Businesses today need to contend with demanding customers who expect engaging online experiences and high responsiveness to their needs. Predictive analytics has emerged as a key differentiator in recent years enabling businesses to provide significant benefits to customers.
Here are five vital areas where predictive analytics will grow and change the business landscape in the coming years:
Driving processes across sectors
Over the last few years, businesses in different sectors have realized the power of predictive analytics to empirically drive mass-scale processes enabling decision making by leveraging data-based predictions. Predictive analytics can improve a wide range of organizational activities by enabling customer behaviour and outcome prediction.
Empowering marketing and sales
Predictive analytics makes it possible for businesses to gather and focus on the right data to understand opportunities and risks, to aid proactive decision making, and improve future outcomes. One of the most significant ways predictive analytics helps businesses is in marketing and sales. The ability to accurately predict a business’s best leads and prospects as well as when and how to engage them effectively is valuable information. Thus, predictive analytics can make marketing teams much more productive and help them realize greater profits. For instance, Salesforce.com transformed its operations by leveraging predictive analytics to automate the sales process.
Predictive analytics has changed the recruitment function by leveraging technology to understand employee psychology. It is possible for businesses to predict the most qualified candidates for specific positions based on their work and educational background, skills, motivation and past performance. Wells Fargo was one of the pioneers in utilizing what they call enterprise talent analytics to help recruiters perform their job with greater precision.
In recent times, the number of security incidents affecting enterprises has significantly increased. Although security teams were notified of suspicious events, they did not have in place a process to effectively prevent the incident. To address such a threat, organizations can implement predictive analytics to identify and protect their business from risks arising from different sources.
Enhancing Customer Service
Businesses can streamline their customer service operations and enable robust operations by leveraging predictive analytics to take customer service to the next level. Big data and analytics platforms are blending together to create organizations that understand their customers at a deep level. “The big data trend is to try to become predictive enough so that you can please the customer every single time,” says Gary Ambrosino, President and COO of TimeTrade.
Today, predictive analytics is being employed in a myriad of ways to change society and businesses as we know it. Prediction will become a key factor in guiding decisions made by more and more organizations around the world and improve their efficiency. As more technologies come together driven by innovative advancements, the majority of interactions between people, organizations and processes will be influenced and changed by the power of predictive analytics.