Predictive Analytics is the ability to predict the likelihood of a given outcome.
When companies look to their data to help make decisions, prediction is a powerful tool.
Predictive Analytics is more than just adding 5% to what you did last year. Its looking at the outcome of your data collection back to inception, and predicting outcomes based on that data.
When applied correctly predictive analytics is the tool that makes everything work better. When you go from an “educated guess” to a “predictive outcome” your margin for success expands significantly.
To put into an analogy; Business without predictive analytics are trying to hit a fastball from a major league baseball pitcher. Businesses WITH predictive analytics are also trying to hit the pitch, only instead of a baseball he’s throwing a beach ball.