Predictive analysis is completely reshaping countless businesses in a wide range of sectors. Machine learning and data analytics can help any company connect to its customers or service users in a deeper and more meaningful way. In fact, as AI grows in usage and popularity, businesses that don’t make use of predictive analysis tech run the risk of being left behind. But what exactly is predictive analysis? And how are companies making use of it?
Predictive analysis is a type of data analytics that makes use of artificial intelligence (AI) and machine learning (ML) technologies to make evidence-based predictions on how humans (for example, customers and service users) will act in the future based on the actions they have made in the past. This is an incredibly effective way for machines to get to know customers and tailor an experience to their needs and desires, without another human having to dedicate time, energy, and money to doing so. This kind of technology is also essential in helping companies predict their future events and carry out the necessary preparations for what is likely to come. But what are some of the companies making use of this tech?
Firstly, state-of-the-art predictive analysis tools are completely changing the game when it comes to supporting the entertainment industry. Almost every entertainment platform out there uses this kind of tech in one way or another. For example, many streaming services such as Netflix and Now TV store and analyze the behaviours of their users so as to not only gain an understanding of what media is popular, but also to provide tailored recommendations to their individual users, which has been proven to greatly improve engagement with a site.
In a similar vein, some of the best online betting sites make use of predictive analysis technology to make major improvements to the user experience. They do this by offering tailored promotions and recommendations for individual users, as well as allowing them to understand which are the most popular sports amongst bettors and use that sport in their own marketing materials.
Additionally, predictive analysis, alongside other forms of advanced AI, is completely revolutionizing the automotive industry and leading the way to a future of self-driving cars. In this context, predictive analysis can use the data gathered from previous events to predict what will happen in the immediate future and control the car to react to this on time. For example, if data suggests that an obstruction has appeared in the road, predictive analysis can predict that the car will collide with it should the vehicle continue, and therefore apply the brakes, all in an instant.
However, it isn’t just the creation of self-driving cars that predictive analysis is being used for in the automotive industry. A variety of other sectors, including car manufacturing, car dealerships, and maintenance and repair services, can all use this technology to improve their business and make their everyday work more efficient and cost-effective.
Finally, one sector that predictive analysis is massively aiding is retail and marketing. This kind of tech in these businesses is allowing retailers to connect to their customers in a way that simply wasn’t possible before. Marketing schemes are able to target the exact, observed desires of their target audience, and retailers using predictive analysis can make every customer who uses their website encounter a unique and tailored experience every time they visit the site.
On top of this, predictive analysis in these sectors can also accurately predict how customers will progress through the sales funnel by observing how they have behaved previously. In this way, targeted touchpoints can be created and utilised, which will help every customer feel meaningfully engaged with their shopping experience.
