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Predictive analytics applications have emerged as one of the most innovative ways to increase bottom line benefits. Many firms that experience shrinking profit margins are failing because of overwhelming data that they just cannot handle. With the help of Data Analytics Software the raw data becomes manageable, making it easier to discover more from it and increase bottom line benefits.
The Need for Real-time Decision-Making
Contemporary industry does not allow one to ponder for hours on trends and patterns. Instead, decisions need to be made in real time and therefore, firms need models that structure data, study it and recommend a next best course of action.
Directing Resources to Maximize Profits
Since resources are limited for every firm, they need to be invested in the right places to maximize benefits.
For example, using the SPSS Modeler predictive analysis, Mede Analytics Inc. was able to develop their payment collection system to facilitate those who paid most of the firm’s total funds. With the help of forty payment behavior indicators and the SPSS Modeler, the firm derived a way to assign a likelihood-to-pay score for each patient.
The collectors were then asked to focus their efforts towards the twenty percent people most likely to pay (based on the score). Resultantly, the payments rose by twelve percent.
Transform your Business via Predictive Analytics
Business transformation via predictive analytics’ models is on the rise in a variety of industries. Through these Data Analytics Software, firms are better discerning their data. A Dallas-based beverage distributer employed the help of the SPSS Modeler to improve his distribution services by ensuring the availability of popular beer brands in locations where they were in-demand.
He designed a dashboard that offered the best product mix at 10,000 retail location. Andrew Distributing was not only able to operative 75 percent faster but was able to add two more brewing firms to his retail business while increasing the compound periodic growth percentage for a new beer by thirty-five.
With the help of business intelligence and predictive analytics, you can manage the business activities in well manner which also insure the profit and success of a business.