Predictive analytics have been around for a while, but the concept only gained significant traction in recent years. Several factors contribute to this. Economic conditions are tougher, and competition is more intense, so companies are scrambling to differentiate. Predictive analytics reveal opportunities for that.
In addition, analytic capabilities are more accessible in today’s software systems and easier for the average business user to understand. The sheer volume of data in the Cloud has given immediate and widespread data access to internal teams, providing more fuel to burn the fires of predictive analysis.
So, what do we need to know about predictive analytics? How are industries using it to their advantage and how can we do the same? In this blog, we’ll try to get a grip on those answers.