Undoubtedly, a prudent business strategy is the key to survive in this competitive industry. However, to achieve a long-term success, your strategies should be aligned with your consumers behavior and future trends. Sadly, businesses don’t have business horoscopes to rely on to forecast consumer needs and problems. Today, businesses are adapting to Predictive Business Analytics to make right predictions, and avert business risks.
Thus, Professionals who are highly equipped with the latest analytical techniques are an asset to an organization. This is because they bring tremendous value to any strategy and enable their companies to take action with confidence.
What is Predictive Business Analytics and Why it matters?
Predictive Business Analytics Program will enable you to learn from your past experiences to predict the future outcome or behavior using data in order to drive better decisions.
Thus, with right analytical skills, you can deliver highly valuable, pertinent insights using analytical tools that will drive business-critical strategies and boost success.
Predictive Business Analytics Examples
Imagine, you own a Yoga Studio, and you wish to retain some customers for the long run.
You simply implement something called: a predictive business model. The system alerts you that your customer “Seema” will most likely not renew her membership.
So, because you have identified the problem, you can now give “Seema” some incentives, or free goodies to stay back.
What do you get? You win a long-term customer
Suppose you are a marketer and have 100 discount coupons with you. You have a database of 1000 customers and wish to know which 100 best customers will most probably buy your product. It’s easy, you just take the help of Predictive Analytics tools and gauge your customers’ buying interest in your product. Finally, send communications to only those who are interested.
What you get? You save your precious time and energy
Or imagine, you drive an e-commerce website, and you wish to know which customer will most likely buy your products. What you can do is, first of all with the help of predictive models, understand which customer has spent more time on your site, or re-visited your site more than once for the same product. And, voila, you greatly reduce your marketing costs with targeted marketing efforts.
What you get: You save your money!
Also, In a nutshell, Predictive Business Analytics is nothing but which gives you optimized campaigns, faster results, and cost-reduction for your business or company with just simple predictive modeling techniques.
However, the above situations are just a few of the applications that are used widely in the industry.
Below are some other sectors/industries that heavily rely on Predictive Business Analytics
Customer Segmentation, Up Selling/Cross Selling, Market Basket Analytics, Marketing Media Mix Analysis.
2. Healthcare and Pharmaceuticals
Genetic analysis, clinical trials analysis, clinical decision, support system
3. Financial Sector
Credit risk management, credit scorecard modeling, fraud detection, stock market analysis
4. Media Analytics
Decision making on allocation of air- time of a new tv show, prime time rate for advertisement, analysis of channel viewership
5. Retail Analytics
Shelf space allocation, analysis of customers preference for store brand or brand names, pricing decisions, promotions and product bundle offerings
Moreover, Learn to apply predictive analytics and business intelligence to solve real-world business problems. Also, our students can expect a mix of case studies, analytical tools, and the hallmark pedagogy of learning through a plethora of hands-on and real-life scenarios.