What Is Predictive Analytics? Benefits, Models And Use Cases

Predictive analytics is an analytics process that uses statistics and modeling techniques to make informed decisions and predictions about future outcomes based on current and historical data. Businesses use these techniques, which include data mining, predictive modeling and machine learning, to assess risks and forecast business trends. Predictive analytics platforms look at historical data and try to spot patterns, relying on data such as customer purchases, weather information or banking habits, and statistics such as regression analysis. Machine learning is also used to revise algorithms based on learnings from the data collected over time, continuously improving prediction accuracy.