Predictive Analytics Supports Citizen Data Scientists!

Use Predictive Analytics for Fact-Based Decisions

Like every other business, your organization must plan for success. In order to do this, the team must have a dependable plan and be able to forecast results and create reasonable objectives, goals and competitive strategies. These plans and forecasts will support investment in technology, appropriate resources and hiring strategies, additional locations, products, services and marketing strategies, partnerships and other components of business management to ensure success.

Forecasting and planning cannot be based on opinions or guesswork. It must be based on historical data, facts and clear insight into trends and patterns in the market, the competition and customer buying behavior. To accomplish these goals, businesses are using predictive modeling and predictive analytics software and solutions to ensure dependable, confident decisions by leveraging data within and outside the walls of the organization and analyzing that data to predict outcomes in the future.

‘Every industry, business function and business users can benefit from predictive analytics.’

According to CIO publications, the predictive analytics market was estimated at $12.5 billion USD in 2022 and is expected to reach $38 billion USD by 2028.

Predictive Analytics is Beneficial for Every Industry and Business Function

Predictive analytics encompasses techniques like data mining, machine learning (ML) and predictive modeling techniques like time series forecasting, classification, association, correlation, clustering, hypothesis testing and descriptive statistics to analyze current and historical data and predict future events, results and business direction.

When a business selects predictive analytics tools that are suitable for business users and team members, it can leverage sophisticated algorithms and analytical techniques in an easy-to-use environment to enable every team member to contribute to the bottom line by allowing them to gain insight into data and use that insight to make confident, fact-based decisions.

With these tools, users can explore patterns in data and receive suggestions to help them gain insight on their own without dependence on IT or data scientists. The enterprise can provide the tools needed at every level of the organization with tools and data science for business users that are sophisticated in functionality and easy-to-use for users at every skill level.

The benefits of augmented analytics and self-serve predictive modeling include:

  • No complex algorithms or data manipulation
  • Auto-recommendations for algorithms to explore underlying data
  • No advanced data science skills required
  • Analyze, share, collaborate and optimize business potential
  • Business users can prototype and hypothesize without professional assistance
  • Recommend optimal actions to achieve specific goals

Every industry, business function and business users can benefit from predictive analytics. Here are some examples of the use of predictive modeling:

Retail – Predictive Analytics tools can be used to understand customer buying behavior and to suggest products and product bundling based on previous purchases, buying patterns, and demographics. This creates a more personalized and targeted shopping experience that is unique to each customer.

Supply Chain – The organization can forecast demand and manage the supply chain to optimize inventory using machine learning to predict customer demand, seasonality, product trends etc., to that the enterprise can mitigate stock shortages and avoid warehouse and inventory overstock.

Healthcare – By using historical data regarding specific diseases, conditions and treatment plans, providers can forecast treatment outcomes, limit risk and improve overall care, thereby reducing complications, readmission and provider resource, medication and hospital bed shortages.

Energy Infrastructure – Using predictive analytics allows these businesses to monitor and analyze data and performance and to detect patterns and trends that may indicate downtime, breakdowns and maintenance issues.

Financial Services, Banks and Loan Businesses – Predictive analytics provides support for credit risk and fraud mitigation and allows businesses to create scoring models for loan approval, etc. based on credit history, and other financial considerations. Predictive modeling allows the organization to identify transactions that are outside the norm, and alert the business and its customers of hacks, fraud, etc.

‘When a business selects predictive analytics tools that are suitable for business users and team members, it can leverage sophisticated algorithms and analytical techniques in an easy-to-use environment to enable every team member to contribute to the bottom line by allowing them to gain insight into data and use that insight to make confident, fact-based decisions.’

These are just some of the benefits and use cases your business can consider to decide on how best to implement predictive analytics and integrate the use of these tools into day-to-day use for business users to improve data-driven decisions and results.

To find out more about AI And Predictive AnalyticsContact Us. Keep pace with changing enterprise needs and support business agility. Let us help you realize your business goals and objectives with fact-based information, and flexible, scalable technology solutions that will support Citizen Data Scientist initiatives, and improved data literacy and data democratization.

Original Post : Predictive Analytics Supports Citizen Data Scientists!

Case Study : Smarten Augmented Analytics Provides Comprehensive Solution for India’s Largest Jewelry Brand

Smarten Augmented Analytics Provides Comprehensive Solution for India’s Largest Jewelry Brand

The Client is India’s largest omni-channel jewelry brand, and is recognized and renowned by India consumers. The Client has 165 retail stores in 66+ cities across India, as well as a thriving jewelry eCommerce presence online. Its product line includes rings, earrings, pendants, necklaces, chains, bangles, bracelets, mangalsutra, and nose pins, as well as 22k (916) and 24k (995) gold coins with certification and BIS Hallmark stamp guarantee. The Client customer base is growing rapidly, and to attract and retain customers, the business provides new designs and uses a mobile application to bridge the gap between brick-and-mortar stores and the virtual world. The mobile app provides a Virtual Try-On feature that allows customers to ‘try on’ jewelry and designs using a virtual reflection and image.

Assisted Predictive Modeling is Your Secret Weapon!

Predictive Analytics That is Easy Enough for Any Business User!

Predictive analytics may seem too complex for business users but with advanced technology like machine learning and features like assisted predictive modeling users can dive into the process without the skills of an IT professional or a data scientist. Assisted predictive modeling frees the user by providing system recommendations that will suggest the right analytical technique and achieve the best fit for what the user wants to do, ensuring that they use the most appropriate algorithm for the data they wish to analyze.

Your Team Can Use Assisted Predictive Modeling!

Predictive Analytics Is Within the Reach of Your Business Users!

Today, business planning is harder than ever. No one knows what is coming next and considering the changes in customer needs and expectations is just one of the issues. How about competition? What about new technology and how it will affect your products and services? What about the need for skills and new training for your team members and candidates? How about access to capital and investors?

Using Predictive Analytics to Understand Your Business Future!

Can Predictive Analytics REALLY Help My Business During These Uncertain Times?

How accurate is predictive analytics? Is it worth using for my business? How can forecasting and prediction help me in such an uncertain environment? These are all valid questions and they are they are questions your business (and your fellow business owners) must grapple with to understand the value of planning and analytical tools.

Business Users CAN Use Predictive Analytics!

Predictive Analytics is a Critical Component of an Augmented Analytics Suite!

Analytics and advanced analytics techniques can seem daunting to the average business user but they need not be. If a business wants its users to adopt and use analytics tools, an augmented analytics solution is the way to go. These solutions are easy to use and provide guidance and auto-recommendations to help users gather and analyze data using the right analytical technique.

Data Modeling Pulls it All Together for the Business!

Predictive Modeling Creates a Clear Picture of the Future!

What is Predictive Analytics and How Can it Help My Business?

What is predictive analytics? Put simply, predictive analytics is a method used to forecast and predict the future results and needs of an organization using historical data and a comprehensive set of data from across and outside the enterprise.

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What is Automated Machine Learning (AutoML)?

What is Automated Machine Learning (AutoML)?

What is Automated Machine Learning? Quite simply, it is the means by which your business can optimize resources, encourage collaboration and rapidly and dependably distribute data across the enterprise and use that data to predict, plan and achieve revenue goals.

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Citizen Data Scientists and Augmented Analytics!

Data Literacy for Business Users with Augmented Analytics!

Learning for Citizen Data Scientists and Data Literacy Across the Enterprise!

So you want to transform your business users and encourage learning for Citizen Data Scientists to enable data literacy across your enterprise? If your business is like most, your average business user doesn’t know (or need to know) the details of sophisticated algorithms and analytical techniques. But, you DO want to encourage data literacy and provide your business users with the tools they need to perform analytics.

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Assisted Predictive Modeling for Business Users!

Assisted Predictive Modeling Improves Forecasting!

How Can I Leverage Assisted Predictive Modeling to Benefit My Business?

Some people hear the term ‘assisted predictive modeling’ and their eyes cross. They immediately presume that we are talking about something complex and certainly NOT for them. Nothing could be further from the truth. This seemingly complex term actually describes a technique that is designed to be suitable for business users with average technical skills and, with these tools, the average user can enter the age of advanced analytics and make educated, confident business decisions about forecasts and predicted results.

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