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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10Benefits of Using
in Your Business
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
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.
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
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.
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
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
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
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
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
Your App Development Company
About Cabot Technology Solutions
We build apps for mobility. Partnering with companies, both small and large,
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
• 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
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
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