Companies will make more use of predictive analytics in 2018

Posted Dec 20, 2017 by Tim Sandle
In 2018, companies will be utilizing predictive analytics at a faster rate. This enables better understanding and service for customers at or even before the point of need, helping businesses staying ahead of the pack.
The update will give companies even deeper insights into their data
The update will give companies even deeper insights into their data
Pexels / Negative Space
The forecast for 2018 comes from Dell Technologies, who have taken a look at how emerging technologies are changing the way businesses, will operate in 2018. The predictions build on developments seen during recent year, with human and machine interactions continuing to be interwoven into our day-to-day activities.
This is set out in a report tilted “Next Era of Human-Machine Partnership”. For the report, Dell have collaborated with the Institute for the Future (IFTF). The report covers a number of areas, from developments in near-instant intelligence; use of multi-clouds; and immersive technologies like augmented reality.
Predictive analysis
One aspect of interest to many companies is predictive analytics; this mechanism of business intelligence will increase in use, taking advantage of artificial intelligence and machine learning. Many companies use a Web analytics service to track page views, visitors, bounce rate, and similar metrics. Google Analytics is an example.
However, this approach does not enable companies to stay ahead of the competition, missing aspects like the way in which customers interact with a site. Being able to respond quickly and accurately to changes in customer behavior is critical. This is where a more sophisticated approach, founded on data science, and using predictive analytics is needed.
Predictive analysis is all about smart business. To take a very simple example. If the weather forecast is for rain, automated systems for retailers should adjust, moving umbrellas to the sore and pushing back on beachwear.
AI for women in business
An example of how predictive analytics can help is given in the report. This is a platform called Alice, which is a technology powered by Circular Board. The platform is presented as is the world’s first artificial intelligence system as designed for women entrepreneurs.
The objective of Alice is to connect female leaders of startups to curated resources selected for specific industries. Also taken into account is the stage of growth of the industry and its location. By using machine learning the Alice platform will improve in its predictive capabilities to help businesses by tailoring content in a more accurate way.
Alice also helps investors, helping female-led startups to you invest in a diverse portfolio of companies relevant to the appropriate funding stage.
Better decision making
A second example is with SAP Predictive Analytics. This is a self-defined “on-premise” product that aids businesses in anticipating future behavior and outcomes, with the aim of guiding better, and more profitable decision making. On-premise is a different model to cloud computing. The software is installed and runs on computers on the premises (in the building) of the person or organization using the software.
Systems like this drive better business decisions, in terms of making decisions faster; handling many different factors at once; avoiding decision fatigue; and promoting original thinking and non-intuitive predictions.