Predictive analytics is a category of data analytics aimed at making predictions about future outcomes based on historical data and analytics techniques such as statistical modeling and machine learning. The science of predictive analytics can generate future insights with a significant degree of precision.
Organizations today use predictive analytics in a virtually endless number of ways. The technology helps adopters in fields as diverse as finance, healthcare, retail, pharmaceuticals, automotive, aerospace and manufacturing.
· Automotive- Incorporate records of component sturdiness and failure into upcoming vehicle manufacturing plans. Study driver behavior to develop better driver assistance technologies and, eventually, autonomous vehicles.
· Manufacturing- Predict the location and rate of machine failures. Optimize raw material deliveries based on projected future demands.
· Retail- Follow an online customer in real-time to determine whether providing additional product information or incentives will increase the likelihood of a completed transaction.
At ThoughtStorm we help your organization use various tools like SAS, Microsoft Builders, Tableau etc. to perform predictive analysis and help them to use technology for maximizing their profit and efficiency.