Descriptive, diagnostic, predictive and prescriptive analytics can each provide insights into the business and as such improve and optimise your performance and increase your competitive advantage. Descriptive and diagnostic analytics enable organisations to learn, sense, filter, shape and calibrate opportunities by providing insights as to what has happened in their environment. This will allow your organisation to better sense opportunities than the competition. Predictive analytics can improve your decision-making across your organisation to help you understand which opportunities are best to be seized depending on their future outcome.
As an example, predictive analytics can predict future customer demand based on detailed customer profiles, which will build loyalty and commitment if carried out correctly. When predictive analytics is successfully incorporated into your organisation, you can start to predict a lot more, including:
Customer churn; when is your customer about to leave you for what reason. Knowing this information will enable you to take proactive action to prevent your customer from eventually leaving you.
Sentiment; what do your customers think of your new product, service, campaign or commercial. Knowing this information enables you to change it before or shortly after launch to ensure that they match your customers’ needs.
Customer support; when can you expect an …