BUSINESS ADMINISTRATION
BUSINESS ANALYTICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Retail Industry
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Telecom Industry
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Health Industry
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Finance Industry
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Detailed explanation-1: -Predictive analytics is a branch of advanced analytics that makes predictions about future outcomes using historical data combined with statistical modeling, data mining techniques and machine learning. Companies employ predictive analytics to find patterns in this data to identify risks and opportunities.
Detailed explanation-2: -Predictive analytics enables the retailer to consider data like weather forecasting, real-time sales data, inventory levels, purchase history, product movement, and much more to arrive at an ideal price. Retailers can consider historic, most recent, and real-time data to predict potential future revenue.
Detailed explanation-3: -Predictive analytics helps e-commerce companies qualify leads by using historical data to predict which kinds of leads will result in conversion and which of those converted customers will provide the greatest lifetime value.
Detailed explanation-4: -Predictive analytics allows customer experience to transform into a proactive rather than reactive approach, making it much more personalized to increase customer loyalty, sales, and customer satisfaction.