Monitoring work is essential for those who want to deliver an increasingly better solution to their consumers. By keeping a close eye on the performance of your business, it is easier to identify, for instance, processes and strategies that need improvement. And it is possible to increase the predictability of your operation. This is exactly what predictive analytics is.
From a constantly assessing the volume of data produced by your company, it is possible to better understand how it works. Either by reducing waste or by optimizing its communication campaigns, predictive analytics ensures countless long-term benefits. For this to happen, however, your company needs to prepare.
It is fundamental to understand the impact predictive analytics has. Imagine being able to identify failures or opportunities to develop your business. This is possible with the application of this technique. How about clearing up all your doubts about the subject and enjoying all the advantages of digital transformation? Continue reading this article to learn more!
What is the impact of predictive analytics on the industry?
The Data-Driven culture has been increasingly used by companies and one of the most practical ways it happens is through predictive analytics. That is, to use the volume of data generated by a business to create even more accurate insights. This technique allows greater predictability for the strategies and decisions made by your organization in the most varied models and analysis.
The daily impact, however, can be quite significant, whether in the performance of your team or in the optimization of internal processes. Predictive analytics allows greater control over what will happen in the future of your company. It is not guesswork, but metrics and studies provide the necessary foundation to make the most suitable decision.
What are the advantages of predictive analytics for businesses?
But, in practice, what are the advantages of applying predictive analytics in your business? To answer your questions we listed the main ones. Check it out!
Fraud detection
In Brazil, one of the sectors that suffers the most from fraud is telecom. According to a study by Serasa Experian, 38% of attempted fraud in Brazil happens within this segment. The purchase of devices or plans with stolen documents is one of the most committed crimes. Predictive analytics, however, can be used to fight this problem with a detailed study of Big Data.
With all the information in hand, it is possible to analyze the veracity of the information passed by the criminal or even evaluate his payment history. The objective is to create a score, allowing for a more detailed analysis and showing the chances of suffering attempted fraud. Therefore, the entire process becomes even more precise.
Campaign optimization
To succeed in such a competitive market it is fundamental to invest in marketing actions, right? But that does not mean that just anything will work for your audience. The challenge is to measure and monitor the performance of your campaigns, for example. By using predictive analytics, your team can identify which strategies tend to work best.
That is, instead of wasting time investing in an advertisement for a specific social network, for example, your company can concentrate its efforts on what really impacts the user. The choices range from the platform used for communication to the tone of voice in your marketing campaign. In the end, your message is transmitted much more efficiently.
Operational improvements
Imagine being able to track the performance of a professional and being able to identify a period or situation when he is more likely to have a drop in performance. Or even the time to replace equipment for your team before it breaks. All these improvements can be implemented with the adoption of Analytics-Driven services.
The possibility of predicting the right time for maintenance or for a conversation with one of the employees will ensure an operational improvement. From an analysis of the equipment history, it is easier to evaluate the right time for a repair. Day by day, the impact in the productivity can be huge, optimizing processes that would be previously undermined.
Risk reduction
To be able to reduce risks – internal and external- for your company can also be an edge in a competitive scenario. Let’s suppose your team is planning a new strategy to sell more. Predictive analytics can provide a complete panorama of the scenario your company is going to find.
This can be valid, for example, to enter in a new market. With the previous information, it becomes possible to evaluate the chances of success in investing in a new location. When this is done constantly in the processes of your company, the risks are reduced. Also, opportunities are better used and the negative impacts decrease.
What is the role of technology in the transformation of predictive analytics?
Although very efficient, this is a technique that tends to evolve more and more. After all, with technological advances, predictive analytics becomes more accurate. The calculations performed by powerful processors ensure more reliability in the results shown. It is essential to adopt this strategy in such a competitive scenario.
Applying the concept of predictive analytics leverages the efforts of your company. This can be to implement the most appropriate changes to its objectives or to reduce operational risks and waste. This is a practical way of using the huge amount of data and information that circulate in your company, making processes even more efficient.
Now that you know that predictive analytics is transforming and taking on a leading role within companies, how about leaving a comment about the topic? It can be an opinion, critic, experience, question, or suggestion. We are waiting for your message!
