When your business is faced with questions like the following, how do you get the right answers?
What are your customers’ purchasing habits?
Is your company making the best use of its marketing resources?
Who are your most promising prospects?
For difficult questions like these, predictive analytics can help replace guesswork with data-driven decision-making – companies with a global presence are already demonstrating how successful predictive analytics is in practice.
Keep in mind that guessing is not a winning strategy!
Regardless of how big or small your business is, understanding consumer behavior is likely to be key to your company’s success. Whether you country wise email marketing list need to choose the “right price” or optimize your supply chain, employing business intelligence and analytics can help you level the playing field with competitors of all sizes.
Predictive analytics: a trend you need to know about
A few years ago, many business owners and executives probably thought predictive analytics was “cool.” With the passage of time and the ability to see “real-world results” for business analytics, it’s now apparent that predictive analytics can delight your customers while also increasing revenue – what’s not to like?
Here are several the journalists could also display examples of how the new wave of predictive business analytics in a data-driven world has given companies the power to quickly and accurately predict future trends with data mining:
Propensity to purchase, convert or engage: For example, effective use of predictive data to find patterns; data mining and analytics can improve email and direct mail campaigns, while also helping you decide how to use discounts in a more targeted way.
Upsell, next-sell, and cross-sell recommendations: Business analytics can help you influence consumer behavior. For example, by providing the tools to increase average order size for current and future transactions, data mining will lead to higher sales revenue.
Brand, Behavior, and Product-Based
Clustering: Customer purchasing behavior has become more complicated and often impossible to understand without the help of data management. For example, developing behavioral clustering algorithms will allow you to buy lead analyze how customers behave during their purchasing decisions.
For most companies, improving in just one of the areas noted above will fully justify going ahead with implementing business intelligence and data mining and predictive business analytics tools – imagine doing better in all of them!
Benefits of predictive analytics
What will predictive business analytics do for your business? Here are the top three benefits of predictive analytics:
Improved business performance – reported by 61% of companies.
Gaining more insight into business operations – noted by 50% of companies.
Make better use of existing data – 49% of business owners and executives.
While not all companies initially see positive results from business intelligence and predictive analytics, it has been reported that only 15% of companies fail to demonstrate positive business results. One way to further improve these results is to work with a data management partner like
The three main business functions for business analysis – sales, finance, and marketing – all play a critical role in most business organizations.
For about 66 percent of U.S. companies using predictive analytics, a top benefit is exploiting business opportunities—for the other third, minimizing risk is perceived as the top benefit.
This is a win-win statistic for predictive business analytics, as both benefits are of critical importance in any business.
Conclusion: Empower everyone with predictive insight
The wealth of data in a data-driven economy can be daunting for even the largest enterprise if decision-makers fail to act as leaders and managers – the effective use of predictive analytics and data mining are critical tools in achieving a successful business outcome.