Predictive analysis is a subset of AI, and companies use it to gain valuable foresight. Using raw data and machine learning helps them solve critical business problems related to increased revenues.
Predictive AI technology helps companies identify customer patterns, accurately predict future demand, upsell opportunities, reduce customer churn, and optimize campaigns. These eventually result in a higher return on investment (ROI).
But before people can reap its benefits, they must find the right predictive analysis software. Although there are many like these in the market, you should find one that provides the best solutions. For instance, it should support integrations and have robust security features.
The best part about such predictive platforms is their application to several industries. You can benefit from them in industries like gaming and mobile apps, direct-to-consumer, retail and commerce, consumer packaged goods, and insurance.
However, how does it work, and what are some benefits you can expect from using this software? Read on to find the answers below.
Get valuable foresight into metrics
Predictive analysis software helps you gain valuable foresight into essential metrics for your company’s sales team. Sales metrics refer to a set of data that allows salespeople to calculate their performance on an individual and team level. They use it to track their progress against preset goals and objectives.
Sales teams can use it to create data- and future-driven strategies. It helps salespeople in areas like customer acquisition, demand forecasting, conversion modeling, assistance with customer acquisition and retention, pricing, packaging, production, distribution, and resource planning.
Boost your KPIs
Key performance indicators (KPIs) are indicators that a company uses to measure its performance and assess its successes or failures. Accurate AI-driven predictions help you boost your KPIs in as little as two weeks, helping you save significant time and make use of cost-saving opportunities.
It also helps you utilize your information efficiently, helping you work faster, solving present and future challenges, and exploring hidden opportunities.
It doesn’t require data scientists
Usually, companies hire data scientists because they study and analyze the existing information to predict future outcomes and opportunities, recognize target customers and get better results.
However, hiring data scientists involves a lot of money. And even then, you might be unsatisfied with the results they provide. In contrast, you could use a predictive analytics platform that guides your company’s planners and analysts to create sophisticated and efficient predictive analytic models using automated processes.
Automated model building
Using a predictive analytics platform lets you take advantage of drag-and-drop model building. Once you drag and drop information, the software does most of the work. Even if the size of your data increases, the platform keeps your models updated for better accuracy.
It makes data accessibility easier
The software makes it easy to access your data regardless of its location. It helps you completely control your information through secure cloud computing models. You can use the dashboards to determine your predictions or integrate the platform with your workflows for better results.
You should consider using predictive AI software because of its numerous benefits, from boosting your KPIs to gaining valuable insights into metrics. It utilizes your company’s existing data efficiently, letting your sales teams devise strategies that ensure higher ROI, better customer experience, higher acquisition, and more sales.