For technology veterans, Artificial Intelligence is not a new thing. It has existed ever since the world of computing has evolved. Yes but, Artificial Intelligence just got a lot hotter, more popular as a two-letter word – AI and is gaining extensive acceptance from businesses. Gone are those days of speculative forecasts derived from haphazard data, hypothesis, sentiments and interpretations.
Imagine you have a personal assistant, who is beyond fortuneteller, smartly handling past and present as well. We all have got a little taste of such smart clairvoyants in the form of Siris, Alexas and Google Assistants. Now, imagine a smarter digital assistant who tells you on the basis of scientific data on how to manoeuvre your business to stay ahead of the competition. Beyond “what’s gonna work.’’ also tells you “what ain’t gonna work” and sometimes knowing that helps better.
Predictive Analysis is nothing but transforming data into future insights. Thanks to sophisticated predictive analytics tools and models, governments, companies or organizations can now use past and current data to reliably forecast trends and behaviours milliseconds, days, years, decades or even centuries ahead.
How has the market reacted to Predictive Analysis?
According to various market researches, companies are heavily investing in predictive analytics tools and platforms citing an approximate of closing 11 billion USD by 2022. Data from 2016 says such investments are at the peak and will continue to surge throughout the new decade.
Shouldn’t you get to the fortuneteller before your competitor?
A little motivation would help:
- Preventing the occurrence of undesirable events when certain parameters are in play – without efficient predictive analysis, such occurrences cannot be foreseen. Predictive Analysis can detect and halt numerous types of criminal behaviour such as financial frauds and cyber-attacks by studying user behaviours and actions that are out of the ordinary.
- Find and Exploit patterns enclosed within data in order to discover opportunities.
- Discover relationships between various behaviour factors and assessment of either the promise or risk presented by a particular set of conditions, enabling informed decision-making. Supply Chain and Procurement Events are good cases of Predictive Analysis.
- Save and Earn More Money – Predictive models are often used by retailers to forecast inventory requirements, manage shipping schedules efficiently and systematically configure store layouts to maximize sales. Airlines and Hotels often use predictive analytics to set ticket prices and room rates basing travel and occupancy trends.
- Optimized Marketing Campaigns – Generate new customers, promote cross-sell opportunities, retain and nurture valued customers.
Now that you are motivated, get your hands on predictive analytics, using a combination of tools such as machine learning, historical data analytics and smart algorithms; with this crystal ball of future, you have already made to the moon while others are gazing at the moonlight.