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10 Benefits of Using Predictive Analytics in Your Business PowerPoint PPT Presentation


Using Predictive Analytics is an effective way to get insights into business trends. This, in turn, will enhance the performance of your business. Check out this presentation to know more.

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10 Benefits of Using Predictive Analytics in Your Business

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10 benefits of using predictive analytics in your business

10Benefits of Using

Predictive Analytics

in Your Business


10 benefits of using predictive analytics in your business

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.


10 benefits of using predictive analytics in your business

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.


10 benefits of using predictive analytics in your business

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.


10 benefits of using predictive analytics in your business

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.


10 benefits of using predictive analytics in your business

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.


10 benefits of using predictive analytics in your business

Make No Mistake: Choose Cabot Solutions as

Your App Development Company

About Cabot Technology Solutions

We build apps for mobility. Partnering with companies, both small and large,

we

design and code custom web and mobile applications. As a premier mobile

application development company, our services and technologies are the

foundation of everything we do.

With offices in the US and offshore development centers in India, Cabot

Technology Solutions serves clients across the globe. Our expertise as a

mobile app development company spans all major platforms like iOS,

Android, Windows, and Blackberry. Among our recent app development

work:

• e-Commerce

• Communications and Social Networking

• e-Publishing and Education & e-Learning

• ERP, CRM &Enterprise Solutions and Productivity

• Medical &Health, including HIPAA compliance

• Music & Audio Streaming and Lifestyle apps


10 benefits of using predictive analytics in your business

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

[email protected]

Our website

www.cabotsolutions.com

Cabot Technology Solutions Inc.

1408 Cranover Road

Lyndhurst, OH 44124

www.cabotsolutions.com

FREE CONSULTATION: (216) 704 8767


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