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Predicting the future is a skill many business owners wish they could have. After all, if you could tell what will happen six months from now, you might find that business would be infinitely easier. Of course, this is not possible to such a precise extent. That being said, businesses do have tools at their disposal that they can use to attempt to predict the future, such as predictive analytics.
Before looking at why businesses might want to implement this type of analytics into their operations, it’s worthwhile defining what exactly predictive analytics is. Simply put, predictive analytics is a form of business intelligence that focuses on combing existing information for patterns and useful data that can then be used to make predictions on future outcomes or to identify trends.
It is important to stress that this form of analytics does not tell you what is going to happen. Instead, it is used to figure out what might happen. Think of it as similar to a weather forecast for your business – meteorologists can never tell you what the weather will be like over the next week, they merely use the data they have at their disposal to forecast what the outlook is likely to be in the next few days.
The vast majority of companies who apply these analytics to their business often do so to gain a better understanding of their customers, partners, and other stakeholders. From this they can better identify possible risks and opportunities.
These are just a few of the reasons businesses use predictive analytics in their companies. If you are curious to learn more about how to create success for your business and the technology systems that support and allow you to utilize predictive analytics, contact us today for a chat.
Published on 9th April 2014 by Jeanne DeWitt.