Utilizing predictive analytics to make business decisions

Predictive analytics make use of statistical or machine-learning techniques to analyze current and past facts to predict the future. Companies, by using predictive analytics, can make better and decisions at low-cost. Predictive analytics can help companies to get an idea of every possible event, thus allowing for risk management and calculating potential ROI. Using predictive analytics, companies can remove politics from the decision-making process. There is a growing awareness among companies about predictive analytics and companies that adopted this method have reported success and increased ROIs. Optimizing predictive analytics to produce better choices leads to decision modelling. Through decision modelling companies can gain insight into how predictive analytics can add value and how ROI can be measured. Read more at:https://channels.theinnovationenterprise.com/articles/making-faster-decisions-with-predictive-analytics