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Predictive Analytics Helps You Make Right Decisions At The Right Time
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Relevant data can be used for many purposes such as future and risk based analysis. This mechanism is also termed as predictive analysis.
Predictive analysis involves some more techniques such as statistics, modeling and data mining that count the current and historical facts and then analyze them which help in making future decisions and predictions. This mechanism is also termed as Big Data Analytics at Enterrasolutions wherein huge data in involved. Data can be collected from various sources such as internet, social media etc. and then this data has be structured and analyzed in the correct manner so that best use can be made out of it. It is big data because tons of data belonging to vats number of years would be involved.
Some common industries which make use of Big Data Analytics at Enterrasolutions techniques are:
• Actuarial science
• Financial services
• Telecommunication domain industries
• Travel and healthcare etc.
There are special ways in which this data is used and transformed. All the data is collected from various sources and then stored in a proper format. Once the data has been stored in similar format then some formulas and calculations are applied on this data. Once the calculations have been completed the output would be relevant and synchronized with your business. The organizations hire special people known as analysts who know the technique of studying this data. They would go through the results and then help the company make some important decisions. These decisions are more based on future aspects of the company such as which product to launch, what features to be included, what should be its price etc.
For example in case of Predictive analysis if the company wants to launch a new mutual fund type bond, then the data would be related to all the bonds which the company has launched in past and what was its response. Secondly they would also collect data of all the mutual bonds which other competitors had launched in past and hat was their profit. They would also use data which depicts the monetary status of the targeted people.
And they would target the correct audience with the right plan. This would help in growth of the company and increase in customers also. This concept is very important for big companies so that the loss factor decreases and they can also keep their customers happy and retained.
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