Predictive Analytics
What are predictive analytics?
There is no magic here. Predictive Analytics are science-based, proven tools that use descriptive data to predict future events through statistical methods. Predictive analytics can help forecast demand, classify customers, anticipate events, and score leads and opportunities.
Why are predictive analytics important for my company?
Descriptive analytics, like reports and dashboards, help us understand the state of our businesses. They leave it to the reader to determine the next likely event. Even if you’re deeply familiar with the data, difficult problems can still be tough to solve. Predictive data analysis helps inform your decisions when you tackle these problems.
As humans, we have perception biases. When we search for patterns, we are likely to find what we’re looking for and overlook everything else. Computer models also have biases, but those biases are known – we can account for them. Predictive analytics bring insights and influences employee behaviors to achieve better results.
How does Focus Ten Consulting produce predictive analytics?
We use state-of-the-art tools, like R and Python, which develop models that produce predictions. We use software like Microsoft Power BI and geographic information software Esri ArcGIS to display the results. With these, we can collect and summarize predictive data with easy-to-read charts and maps which visualize predictive data.
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