Predictive Analytics Tips To Make Your Business Smarter
Big data is changing the game for many large and small companies, and one area that’s providing a lot of promise as of late is predictive analytics. Using predictive models, machine learning, and historical data, predictive analytics can provide your business with powerful insights about different outcomes by leveraging data science. This can lead to a lot of exciting possibilities for your company, thanks to predictive analytics algorithms.
There are a lot of different scenarios in which you may find predictive analytics tools useful. Best of all, you don’t need to be a data scientist in order to benefit from the way that machine learning and predictive models allow you to forecast various outcomes. Keep reading for a few ways to use predictive analytics to aid in your business’ decision making.
Predictive analytics help add more power to your marketing campaigns.
Have you ever sent a really great email campaign to your customers, only to see that it didn’t get the open rate that you’d hoped for? Over time, data mining and predictive analytics can help you leverage historical data about open rates on your emails in order to ensure that your email communications are viewed by as many eyeballs as possible. For example, thanks to the power of predictive analytics tools, you can find out when a certain segment of your audience is most likely to open and read an email. With these sorts of actionable insights, you can work towards optimization of your email communications and scheduling to make sure that you’re always sending emails at that time. Using the prediction as a guide, you may find out that a certain portion of your audience is more likely to open an email on a Tuesday afternoon between 3:30 and 4:00 pm. That sort of deep insight wouldn’t have been possible without a predictive analytics application, meaning that you’d still be hoping that your business processes were occurring at the right time rather than incorporating that information into your best practices.
Predictive models can help you determine how a decision will impact your company.
Predictive analytics tells you more than just information about your customers. For example, if you’re looking to make better decisions in your company, you may find that using large data sets with predictive analytics can help you better determine what your best practices should even be. A big debate occurring right now is whether or not to continue letting employees work from home some—or all—of the week. With a mathematical model and predictive scores, you can answer that question yourself, looking at historical data in your customer service or marketing department to see how their productivity was before and during work-from-home policies. In some situations, you may see that employees are even more productive working from home, the sort of real-time data you wouldn’t have been able to utilize even a few years ago. All of this means that you’re making smarter business decisions regarding the best practices for your enterprise.
As you can see, predictive analytics and big data are providing powerful insights for companies of all sizes and verticals. Whether you’re interested in leveraging artificial intelligence to improve the conversions for your next email marketing campaign or are interested in using predictive analytics to forecast how a decision may impact your bottom line, business solutions powered by predictive analysis have a place in your company. Deep learning tools are exactly what you need to create a competitive advantage, so if you’re looking to advance your company to the next step, it’s worth playing around with various prediction tools and predictive models to see what the software and algorithms can do for you.
