Improving Business Outcomes with Predictive Analytics
Predictive analytics enables organisations to draw hidden insights from structured and unstructured data to predict the outcomes of future events or interactions. Applying predictive analytics, organisations can discover patterns and trends in data that identify competitive opportunities, highlight inefficiencies or to avoid issues before they occur. These insights can be used to assess the attractiveness of various courses of action, optimise processes or to transform entire business models.
- Determine key customer segments or create a profile of your most profitable customers
- Monitor operating conditions of key assets to identify and resolve issues before they occur
- Identify customers most likely to respond to a particular marketing campaign to better target individual customers and increase response rates
- Improve customer relationships by personalising every interaction on an individual basis
- Optimising pricing models, product mix or inventory levels to maximise profitability
Common Approaches to Predictive Analytics
Allowing organisations to move beyond historic reporting and analysis possible with traditional business intelligence deployments, predictive analytics solutions allow organisations to apply advanced analytic techniques, moving to a forward looking viewpoint.
- Determine relationships and rules leading to an outcome using association
- Identify clusters, groupings or unusual cases through segmentation
- Predict a likely outcome or result using classification
No Statistics Degree Necessary
Bistech’s pragmatic approach to delivery, coupled with our industry leading technology partners help put intuitive predictive capabilities in the hands of real business users, not just highly specialised data scientists. Through visual canvas-based predictive modelling tools, automated statistical comparisons and rich visualisation capabilities, business users can quickly create, train, validate and deploy predictive models.
Where specialised data science or statistical modelling skills do exist within an organisation, a full suite of capabilities is available to extend and customise models, including full integration with R and other open source languages and platforms such as Python, Hadoop and Spark.
Turn Insights into Action
Predictive analytics has been shown to transform organisations through better use of data. Yet for some organizations the promise of predictive analytics is often hindered by an inability to turn insights gained into action. To address this common challenge, Bistech takes a holistic view of predictive analytics focusing squarely on improvements to business outcomes at all stages.
Our solutions provide not only the means create insight, but the ability to deploy directly into business processes. When an organization is able to deploy predictive intelligence at the point of impact, the value of an analytical process is amplified and the promise of predictive transformation can be realized.