Predictive analytics software is used to extract and analyze stored data patterns in order to create models that predict future outcomes using algorithms. Compare the best Predictive Analytics software currently available using the table below.
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Explorium
Smartlook
Adverity GmbH
TIMi
Sapience Analytics
Qrvey
Fraud.net
Visokio
1PlusX
SensrTrx
Indigo Scape DRS Data Reporting Systems
The MathWorks
Mixpanel
RIB datapine GmbH
IoT83
nexoya
Clari
Zendesk
MicroStrategy
Artelnics
Sisense
Splunk
Skai
Genpact
GiniMachine
Most business intelligence tools are designed for looking back on past data and categorizing that information in a way that’s easy to understand. Predictive analytics solutions, on the other hand, take an extra step and use that past data to predict future trends. These systems look at all of your company’s past performance in order to identify patterns and make very educated guesses about what the future will look like. Models are created to predict outcomes and help you make the decisions necessary to take the optimal path.
However, it’s important to note that this isn’t a foolproof system. There is a margin of error to consider, but the best predictive analytics software can minimize that chance.
There are four types of analytics in particular that any prospective user should know about, each of which has a different functionality and purpose.
There are many different types of predictive analytics software, but many of them share some common core features, including the following:
When it comes to picking predictive analytics software, the most important consideration is exactly what type of buyer you are. There’s no product that is so much better than the rest that every single buyer should pick it without reservation. Instead, there are a variety of products that offer very different benefits and are suited to different types of buyers. Consider the following types of buyers and what product might be best for them.
When it comes to banking and other areas of finance, predictive analytics software has been critical for as long as the software has been around. It’s the foundation for everything from credit scores to fraud prevention. This is even more true for financial advisors that need to track the market in order to make profits and prevent losses in the future.
The key for any store is to figure out what the customers want and get ahead of the curve. Predictive analytics software is one of the easiest ways to do that, allowing savvy stores to track what customers do, how they respond to stimuli, and how you can convince them to keep coming back.
Besides the previous applications of predicting how people and man-made institutions act, predictive analytics can also be highly valuable when it comes to predicting how the body, diseases, and treatments work. On top of that, the software can also make administration and insurance much more streamlined.
There are some trends regarding predictive analytics software that you should keep in mind:
It’s hardly news that business intelligence systems are moving towards increased user-friendliness, allowing them to be used and understood by more than just dedicated IT professionals. Predictive analytics is naturally part of this trend, growing more and more user friendly by the year. This trend will help the major decision-makers to better understand what the data means and why it’s indicating a certain course of action.
More and more services are moving towards the cloud as technology improves and people become more comfortable with entirely digital data. For businesses that don’t have the space or personnel to house an entire predictive analytics suite on site, pursuing a cloud-based option can pay big dividends and such options will only become more viable as time passes.
The financial sector is certainly the biggest share of the market when it comes to predictive analytics, but that won’t necessarily hold true forever. As more and more retailers, manufacturers, and healthcare companies take advantage of the power of predictive analytics, the rate of spread will only increase.
Improvements in the underlying technology play a big role in the advancement of predictive analytics. When considered along with the fact that businesses are more likely to gather and organize data efficiently today, it’s no surprise that predictive analytics is rapidly improving and expanding every year. More and more predictive analytics products will become available every year, with an ever-expanding range of features and capabilities.