In today’s expanding market, data science, big data analytics, and artificial intelligence are the three main trends. The data analytics sector, including predictive analytics, is expanding tremendously as more businesses adopt data-driven models to automate their business activitie
According to a study from the MIT Center for Digital Business, if you’re a DDDM (data-driven decision-making) organization, you are among those who, on average, have 4% higher productivity and 6% higher profit. If not, then this is your wake-up call!
Many businesses are hesitant to act because they are unsure of the benefits of adopting a data-driven approach.
In this article, we’ll look at how predictive analytics works, what it can do for your company, and how to use it to avoid problems before they arise.
Introducing Predictive Analytics
This is a form of advanced analytics that uses current and historical data to forecast activity, behavior, and trends such as how to optimize pricing to increase profit or how consumers are bound to behave to a certain decision. And this is typically done using data mining, predictive modeling, and machine learning.
Benefits of Predictive Analytics
The combination of real-world data and experimental research would enable brands to optimize pricing, promotions, products’ assortment, trade, and distribution, in a way that captures the value of the product into revenue growth. In addition, it would identify the gaps and opportunities to grow the value of the products.
Predictive Analytics Benefits Across Industries
Predictive analytics also allows businesses to look into the future with the help of more precise and reliable insights. Retailers, for instance, use predictive analytics to manage shipping schedules and forecast inventory needs. FMCGs use this data-driven approach to manage product pricing without losing share. Marketing departments optimize product development, advertising, distribution, and retailing, as well as marketing research using predictive analytics.
Predictive analysis Is not only limited to the aforementioned industries, whatever your business field is help your company become a data-driven organization. Start allowing data to guide you towards more revenue growth opportunities.
How Marketeers Can Help
We at Marketeers provide a full view on business performance, gaps, and opportunities. With a more realistic and efficient tool, we measure the choice drivers of the consumers.