Meaning of Predictive Analytics

Simple definition

Predictive Analytics is the use of statistical techniques, data mining, and machine learning to analyze historical data and predict future outcomes.

It’s widely used in marketing, finance, and healthcare to make data-driven decisions.

Predictive analytics can forecast sales trends, allowing businesses to optimize inventory or marketing efforts.

Historical data, customer behavior data, and external factors like economic indicators are commonly used.

The accuracy depends on the quality of the data and the model used.

Yes, it is commonly used to predict customer preferences, purchase behavior, and churn.

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