Everyone wants to know about the future – what to expect, how to act and most importantly, how to prepare. Predictive analytics is a specialized branch of data analytics that combines the power of data mining, data modeling, artificial intelligence (AI) and machine learning to make probabilistic predictions of future events. Analytics Insight brought this interesting topic to us in their article, “Why Predictive Analysis is so Important for Retail Businesses.
Predictive analysis is a strategy that is becoming more and more essential for businesses. Utilizing machine learning to analyze the data that a company has gathered can now be used to make more accurate predictions regarding the future.
Predictive analytics relies heavily on the theoretical foundations of statistics to enable modeling of future behavior based on historical data. It is commonly used to detect fraud, predict customer behavior, plug revenue leakages, optimize marketing programs, and reduce risks. If a business can determine which customers are likely to leave, then it can offer timely discounts or other tempting incentives to retain such customers.
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Melody K. Smith
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