There were times when the scope of predictive analytics was rather restricted. In the initial period, predictive analytics was deemed fit for oil and gas exploration. The domain of predictive analytics started to expand after 2018 when the Economic Intelligence Unit published a study titled Intelligent Economies. In this study, it was forecasted that more than two-thirds of digital companies would need predictive analytics by 2023. The study made it clear that the survival of companies that were devoid of predictive analytics would become difficult by 2030. This makes us conclude that predictive analytics is the lifeline of digital industries in the 21st century.
It needs to be noted now that predictive analytics is different from business intelligence. Business intelligence makes use of machine learning algorithms to make informed decisions for boosting the revenues of the company. Predictive analytics, on the other hand, makes use of simple algorithms like regression analysis for predicting the pulse of the market.
Let us look at seven key projects that utilize the advanced techniques of predictive analytics for improving forecasting power.
Equipment improvisation and product design
Information Technology systems
Customer grievance redressal mechanism
Retail and eCommerce Analytics
Quality assurance and testing
There are several other projects that utilize the advanced techniques of predictive analytics for improving forecasting power which we need to promote in the long run.
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