by marketing, sales and finance teams to achieve desirable business performance. It is true that predictive analytics has been in the background for several decades. However, now it has become mainstream and turned decisive, enabling companies to predict trends and achieve better business performance. Predictive analytics has, thus, become a technology that complements both data discovery and business intelligence, and it definitely goes beyond all the nuances of online analytic data processing. If this technology was initially used by elite firms, it has now become one of the most common techniques in various industries. Keeping this in mind, let us now look at the various advantages it offers to businesses.

3. 1. Improve Business Advantage We all know that recessions affect businesses in a very hard way. Each time businesses recuperate from these hard conditions by relying on their huge repository of data. With predictive analytics, you no longer rely on the rear view mirror (past experiences) to understand the trends and gain insights. In order to remain competitive, you have to conduct predictive analytics. 2. Identify New Revenue Opportunities Through predictive analytics, companies can check on the historical buying patterns of their customers and make reasonable decisions based on it. It is based on these assumptions that they release promotional offers, discounts and coupons. 3. Businesses can Take Their Service to a Totally New Level Through predictive analytics, business can deliver superior customer experience by analysing what they would be needing in the near future. This applies to various businesses, including app development. 4. It Helps them Understand More About the Users You know that people influence each other. Knowingly or unknowingly, their comments and suggestions can drive the fate of a company. With unprecedented data in their hands, a marketer or developer can make use of the social value metrics and incorporate the funnel analytics method to influence influencers. With proper analysis, you will also be able to focus your retention efforts.

4. 5. Predictive Analytics Helps in Detecting Hidden Insights in Customer Data You can deliver personalized customer experience by using predictive analytics in the right manner. Getting close to the customer is no longer the priority of the sales and marketing team, it is the duty of everyone in the company. And it is also their responsibility to identity customers who have the highest propensity to buy. With timely analysis, you will be able to spot emerging trends in customer sentiments. 6. All the Large Amounts of Data that’s Coming in — You can Use them all Now It is true that diminishing cost of cloud storage is prompting more and more companies to amass copious amounts of data. But do they really use all the data they have acquired? No, according to Will Hayes, CEO of enterprise search company, Lucidworks, companies use only 1% of their data. With predictive analytics, you can now search, retrieve information and make the best use of business data. 7. Understand What Your Customer Wants The failure of Kodak to see that their customers have moved towards digital cameras brought them serious repercussions and eventually, bankruptcy. A lot of companies fail to understand what their customers need. With a reliable predictive analytics system, you will be able to analyze all the structured (geographic and demographic data) and unstructured (customer inputs from social media) data and forecast customer expectations.

5. 8. Help make Micro Decisions While getting caught up on major business decisions, it is predictive analytics that would help you focus on micro decisions. This will help them strategize a plan and focus on both the urgent aspects of the business and the ones that may not seem so urgent now, but will eventually turn important in the future. 9. Identify Areas of Attrition When you leverage predictive analytics, it gives you the opportunity to win back lost customers. You can identify the reasons for a customer’s exit and model out others who are planning to leave. If you know this beforehand, you can plan strategies that would help you retain them. With predictive analytics, the advantage is that you can focus on relationship-building. 10. No More Sub-Optimal Decisions or Uncertainties Another advantage of predictive analytics is that you will be able to maintain operational efficiency by dispelling uncertainties. It would help you avoid cost consuming activities like lead times and unused inventory.

6. In Closing The impressive, forecasting power of data analytics has enabled entrepreneurs and market analysts to see around the corners, detect scope for long-term profitability and even sense the paradigm shift in market conditions.

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8. Why Cabot Talent - State-of-the-art software& programming skills Industry-savvy – In-depth knowledge and command of the latest technologies Commitment to quality – QC’s at every stage of the development process Commitment to service – As you succeed, we will succeed Cost-effective – As a multinational company, we deliver premium web development at a very competitive price Next Steps Get your app development process started! Click (or paste into your browser) http://www.cabotsolutions.com/contact Prefer the Phone? (216) 704-8767 Lyndhurst,Ohio Or Trusty Email sales@cabotsolutions.com Our website www.cabotsolutions.com Cabot Technology Solutions Inc. 1408 Cranover Road Lyndhurst, OH 44124 www.cabotsolutions.com FREE CONSULTATION: (216) 704 8767