Predictive analytics can help your business to accurately determine what might happen next. So, whether your business operates in the manufacturing, retail, banking, healthcare or public sector, there are many different ways that you can utilise predictive analytics across all areas of your operations.
Let’s take a look at some of the most valuable uses for predictive analytics.
1. Fraud Detection
As predictive analytics can be used to carefully examine every action that is taking place within your organisation’s network on a real-time basis, it is much easier to identify abnormalities that could be an indicator of fraud.
2. Audience Segmentation
Individuals within your wider target audience will naturally be looking for different things from your organisation. By segmenting your audience and using predictive analytics to accurately tailor your messaging to these different audience segments, you will consistently be giving your business the best chance to successfully nurture leads and secure those all-important conversions.
3. Conversion Prediction
If you have a better idea of when individuals are most likely to convert, you can ensure that you’re sending out direct communications and effectively utilising tools like online ad retargeting at the right time.
With support from a data collection company, such as https://shepper.com/, you can take the guesswork out of conversion optimisation and ensure that you are making data-driven decisions with the power to help you take action at the most opportune times.
4. Risk Reduction
As this Forbes article explains, predictive analytics leverages both current and historical data, which is how it makes informed decisions extremely efficiently.
As such, it is no surprise that predictive analytics is already being used by debt collection, insurance and credit companies to accurately determine whether an individual is likely to default on an agreement in the future. Adopting similar practices can help you to reduce the risks your business faces, improving your chances of long-term success.
5. Improve Key Business Operations
From forecasting quantities of inventory to managing your tech resources in order to drive the best outcomes, predictive analytics can be incorporated into every aspect of your business operations to guarantee optimal efficiency.
