Predictive analytics is the technology of using data and statistical algorithms to predict a possible outcome based on historical data. The possibilities are endless and many organizations are resorting to predictive analytics to help solve tricky problems. Predictive analysis is best in scenarios like detecting fraudulent cases, targeting marketing campaigns and risk management.
We believe we can see the future by detecting a pattern and using the data to predict what is to come. This can not only lead to grand successes, it can also help big organizations save a lot of money and disaster and deal with risky decisions better. This practice not only helps businesses attract new customers, it can also establish a tried and tested for the organization which is bound to work out for the best.