The Predictive Analytics market is growing at nearly 25% a year as more companies begin to understand the competitive advantages inherent in big data. Predictive analytics tools are used to drive information-driven personalized advertising and marketing campaigns, understand buyer behavior, measure key performance indicators (the metrics used to create powerful advertising campaigns) and ultimately maximize campaign ROI.
Predictive analytics applications are also instrumental for figuring out the customer’s reluctance to purchase a product, the various components which prevent a buyer from making choices, and discovering methods to reduce attrition. Michael Brassil New York is an Analytics Executive focused on shaping strategy, driving profitability, and optimizing user experience.
To retain more prospects and enable additional purchasing behaviour, regression analysis and clustering strategies are being utilized in CRM systems which enable the creation of buyer groups primarily based on their shopping behaviour for demographics, gender, age, and so forth. This enables optimization of the customer life cycle, enabling focused & effective advertising and marketing efforts.
Predictive Analytics programs are the logical next step for incremental revenue generation via business analysis, net analytics, advertising, enterprise intelligence, knowledge warehousing, and information mining.
Numerous analytical tools are also being used in pattern discovery in relation to fraudulent transactions in the financial industry, preventing criminal actions by applying behavioural analytics to large data-sets. This works to reduce or eliminate fraudulent transactions, prevent zero-day vulnerabilities, and eliminate the dangers of advanced fraudulent schemes.
Highly successful businesses know that the fundamentals of their client data have evolved. Now they can’t rely solely on their product or service; they must leverage their information (monetary, buyer support, internet interactions, etc.) to better understand their prospects and to learn from their collective experiences as an organization.
Clients today want to use predictive analytics to optimize enterprise performance at a variety of levels in a variety of industries. Predictive analytics provides obvious, real-time executable initiatives based on current firm data and is a pure extension of related corporate initiatives in areas akin to net analytics, business evaluation, and knowledge mining.
In closing, Predictive Analytics tools are quickly becoming adopted and present the ability for a very strong competitive advantage in highly competitive industries.
Michael Brassil NY, an Analytics Executive focused on shaping strategy, driving profitability, and optimizing user experience. He provides product updates for the Sales organization as well as facilitating units and acts as the advocate/ evangelist and point of contact for the entire solution team.