You make certain predictions about the world based on your past experiences. You expect the sun will rise, your coffee will be hot, and your toothpaste will taste nice and minty. These expectations are the sum of the data you’ve collected every morning of your life, built into a mental model that you now probably take for granted.
Predictive analysis works on a similar principle, but on the kind of scale possible only with technology. Predictive models use existing data and information to create advanced statistical algorithms that can extrapolate values for new or different data, giving you probabilistic insight into the information you feed it.
Those insights can help your organization make better decisions, increase operational efficiency, and even minimize risks. Here’s how.
Predictive Analysis Looks Ahead by First Looking at Your Data
In today’s environment, it’s easier than ever to collect data about your business, your operations, and your customers. But turning that raw information into something actionable is still difficult.
Predictive analysis makes sense of your data and uses it to solve problems while identifying new opportunities. Here are just a few ways businesses have put it to use:
Industry Benefits of Predictive Analysis
Predictive analysis is such a powerful tool because it’s extremely versatile. Which is also why you can find it at work in every sector you can think of. Here are a few examples of how different sectors put this technology to work.
It’s no exaggeration to say that every industry can benefit from risk reduction and increased efficiency. The applications of predictive analysis are far-reaching across every sector. And with the right partner by your side, getting started is easy.
We help organizations drive growth through data analytics. Here’s how.