4 Industries Implementing Predictive Analytics Consulting Successfully, but How

4 Industries Implementing Predictive Analytics
Consulting Successfully, but How?
Undoubtedly, data is ruling in the business world. The right data in the hands of
the right user can turn events upside down; help companies to realize the need of
their consumers, discover their weaknesses, find out wasted areas that require
multiple efforts and build predictive models to analyze the present to anticipated
future. Predictive Analytics Consulting provides you one of the most imperative
tools to tackle zettabytes of business data and handle its analytics. Here are four
industries that have successfully discovered substantial customs to use predictive
analytics in a good manner.
1. Healthcare
If you need an idea of how much data is generated in the healthcare industry,
think about the fact that U.S. hospitals alone estimate more than 36 Million
patient admittances' each year at a probable cost of about $1.1 trillion. In the
health and wellness industry, predictive modeling segments across the digital
clutter produced by millions of sick individuals to discoversignificantguides in the
pandemonium.

These observed patterns can help medical professionals to identify and
comprehendfrequent risk factors through bigger groups of patients and predict
the probability of patients emerging health issues. Predictive analytics has the
ability to provide information from these enormousdata resourcesto predict a
patient’s expected response to differenttreatments.
2. Retail and Enterprise Planning
It is now common to hear that giant retail companies like Amazon.com deploys
predictive modeling prospect customer requirements, demands and then
presents a suitable proposal. It’s getting more exciting as this technology is
becoming accessible to a great number of small e-commerce stores. A recent
estimate shows that big retailers have experienced a $1.7 trillion boost by
deploying data-driven business tools.
Enterprise Resource Planning (ERP) systems are an appropriate match for
predictive analytics. For instance, outside factors like disasters and climate
changes can impact buying activities. Drug companies can contrive several
months’ value of demands for antihistamine medicines used for hayfever far
before allergy season by considering the past sales data and present manner to
create future predictions.

3. Cybersecurity
Cybersecurity will exist as an obstacle in the digital world as criminals are
continually finding ways to invade digital systems. However, companies will also
keep creating profitable solutions to handle these threats. Building a new and
advanced system to keep hackers and fraudsters at bay is similar to throwing
down your armor and begging for a worthy adversary. Although predictive
analytics is considered as a powerful new addition to cybersecurity portfolios, too
many active cyber threats go undetected until it’s too late.
Predictive analytical models can study traffic and other signs in real-time, and
decipher better than any human whether the signs indicate an approaching or inprogress
cyber attack. This model is the ongoing mission of various public and
private institutions, including the Department of Homeland Security and
telecommunications companies.
4. Human Resources
Predictive Analytics can be successfully implemented in several tasks of HR, such
as retention, training and addressing company talent acquisitions. The
appropriate tools can help the company to identify the employees that are likely
to leave the company, even before they hand you a resignation notice.
Employee revenue in the organization is expensive, so comprising extra lead time
is a big deal. It means decision-makers don’t need to misuse their retention
efforts on the wrong people.
Prospecting the Data-Driven World with Predictive Analytics!
The extensive use of data in predictive analytics carries out several new types of
threats that are supposed to be in everyone’s notice, as well. Today’s
governments are lawfully getting more concerned about the politics of privacy.
Moreover, predictive analytics has also exposed itself as an influential tool in
these and some more industries for absolutely changing the game.

To gain more power from your BI solutions to tackle your company data and
generate meaningful insights, hire Predictive Analytics Consulting services to
support your future success. ExistBI has consultants in the US, UK and Europe,
contact them today.