Predictive Analytics Software
Predictive Analytics Software
Benefits of Having Predictive Analytics Software for your Business
Everyone in the business world understands the need to always be one step ahead of their competitors. This may seem like a difficult task at first, especially if you are not aware of what predictive analytics software is and how it works. It doesn’t matter whether you are managing a startup, a small business, or are the CEO of a big multinational organization, having reliable data prediction software is a must.
Predictive Analytics Software is used to analyze current data and past historical facts and events to better understand how your business works. It dives deeper into analyzing important topics, such as customer behaviour and favorite products/services among users. After gaining all the necessary information it needs, the predictive analytics software identifies potential opportunities for your business.
How does any Data Prediction Software work?
It uses various predictive modeling techniques to determine possible outcomes:
- Descriptive Analytics – Gives a real-time insight as to what is happening at the exact moment;
- Diagnostic Analytics – Explains the reasons behind previously occurring events, as well as the reasons behind events that are currently happening;
- Predictive Analytics – Predicts future possible outcomes, based on the descriptive and diagnostic data;
- Prescriptive Analytics – Provides you with information on how to create a given possible outcome.
Get a Complete Business Intelligence Solution
Why do you need to get the full SageData experience? Getting only Predictive Analytics Software will improve the quality of your business, but will it make it the best? Probably not. To achieve good results and to get great performance indicators, you are going to need more than that. What you have to consider is getting a fully developed service that will not only correctly pull and analyze the data from your data sources, but will also give you the means to organize the information the right way. It is a psychological fact that reports, organized in a visually pleasing manner, are more easily assimilated than text-only reports.
SageData is the answer to all your questions. We have been creating successful Business Intelligence Solutions for years now. During all this time, we have gathered a team of professionals that always succeed in helping businesses make smart decisions, by creating specifically tailored solutions. This means that SageData’s solutions can be applied to many industries, including:
If you’re not yet convinced, here’s why you should trust us:
- Over 100 Data Sources at your disposal – You can choose from more than a hundred integrations you can pull business data from;
- Personalized Data Warehouse – Our professionals take into consideration any crucial information about your business – structure, objectives, etc. It helps them develop a customized Data Warehouse, according to their specific needs;
- Various Software – Get access to a wide range of software possibilities –
- Management Reporting Software, KPI Dashboard Software, Data Visualisation Software, Predictive Analytics Software, etc.;
- Social Media Engagement – Easily track how your visitors interact with your social media content;
- Enterprise resource planning – increases the overall efficiency of your business through punctual data interpretation for your business activities.
- Conversion Funnels – Gives you insight into where your visitors usually drop off and tips on how to better engage with them.
- Event tracking software – get real-time and historic information on how users interact with your digital assets.
- Access to a Business Dashboard Software – a place where you can easily access and process filtered data for your business in a comprehensive way.
How BI Software Works
То get a better understanding of how SageData’s services work – we are giving you a thorough explanation of our processes. A successful and well-developed Business Intelligence system always contains three key elements – Data Collection and development of a Data Warehouse, Data Manipulation, and Data Visualisation. Each of these compulsory elements fulfills a specific purpose. What exactly do they do?
During this stage a connection between your platform and your sources is created. It extracts the information into your very own Data Warehouse. You can rely on our fully managed, customized Warehouse, or you can add your own.
Your information is stored in your Data Warehouse, therefore all analysis processes happen there. Some of them are Data Aggregation, Anomaly Detection, Data Science, Forecasting, and Cohort Analysis are just some of the most crucial ones.
Helps you create eye-catching reports that will interest anyone who looks at them. The design of your reports will grab your readers’ attention and help them comprehend the information more quickly, eliminating possibilities for misunderstandings.
Frequently Asked Questions
You can use Predictive Analytics for many different purposes, depending on your business’ needs:
- Predicting the likeliness of certain people to buy;
- Predicting the ROI of targeted marketing campaigns;
- Giving you insight on when to post your social media content;
- Identifying fraudulent activities – when used in Banking and Insurance;
- Monitoring and looking for early warning signs of people’s health problems – when used in Healthcare;
Predictive Analytics is strongly associated with Business Intelligence. They are not interchangeable terms in any case, as Predictive Analytics Software is usually considered a part of the Business Intelligence Software.
The main difference between the two is that business Intelligence software analyzes past events to make a good business plan for the present moment, while predictive analytics software focuses more on what the future possibilities for your business may be.
Yes! Our professionally developed technology works in such a way with your infrastructure that it enables you to keep complete ownership of your Data.
Two of the most commonly used techniques are:
- Machine learning – The algorithm receives input data and uses statistical analysis to predict outputs. Examples of machine learning are Geospatial Predictive Modeling, Multilayer Perception, Neural Networks, and Radial Basis Functions.
- Regression – This technique establishes a mathematical equation, used to represent the interaction between the different variables. Examples include Linear Regression Models, Logistic Regression, Decision Tree Learning, and Discrete Choice Models.
An outlier is a single data point that lies an abnormal distance outside the average value in a random sample from a population. Outliers are usually a result of many possible errors – inaccurate methods of sample gathering and measurement errors being just two of them. To identify an outlier, you can use our Data Visualisation Software and create a scatter plot. Then you can either change or remove the outlier, or perform a separate analysis with all outliers.