LONDON--(BUSINESS WIRE)--Quantzig, a global analytics solutions provider, has announced the completion of their most recent whitepaper on the top reasons why predictive analytics is important today. With rapid technological developments, businesses are focusing on implementing marketing strategies that can help companies to reach consumers more effectively, and predictive analytics is one such technique
Many organizations across some industries are learning that there is a massive amount of data customers leave behind when networking with their company - be it online, in-store or both. Predictive analytics helps in extracting this valuable information from the enterprise data to develop predictive models that can advance business performance through the effective delivery of products and services. Quantzig has listed top reasons why predictive analytics is important today in this whitepaper.
According to the predictive analytics experts at Quantzig, “The capacity for predictive analytics to learn from experience is what renders this technology effective, differentiating it from other business intelligence tools and analytics techniques.”
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Top reasons why predictive analytics is important today:
- Secure an inimitable competitive stronghold – You can analyze your business’ strengths and competitor’s weaknesses using predictive analytics to develop effective predictive models. The predictive model produced using the enterprise data taps into an understanding, which is limited only to the organization. So, each predictive model and the insights obtained through them are beyond the reach of common knowledge.
- Enhance your core business capabilities – Improving the core competencies of your business offerings is a step ahead and a necessary step to grow beyond increasing sales. The ultimate goal is to focus on the use of predictive analytics to enhance your approach to the market whether it's about promoting your product or service offerings. This can be done in many ways in various industrial segments including the prediction of health risks for proactive healthcare and forecasting inventory demand in retail.
- Develop customer retention strategies – Predictive analytics offers a unique competitive advantage to a variety of customer-facing activities. Also, it gives the required knowledge to target customers at the right moment. Developing customer retention strategies is the main significance for businesses even though churn modeling may be the most widespread business application of predictive analytics. Also, you can effectively spend your marketing dollars by predictively scoring customers based on their next probable action.
- To read more, download FREE sample
Download the complete list of top reasons why predictive analytics is important today whitepaper here:
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 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.