Predictive analytics is particularly important in the areas of artificial intelligence, big data, smart data and digital transformation. In simple terms, these are methods that companies can use to predict future developments or events from a large amount of existing data.
This is how it works: Based on data from the past, software searches for patterns and correlations. With the help of algorithms, i.e. step-by-step instructions for the computer, a forecast is created. These predictions help companies to make better decisions and react more quickly to changes.
An example: an online shop wants to know when certain products are bought particularly often. With predictive analytics, the system can recognise that umbrellas are more popular on rainy days. It analyses weather data and purchase histories and suggests to the shop operator that the stock should be replenished before a rainy period.
Predictive analytics therefore helps to recognise risks at an early stage, exploit opportunities and make processes more efficient. Modern companies use this technology to stay ahead of the competition and offer their customers better products and services.
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