As a student earning a degree in business or technology or as an entrepreneur opening and operating a company, you may hear a lot about how using predictive analytics can benefit your business’ success. Specifically, some noted benefits of using predictive analytics include the ability to adapt your company to changes occurring within the marketplace while remaining competitive.
Predictive analytics isn’t a new concept, but many companies across all industries recognize how valuable it can be to predict future business outcomes related to all aspects of relying on data in business operations. You may ask yourself—what is predictive analytics?
Predictive analytics is one of the most advantageous analytic techniques. This method entails using machine learning, mathematical models, and data science to model forecasts regarding potential outcomes resulting from your business’ actions and those of the market. These predictions depend on using historical data and current data integrated with machine learning and advanced statistics. Using predictive analytics is, ultimately, a way of learning from past data and making better decisions in the future.
The predictive analytic process enables you to make an informed decision regarding your business operations, as it does for other businesses in all domains. The positive effects of the decisions business owners make in response to predictive modeling can ultimately impact clients and customers at a meaningful level. Described below are real use cases for predictive analytics.
Predictive analytics in real estate helps realtors provide appropriate projected property values.
Predictive analytics enables real estate brokers to give home buyers property values based on data. Likewise, sellers can rest assured that their homes will sell for a fair, appropriate price. Using predictive models can help real estate businesses identify homeowners who want to sell their homes and match these individuals with people who are ready to buy a home. Ultimately, relying on data to make accurate predictions helps real estate brokers engage in more targeted outreach to potential sellers.
Businesses can enhance marketing efforts according to predictive analytics.
Data is essential to marketing. When marketing, professionals use information regarding customer engagement, the stores customers purchase from, their browsing and purchasing history, online clicks, and more. Predictive analytics helps marketers and business owners make sense of their multiple data sources, form comprehensive marketing strategies, analyze how effective their plans are, and predict which methods will generate the most success.
Through predictive modeling, entrepreneurs and marketers can utilize a customer’s purchasing history to determine the most effective times to advertise specific products to that customer. A marketing strategy backed by predictive analytics can help business owners estimate and understand how likely prospective customers are to make purchases and empower them to tailor their outreach and customer retention efforts accordingly.
Businesses in the healthcare sector can use predictive analytics to improve patient outcomes and wellness.
Utilizing predictive analytics in healthcare enables businesses to incorporate information from all data sources inside and outside hospitals, clinics, and specialized medical centers. By pooling data regarding all patients from all sources, professionals can model the treatments that will likely be effective based on a patient’s unique, comprehensive health history. Incorporating data regarding a patient’s behavior, residential zip code, and more into healthcare decisions can ultimately help medical professionals tailor their treatment suggestions. Specific social data can help healthcare professionals determine the chances that a patient might cancel or forgo an appointment or neglect adhering to medical advice.
When applying predictive analytics to dentistry and orthodontics, dental professionals can use data to make accurate predictions of patients’ needs and behaviors. Predictive modeling using data regarding how new and returning patients make appointments or online searches for the average price for braces can help dental professionals better prepare their patients for better dental health outcomes. Reliable data can help dentists, orthodontists, and other professionals provide appropriate treatment for patients in need of aligners, braces, and other forms of dental care and orthodontic treatment.
Ultimately, learning about data mining and predictive analytics models and using software that makes predictive analysis easy while you’re pursuing your degree can give you a competitive advantage that improves future outcomes and cost savings.