Predictive Analytics is the process of dealing with variety of data and apply various mathematical formulas to discover the best decision for a given situation. Predictive analytics gives your company a competitive edge and can be used to improve ROI substantially. It is the decision science that removes guesswork out of the decision-making process and applies proven scientific guidelines to find right solution in the shortest time possible.
Predictive analytics can be helpful in answering questions like:
• Who are most likely to respond to your offer?
• Who are most likely to ignore?
• Who are most likely to discontinue your service?
• How much a consumer will spend on your product?
• Which transaction is a fraud?
• Which insurance claim is a fraudulent?
• What resource should I dedicate at a given time?
Benefits of Data mining include:
• Better understanding of customer behavior propels better decision
• Profitable customers can be spotted fast and served accordingly
• Generate more business by reaching hidden markets
• Target your Marketing message more effectively
• Helps in minimizing risk and improves ROI.
• Improve profitability by detecting abnormal patterns in sales, claims, transactions etc
• Improved customer service and confidence
• Significant reduction in Direct Marketing expenses
Basic steps of Predictive Analytics are as follows:
• Spot the business problem or goal
• Explore various data sources such as transaction history, user demography, catalog details, etc)
• Extract different data patterns from the above data
• Build a sample model based on data & problem
• Classify data, find valuable factors, generate new variables
• Construct a Predictive model using sample
• Validate and Deploy this Model
Standard techniques used for it are:
• Decision Tree
• Multi-purpose Scaling
• Linear Regressions
• Logistic Regressions
• Factor Analytics
• Genetic Algorithms
• Cluster Analytics
Product Association
Should you have any queries regarding Data Mining or Predictive Analytics applications, please feel free to contact us. We would be pleased to answer each of your queries in detail.
Richard Kaith is member of Data Mining services team at Outsourcing Web Research firm - an established BPO company offering effective Web Data mining, Data extraction and Web research services at affordable rates.
Source: http://ezinearticles.com/?Benefits-of-Predictive-Analytics-and-Data-Mining-Services&id=4766989
Predictive analytics can be helpful in answering questions like:
• Who are most likely to respond to your offer?
• Who are most likely to ignore?
• Who are most likely to discontinue your service?
• How much a consumer will spend on your product?
• Which transaction is a fraud?
• Which insurance claim is a fraudulent?
• What resource should I dedicate at a given time?
Benefits of Data mining include:
• Better understanding of customer behavior propels better decision
• Profitable customers can be spotted fast and served accordingly
• Generate more business by reaching hidden markets
• Target your Marketing message more effectively
• Helps in minimizing risk and improves ROI.
• Improve profitability by detecting abnormal patterns in sales, claims, transactions etc
• Improved customer service and confidence
• Significant reduction in Direct Marketing expenses
Basic steps of Predictive Analytics are as follows:
• Spot the business problem or goal
• Explore various data sources such as transaction history, user demography, catalog details, etc)
• Extract different data patterns from the above data
• Build a sample model based on data & problem
• Classify data, find valuable factors, generate new variables
• Construct a Predictive model using sample
• Validate and Deploy this Model
Standard techniques used for it are:
• Decision Tree
• Multi-purpose Scaling
• Linear Regressions
• Logistic Regressions
• Factor Analytics
• Genetic Algorithms
• Cluster Analytics
Product Association
Should you have any queries regarding Data Mining or Predictive Analytics applications, please feel free to contact us. We would be pleased to answer each of your queries in detail.
Richard Kaith is member of Data Mining services team at Outsourcing Web Research firm - an established BPO company offering effective Web Data mining, Data extraction and Web research services at affordable rates.
Source: http://ezinearticles.com/?Benefits-of-Predictive-Analytics-and-Data-Mining-Services&id=4766989
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