A large number of companies still confine themselves to the analysis of historical data, its visualization and calculation, based on their performance indicators in the current and previous periods. In fact, the data collected allows for prediction, i.e. forecasting the future. It is precisely the knowledge about the probability of occurrence of certain phenomena that can provide real support for the decision-making process concerning further development of the company, both at the operational and strategic level. According to research, companies that use predictive analytics in their sales campaigns are almost twice as effective as companies that use only traditional marketing methods.
Where to use it?
It is not only the marketing department where predictive analytics can be applied. Predictive algorithms will be useful in monitoring the production process, planning deliveries, assessing the financial risk or forecasting sales revenues. They can be used both in retail businesses, in health centers (e.g. to forecast the spread of diseases), in the public sector (e.g. for crime analysis), in banking (for risk management and customer segmentation), in insurance (e.g. for claims analysis) and finally in manufacturing companies (e.g. to ...
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