Predictive Analytics is a branch of advanced analytics encompassing a variety of statistical techniques that analyze current and historical facts to make predictions about future or otherwise unknown events. Techniques such as data mining, predictive modeling, and machine learning are used to find patterns in data in order to identify potential risks and opportunities. It is often associated with data science, big data, and artificial intelligence. Predictive Analytics is used for things like forecasting sales, investment portfolio development, credit scoring, underwriting, and customer service, but also translating voice to text, creating video games, and weather forecasts.
Predictive Analytics is a powerful tool to help your company garner insights from historic and current data. Patterns are found and determined if they are likely to emerge again, putting your company one step ahead. You can find growth opportunities faster and avoid costly mistakes. Additionally, if your company wants to introduce technological advancements like machine learning or artificial intelligence, predictive analytics is integral.