How can predictive analytics be used in business?

Question

Could someone tell me how predictive analytics could benefit business?

Answer 1

Predictive Analytics is a term that describes that which could happen from analyzing a pool of data in the business.

It could benefit the business in the following ways:

• Targeting customers: this type of analytics helps the business by targeting various sections of customers by segregating them into various groups. This segregation helps them better curating their services to the customer and matching their needs.
• Could help in life-long customer: With the help of this analytics, it gives key insights to the business on why exactly a particular customer left them and how to retain the present customers from not leaving them and to continue being their customer.
• Forecasting the sales period: with a large amount of data available, predictive analytics helps in the prediction of high and low sales during the time of the year and what are the factors that could be altered to improve sales.
• Risk assessment: Risk assessment could be the deciding factor in the presence of business for the long-term or could break the back of the business if they aren’t ready for a tough time. So, Predictive analytics helps them to be in a better position in time for the oncoming risks and failures by providing them with key insights.
• And the benefits list goes on and on…..

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