What is Predictive Analytics Software?
Predictive analytics software digs deep into data, analysing past patterns and predicting future patterns and trends. Analysts use predictive analytics products alongside statistical analysis and algorithms in order to build decision models and help plan a company’s future decisions.
These software services can help professionals better understand their consumers, their products and their partners, creating an overall picture for their company to identify opportunities and risks.
What Is Included in a Predictive Analytics Product?
In order to be categorised as a predictive analytics product, a product needs to:
- Create datasets or data visualisations based on compiled data
- Generate predictive models in order to forecast future probabilities
- Analyse both structured and unstructured data
- Respond to changes and revisions
- Permit import and export from other data-collecting channels
Top 5 Predictive Analytics Software Solutions
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Qlik Sense
Qlik Sense is designed to make data accessible for all users across an organisation offering user-friendly self-service solutions. With many analytical tools available, it provides detailed analytics and dashboards with custom options to suit any company’s needs. The platform allows users to dig deep into data and generate AI based charts and insights. Not only that, its API connections allow for powerful data integration with other platforms.
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SAP Analytics Cloud
SAP Analytics Cloud is a predictive analytics software solution known for its powerful data visualisation abilities, helping businesses of all sizes to harness their data and make informed decisions. This platform works to turn static spreadsheets into actionable insights helping companies to act fast and accurately and identify trends which will maximise their business potential. All analytics, including planning and business intelligence in additional to predictive analytics, are seamlessly combined in a single cloud-based solution. -
IBM SPSS Modeler
The IBM SPSS Modeler is one of the world’s leading data visualisation platforms based on machine learning. Companies can benefit from increased efficiency for their operational tasks and can gain in-depth data insights quick and accurately. Already, thousands of global organisations rely on IBM for their predictive analytics solutions.
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RapidMiner
RapidMiner relies on AI solutions to help users of all skill levels obtain reliable, accurate and actionable data, across all sectors, to drive immediate business impact. The end-to-end platform collates data in a single platform and simplifies complex data solutions to make it digestible for all users. -
Board
Board is known as decision-making platform and is trusted by over 3,000 companies across the world. The platform drives digital transformation, seamlessly combining Business Intelligence, Predictive Analytics and Integrated Business Planning in one single platform. Board’s solutions enable companies to gain total visualisation of business information and take control of their company’s performance by making smart decisions and maximising revenue.
How Much Does Predictive Analytics Software Cost?
Do I Need Predictive Analytics Software?
Understand Past Company Actions
Predictive Analytics Software gives rise to what is known as Descriptive Analytics – these help understand the past actions of the company and their impact. This requires thorough data mining into a company’s historical data and will help understand customer data, different department-specific actions and identify areas of failure and success, all of which guide future decisions.
Real-Time Picture of the Company
By giving companies full transparency of data, it equips them with a real-time picture of the state of the company. This means that they are able to known and plan for potential outcomes. Decision-making model are built on descriptive analysis to ensure that decisions are taken correctly and any past mistakes are not repeated. They help with efficient forecasting and planning.
Prescriptive Abilities
The key benefit of predictive analytics software is its ability to turn data into actionable insights so that a company is equipped with clear suggestions and recommendations based on past data. This enables companies to make precise, data-driven decisions across all departments. They can also identify any risks or opportunities and predict and forecast revenue based on a range of variables.
Who is Predictive Analytics Software For?
The simple answer is everyone. Many predictive analytics software services are designed with user-friendliness in mind aiming to make data more accessible across the company, regardless of department or data skills. That being said, highly skilled data scientists or those who are specialised in machine learning or predictive modelling can harness these tools in the most effective ways.
Retail
Retail can benefit from predictive analytics to help optimise their processes with everything from pricing, to understanding consumer behaviour to in-store organisation and navigation. These tools are especially beneficial for e-commerce businesses.
Manufacturing & Supply Chain
This sector is one of the major beneficiaries of predictive analysis software as it helps them demand planning and resources. Access to data can help these businesses forecast accurately in order to avoid future risk of shortages and surpluses. Additionally, they can assess past performance in order to improve their quality management and any production issues.
Distribution can also be supported by predictive analysis software with predictive modelling helping to identify where goods need to be delivered and any potential risks in distribution. This allows companies to deliver their products more efficiently and, thanks to the many available variables, can make this more of an exact science.
Marketing & Sales
These teams can benefit from predictive analysis technology and improve their ability to predict customer actions and prospects. Marketing teams can assess different marketing campaigns, identify market segment and analyse conversion rates to guide the success of future marketing actions. All of this converts into a more successful sales and marketing team and ultimately help to maximise efficiency and company revenue.
Finance Department
Financial services can take advantage of predictive analytics solutions in order to flag any potential risk. Additionally, this department can benefit from accurate forecasting in order to guide any future financial decisions, identify risk and manage budgeting.
