Predictive Analytics is a set of mathematical tools and techniques used to identify patterns from large sets of data. It is used to forecast future trends or behaviours. Predictive analytics uses a combination of machine learning, mathematical modelling, artificial intelligence, statistics, and analytics to accurately identify patterns and relationships in data.
Predictive analytics can be used in business to help assess customer behaviour, identify consumer trends, and create sales forecasts. Companies can also use predictive analytics for inventory management, marketing campaigns, and to identify areas that may require additional resources or manpower. Predictive analytics can also be used to identify potential fraud, analyse network security, streamline supply chains, optimize pricing, and more.
Predictive analytics can be used in a variety of industries, such as healthcare, finance, retail, transportation, and marketing. In healthcare, predictive analytics can be used to identify potential risks associated with specific patients, optimize hospital resources, detect broken medical devices, and diagnose diseases. In finance, predictive analytics can be used to detect and prevent fraud, optimize trading strategies, analyze customer lifetime value, and assess credit risk.
Overall, predictive analytics is a set of powerful tools and methods that can be used to identify patterns and trends in large amounts of data. It is used to create forecasts and predictions of future events and behaviour and can be applied to almost any industry, from healthcare to finance. Predictive analytics can help companies optimize processes, reduce costs, and better understand customer behaviour, among other things.
