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Introduction To Our Predictive Analytics Software List
Predictive analytics software is a brilliant way for a company to grow, adapt, and change. Data and analytics are essential for determining a company’s strategy. However, finding the right predictive analytics software for your company is challenging.
We made our predictive analytics software guide to help you find the right software for your business; find out the benefits of using predictive analytics software, primary features, current trends, and more.
Predictive Analytics Software Overview
Predictive analytics software can help provide clarity on the performance of a company. In addition, data and analytics can help a company determine the elements they can improve on (from historical data) and help them think of a plan to improve or streamline their processes.
What is Predictive Analytics Software?
Predictive analytics software is a tool you can use to determine trends and patterns in your company. It does this by analyzing past data and analytics in the company.
Experts can use the research and predictions from the software to create company models to find outcomes for many possible solutions.
You can use predictive analytics software to find data and make predictions for several business sectors.
You can look at various customer analytics, such as what they buy, how long they spend on the website before purchasing, and how long they have been customers.
You can use predictive analytics software to look at the most popular products, which product trends are influential, and products customers aren’t purchasing as much.
You can monitor your company’s internal analytics, such as employee performance. Employee analytics include how fast they finish a task, the types of projects they receive the best feedback on, and more.
What Does Predictive Analytics Software Do?
Predictive analytics software is complex and can produce multiple outcomes to the same problem. Therefore, someone with experience in analytics should use the software to get the best possible results.
Here are the best uses for predictive analytics software.
- Analyzing Customer Analytics: You can look at customer analytics, including their purchases, the amount of time they spend on the site before they purchase and whether they are a returning customer.
- Checking Product Analytics: Predictive analytics software can analyze the most popular products. Additionally, it can look at product trends to find the products with staying power and those that aren’t successful.
- Researching Employee Data: You can look at your company’s employee analytics, such as their performance, the time it takes them to finish a task, the types of projects they complete with good client feedback, and more.
- Setting KPIs: Using all the data mined with the software, it can create KPI targets so the company can improve.
Predictive Analytics Software Meaning
Predictive analytics means data that informs future decisions. ‘Analytics’ is the data from a company that informs their performance and aspects that aren’t working (failing products, etc.). ‘Predictive’ means that the data can directly impact the company’s future if implemented correctly. So it essentially means past data that can change the future.
Main Features of a Predictive Analytics Software Product
Predictive analytics software can search through any data relating to your company. However, it can do way more beyond searching through data. Here are some of the main features predictive analytics software can provide to your company.
- Creating Clear Business Strategies: Predictive Analytics software can develop a strategy to solve a problem or streamline a process based on its collection of data.
- Virtually Allocating Resources For Future Change: Once predictive analytics software identifies an element of the company that can change, it can virtually allocate company resources to show you how to solve the issue.
- Determining Data Of Interest For The Company: Before creating strategies or allocating resources, predictive analytics software mines through company data and finds data of interest.
- Determining When It Has Enough Data: When using predictive analytics tools to mine through data, they have programming in place to know when they collect enough data; this feature makes the software more efficient.
Benefits Of Using Predictive Analytics Software
Here are the key ways to use predictive analytics software products and how they can benefit your company.
How Do You Use Predictive Analytics Software?
Before knowing how predictive analytics software can benefit your company, you need to know how to use it. Although its primary use is straightforward, it has multiple other uses to help your company or business. Here are the best ways to use predictive analytics software.
Use It To Mine Through Data
The primary use for predictive analytics tools is to mine through company data. It does this to find data that can predict future trends and problems for the company. The software is intelligent, so it won’t spend long mining irrelevant data and instead focuses on the specific data that could help the company.
Use It To Create A Business Strategy
Once the predictive analytics software mines through data and chooses important data to predict outcomes, it can help you to create a business strategy to achieve that outcome. For example, if there is a process in the company that they can streamline, the software can lay out a plan to achieve it and a realistic timeframe.
Use It To Allocate Resources To Solve A Problem
As well as helping you to create a business strategy, you can use some predictive analytics software products to virtually allocate resources to a resolution. Virtually allocating resources can help you work out if you can afford a strategy for a predicted outcome. In addition, these resource allocation tools help to build future business strategies.
What Are The Benefits Of Predictive Analytics Software’s Uses?
Now you know how you can use predictive analytics software, you need to understand how those critical uses can benefit your company. Predictive analytics software is incredibly versatile and, therefore, can add multiple benefits to any business size. Here are the key benefits of predictive analytics software.
It Can Mine Through Data Efficiently
Predictive analytics tools are easily the quickest and most efficient way to mine company data. Not only do they search through data quicker than the manual process, but they can determine the irrelevant data, so they only focus on the vital information. Focusing on the information that can benefit the company makes the data mining process more efficient.
It Can Help You To Create And Achieve KPIs
Predictive analytics software can help create business strategies, which can help you make KPIs (Key Performance Indicators) for the business. These KPIs can help you achieve business goals; predictive analytics software can predict if these KPIs are achievable and the time it takes to complete them.
It Can Show You How To Streamline Company Processes
Predictive analytics software products can virtually allocate resources to a company solution. By showing you what resources you can assign to solve a specific problem, predictive analytics software can help you to streamline any company processes that are too complicated or have too many resources allocated to them.
Which Companies Should Buy Predictive Analytics Software?
Every business will build up data and analytics that can benefit it in the future. Therefore, data analytics software can help any business size. However, depending on the type and size of the business, predictive analytics software can help in multiple ways.
Predictive analytics software can help small businesses, especially those that don’t take advantage of the data they gather. For example, product-based small businesses can predict customers’ buying behavior and what products will sell based on current metrics. They can also help with fraud detection in small businesses.
Content-based businesses (Netflix, Amazon Prime, etc.) need predictive analytics software to recommend content to customers. Predictive analytics tools mine through customer data to work out what they watch most often, what trends they follow, and what they give the highest ratings. Then, customers can see these recommendations after watching a piece of content.
Large Companies And Enterprises
Data analytics software can arguably benefit large companies and enterprises the most because they have a large amount of data to mine through. Some examples include team performance analytics, data on the performance of products (sales, etc.), and data on company clients.
How Much Doess Predictive Analytics Software Cost?
The prices for predictive analytics software products will all be different because of the different features they offer (data mining, KPI tools, etc.). Additionally, prices for the predictive analytics software tiers will differ based on the features in each tier and the company size.
Most predictive analytics software products will have a basic tier and a mid-tier available with a monthly subscription. However, Enterprise-level pricing is different because you may have to acquire a quote to get the price for the predictive analytics software.
Types of Predictive Analytics Software
All predictive analytics software can mine through data to provide an outcome. However, there are niche versions of the software that focus on one particular aspect of predictive analytics. Here are the types of predictive analytics techniques and how they process data to help a company.
Descriptive Analytics Software
Descriptive analytics tools are specifically for the opening stage of the predictive data analytics process; they focus on determining what the data means and what happened to create the data, why the data occurred, and what the data will be if it continues down the same path.
A tool that combines descriptive and predictive analytics can help determine how a company can change the current trend of the data.
Prescriptive Analytics Software
Prescriptive analytics is far more advanced than descriptive analytics. Prescriptive analytics tools predict future scenarios based on current and past data. After predicting scenarios, it can also predict possible outcomes based on how the company reacts to the scenario.
It combines descriptive and predictive analytics tools to create scenarios to predict events based on data.
Business Intelligence Analytics Software
Business intelligence analytics software focuses on the present, whereas predictive analytics software focuses on the future. Business intelligence software provides insight into how historical data affects the company.
Trends in Predictive Analytics Software
To help you choose the right predictive analytics software product for your business, you need to look at some of the current trends in the industry. Trends can inform the software providers and make them create competitive features. Here are some of the best current trends to look for in a predictive analytics software product.
Data protection is a critical trend in the analytics industry. As well as mining company data, the software can protect the data and sometimes encrypt it with high-level encryption software (with higher pricing tiers).
Visualization Of Data
Although predictive analytics software products can tell you the company’s historical data, it can still be challenging to understand. Therefore, an exciting trend circulating various top-rated analytics software packages is visualization tools to give you a visual reference for the data. These can be graphs or charts.
Specific Data Niche Tools
Specific niche analytics relating to predictive analytics is an exciting trend.
Descriptive analytics tools focus on determining what happened to create the data, why the data occurred, and what the data will be in the future.
Prescriptive analytics tools predict future scenarios based on current and past data.
Business intelligence software provides insight into how historical data affects the company.
How We Rank the Best Predictive Analytics Software
Our Genius Score system provides an unbiased evaluation of each product’s strengths and weaknesses, helping you make an informed decision. Our methodology ensures that our top picks represent the best value predictive analytics software solutions on the market. Learn more about how we evaluate the best predictive analytics software on our rating methodology page.