Boost Your Predictive Analytics with Machine Learning
What is Predictive Analysis?
Predictive Analytics, in a nutshell, has everything to do with what its very core name implies — it entails being able to more accurately analyze (or predict) the future. And this all can relate to future trends of data dealing with IoT devices, historical data, and even Machine Learning at large. Most would agree this is the future, and the very ability of any tech industry to spot trends and patterns ahead of its time would be a positive step forward.
How to make Predictive Analytics work for you?
It all begins with having the business problem clearly defined. With the integration of the applicable predictive project at the center of it all, this form of analysis first asks what the issue is that needs to be solved and if the right data has been captured. It also engages run & deploy models, in addition to notions of executive backing. It must be approved, after all, and fully supported from a top-down approach.
The basic differentiator – Machine Learning
The way that every single individual on the planet interacts with the Web is the biggest change of all that Predictive Analytics has rightfully brought forth to the table. And perhaps one of the simplest examples of this would be spam filters, which most would agree are invaluable in every way. Spam filters, as we know, properly sort out unwanted emails and place them separate from countless other snippets that have been received. Predictive Analytics, through Machine Learning, makes the differentiation even possible in the first place.
Applications of Predictive Analytics
Did you know you can identify customers most likely to leave you using Predictive Churn modeling? We build predictive models that use an array of customer data like transactional CRM data, client feedback, service usage, customer service requests, social media interactions and web tracking data to predict customers most at risk of leaving you. This will help you throw up a list of clients most likely to leave and customer insights that can be acted upon to retain those clients.
Sales forecasting is used to estimate future sales. Accurate sales forecasts can help you predict performance and make better business decisions. Which product is likely to do well, which product needs to be pushed more, where to put the bulk of your marketing dollars…we help your organization derive forecasts based on past sales data, industry-wide evaluation, and current economic trends.
For the overworked medical community, personalized medicine using Predictive Analytics promises to be a big relief. Data sets of a particular patient from various sources are taken into consideration by the predictive analytics solution to recommend personalized medical treatment for her. The solution will measure, collect, and unravel medical, psycho-social, behavioral and biometric data to recommend medicines and a course of treatment.
Using Predictive Analytics in education is a fairly new development. This includes adaptive learning features with personalized tools and education analytics to offer students a glimpse of what their job prospects may look like. A time-saving feature is automation of grading, including essays. A common application is a global online learning community where students can post academic questions and community members can offer solutions. Predictive Analytics can use machine learning algorithms to match problems with content experts so a student can get the right person to reply to his query.
Admissions Scoring Model
Top universities get a huge number of applications for admissions every year. Sifting through all of these and deciding which candidate would be a good fit for the education program is a gargantuan task. This is where our Admissions Scoring model can help in ranking and prioritizing candidates by relevance based on the parameters you have in mind.
Predictive Analytics in Marketing plays a crucial role. Right from identifying and segmenting your audience effectively, pricing products dynamically and optimizing ads in real-time to getting insights from voice, video, news and social media feeds, predictive analytics is an important weapon in your marketing arsenal. Predictive analytics makes it easy to identify high-value customers and present them with the right offer at the right time and with the right personalized messages increasing conversions exponentially.
Conclusion : Final Word
All systems, networks, jobs, and even people, in this day and age, are becoming ever-more digital and machine-based. In fact, the world, at large, is already constantly connected. And Predictive Analytics taps into the best of that, using the most that Machine Learning has to offer.