If your organization isn’t using predictive analytics to manage risk and capitalize on opportunities, now is the time to start!
Predictive analytics uses your enterprise data to help you identify patterns and determine likely outcomes within your business. This technology assigns a predictive score to a data object (customer, purchase, product, etc) based on historical information. Many of our manufacturing clients use machine learning and predictive analytics to identify predictive maintenance issues.
mcaConnect will help you create a scenario-driven system, so you can predict cause and effect patterns rapidly, answering questions like:
- What’s the ideal product mix?
- How do we prevent fraud and loss?
- Is this customer likely to default?
- Is this machine likely to break down?
- Is there a better way to retain customers?
- How should we handle product defects or recalls?
- How much customer churn can we expect?
With every new data point, the predictive analytics system learns and takes action to apply what’s been learned. With so much logic built into the system, predictive analytics can be a major factor in creating a competitive differentiation for your organization.
Most business intelligence solutions only give you a retrospective analysis. Predictive analytics gives you the ability to generalize and take action in the moment. Credit card companies use it to detect fraudulent purchases. Manufacturers use it identify parts and equipment that are likely to require repair or replacement. Sales organization use it to optimize customer purchases.
The question is, “How will you use Predictive Analytics?” – and how can we help?