According to a research of Markets and Markets, by 2022 “Predictive Analytics” industry would worth around 12.4 Billion of USD globally. Once the data and working on it was an activity only set aside for the economist fellow are now the triumph of every industry. The word “data” has now collaborated with the word “science” and have quadrupled its significance. Irrespective of any industry the reason of implying heavy resources on Data Analysis is only the secure prediction of the future and gaining the enhanced ability to foresee the possibilities and develop strategy accordingly. Following are the prevailing Predictive Analytical Industries that have the greatest of potential.
Risk of suppliers is one of the biggest challenges for companies with global supply chains. There are risks of various aspects ranging from risks if a supplier going out of business to getting acquired, and extends to the point of unknown risks from your suppliers' suppliers. You can also encounter risks from your most dependable suppliers if a natural disaster like an earthquake or a tsunami strikes. With global warming affecting more climatic conditions, the ability to predict weather along with earthquakes, political and economic unrest, and a myriad of other factor drives the adoption of predictive analytics for the supply chain.
In 2019, more companies are determined to utilize the analytics to keep their sales force informed. It is like going to war with having you commander in chief in your pocket! The process empowers the sales team to focus on every detail of their perspective clients; it does not just include their previous experiences, but also their preferences and their wants and needs and the ratio of their spending with their utilities on stake. You have a complete picture of your customers before you even started discussion, you can manipulate the information in the ways you can imagine and focus on the potential customers where you have lesser or no risk of defiance.
Nearly 1/3 of the world's food production is wasted each year. This is catastrophic when around 800 million people worldwide do not have enough to eat, and it is painful for food retailers who must operate on thin margins that food spoilage erodes. Predictive analytics are the solution here, it can predict the "real" life of product, based not only on best-by dates and when it was picked, but also on the time of day it was picked, where it was picked, and the types of environmental controls it was stored and shipped in. Algorithms considers all the possible factors and compute true shelf lives down to the level of single product pallet. This assists growers and retailers to route foods with the shortest shelf lives to close markets and ship longer shelf life products to more distant markets. Off course the candy for business (cost savings) is her so the more food chains and retailers are willing to adopt the technology.
Companies are using predictive human behavior analytics, and this number is continuously growing.. The cost of losing an employee can range from tens of thousands of dollars. If companies can prevent employees from leaving, they can lower their recruiting and lost productivity costs. The process starts with the data gathering and then that data is used to detect symptoms of employee dissatisfaction, and predict which employees are most likely to leave. The analysis can be utilized for variety of goals ranging from assistance to HR for recruitment process to designing the policies to encourage the employee behavior and forecasting the expected employee turnover with visible policies to reduce it.
The list is based on thorough market research made by Icreativez. In the field of Predictive Analytics Icreativez serves its clients with various tools compiled with effective MIS and CRM systems. For application on your business or need a simple overview to have a clear insight to align predictive analysis to your business model. Analysts of Icreativez are only one phone call away!