Predictive analytics is a sub-area of business analytics and is particularly concerned with recognizing patterns and predicting future events. It is used in a wide variety of scientific disciplines and areas in companies. By Henny Jones.
Predictive Analytics uses historical data sources and uses them to create a mathematical model that can be used to predict future events. Such a model recognizes trends or patterns in historical data and can predict them for the future. On this basis, companies have a tool to make better decisions or to identify possible risks at an early stage.
The article then reads about:
- The requirements for predictive analytics
- Procedure and process of predictive analytics
- Benefits of predictive analytics
- Applications for predictive analytics
- Use of predictive analytics in CRM and marketing
Predictive analytics methods are particularly used in customer relationship management (CRM). With this use, the collected customer data serve as the basis for predictions and forecasts. In addition to the CRM area, predictive analytics is also used in online marketing to predict click behavior or to place the right advertising at the right time. Good read!
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