LONDON--(BUSINESS WIRE)--Many organizations have begun using analytics to look at past performance of inventory, marketing, and other aspects of doing business. However, fewer take advantage of predictive analytics, which can help estimate future demand and the effectiveness of a particular campaign. This allows companies to make better use of their resources, and not waste time and effort on suboptimal actions.
In a blog titled The Importance of Predictive Selling, global analytics and advisory firm Quantzig discusses the ways in which predictive analytics can improve business performance.
According to Quantzig, “A company’s ideas of its target market and the customers with whom it actually has the most success are not necessarily the same. Sometimes interest can come from unexpected areas, and sometimes the demographic that seemed perfect for a product actually turns out not to be very profitable. Analytics can identify these patterns, allowing the business to adjust its marketing or even its product mix to better suit its customers.”
The analytics firm also notes that “Predictive analytics can identify what a particular customer is most likely to be interested in and when, allowing marketing to send timely promotions that are relevant to their needs and interests.”
These are just a few of the ways that organizations can take advantage of predictive analytics to improve efficiency and effectiveness. These tools can improve both internal operations and customer relationships, and are more readily available than ever. They are likely to become more widely adopted in the coming years.
Read the entire blog here: https://www.quantzig.com/blog/importance-predictive-selling
More information on how predictive analytics is being adopted across various industries and how leading manufacturers are using these tools to expand the lifecycle of their assets by up to 4 years, can be found using Quantzig’s resources. These resources are compiled from Quantzig’s team of over 500 analysts with industry expertise.
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 12 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on all of Quantzig’s services and the solutions they have provided to Fortune 500 clients across all industries, please contact us.