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24 Sep 2015

3 Scenarios Where Predictive Analytics is a Must

Contents of the webinar

  • Types of Analytics
  • Why Predictive Analytics?
  • Domains where Predictive Analysis is creating magic.
  • 3 Scenarios where Predictive Analytics is a must.

Types of Analytics?

There are 3 types of analytics namely,

Descriptive– Analytics that helps you understand how things are functioning.

Predictive– Analytics that help you forecast future performance and results.

Prescriptive- Analytics that suggest a prescribed next step or action.

What is Predictive Analytics?

Predictive Analytics is a branch of data mining concerned with the prediction of future trends and probabilities. For example, an insurance company is likely to take into account potential driving safety predictors such as age, gender, and driving record when issuing car insurance policies.

Predictive Analytics Lifecycle - Predictive Analytics - EdurekaSome advantages of Predictive Analytics


Why Predictive Analytics?

Predictive Analytics can be a game changer and most of the companies have benefited from it. For instance, Best Buy determined 7% of its customers were responsible for 43% of its sales. The company then segmented its customers into several archetypes and redesigned stores. On the other hand, Olive Garden uses data to forecast staffing needs and food preparation requirements down to individual menu items and ingredients.

3 Scenarios where Predictive Analytics is a must

Churn Prevention and Customer Lifetime Value: When customers stop using your products or services, or if they begin using products of your competitors, this is rightly called as Churn or Attrition. Some of the various topics discussed in the webinar about churn prevention are as follows:

  • Why churn prediction?
  • Why does it affect the business?
  • What can be done about it?
  •  Predictive Model
  • Flow of churn analysis

Check out the PPT presentation:

Got a question for us? Mention them in the comments section and we will get back to you. 
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