What are predictive analytics?
Predictive analytics use statistical techniques and forecasting models to predict possible future outcomes. There are a variety of approaches and techniques, but they can be grouped at a high-level into regression techniques and machine learning techniques.
Many business are starting to rely on predictive analytics to identify patterns in historical and transactional data to understand where risks and opportunities are present. If used properly, predictive analytics can be used to predict the future and help companies minimize risk while capitalizing on opportunities.
Basically any industry or business can use predictive analytics to minimize future risk and capitalize on potential opportunities. Predictive analytics are used in social networking, child protection, pharmaceuticals, healthcare, mobility, insurance, sports (including fantasy sports), business management, and marketing.
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