HOW CAN ARTIFICIAL INTELLIGENCE DRIVE PREDICTIVE ANALYTICS TO NEW HEIGHTS? Posted on : Dec 02 - 2020

What is Predictive Analytics and how it helps business?

Today, businesses leverage big data analytics to remain relevant in competitive and dynamic markets by enhancing their offerings via data insights. Companies are racing to adopt artificial intelligence practices to tap into data and extract information that can prove helpful for them. But before launching their product into the market or executing their AI strategy, leaders are employing predictive analytics to understand customer behavior, market and sales projections and many more. Together, with customer intelligence, AI, machine learning and other forms of data analytics, predictive analytics is slowly transforming the way we carry business activities and make market decisions.

Predictive analytics is basically the process of analyzing historical data, along with existing external data to find patterns and behaviors. Gartner elaborates the definition of predictive analytics as an approach to data mining with attributes emphasizing prediction (rather than description, classification or clustering) the business relevance of the resulting insights, ease of use, thus making the tools accessible to business users, while carrying rapid analysis that can be gauged in hours or days. It is applied to both structured data (transactions) and unstructured data (reviews, emails, and forum entries). These analytics can be applied to almost any business domain including weather forecasting, detecting insurance fraud attempts, repairing machinery and improving agronomic opportunities. Often times, the guiding principle behind predictive analytics is drawing insights from past experiences will help in predicting the future by following the same patterns.

When paired with artificial intelligence, predictive analytics is capable of making more accurate and detailed insights, even the existing dataset is white noise. This is possible since machine learning application of AI helps AI-based predicted models to continuously learn and adapt, thus improving and making more accurate predictions over time. AI will further augment predictive abilities which can empower brands to identify, engage, and secure suitable markets for their services and products, and boost efficiency and ROI of marketing campaigns. It will also help eliminate costly IT downtime. E.g. Appnomic CMO, Cuneyt Buyukbezci cited that his company leveraged predictive intelligence to handle 250,000 severe IT incidents for its clients with AI, which equals more than 850,000 man-hours of work. View More