Why is predictive analysis important?

Question

Can anyone tell me why is predictive analysis important?

Answer 1

Predictive Analytics is very important and used in several fields. Here are a few examples of how predictive analytics is used in different fields:

Retail – identifying potential customers by customer segmentation, sales forecasting to meet the market demands

Health – predicting the spread of contagious diseases like Covid-19, predicting the probability of a person to affect by the disease.

Weather – to forecast the temperature, rainfall, and cyclones.

Finance – to predict fraudulent transactions, risk assessments in giving loans

Entertainment – to recommend the related content in online streaming platforms by analyzing the user data like watch history, search keywords, etc.

Human Resources – to predict employee performance using a performance management system, to predict employee attrition.

If you are interested to learn Predictive Analytics, you can check out these Data Analytics courses and Data Science Courses by Intellipaat.

Also, watch this video on Predictive Analysis using Python to get started: