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How does predictive analytics help you make business decisions?

18 January 2021 | EN

Enterprises have begun to recognize the importance of data in understanding and shaping company performance. Thanks to access to analytical solutions, they can easily visualize and interpret data, as well as make decisions that provide a competitive advantage. See how predictive analytics can help your company!

Companies face unprecedented challenges when it comes to data management. In addition to the exponential growth in the amount of data, their complexity is also increasing. To meet these challenges, companies must collect and analyze large amounts of data, both structured and unstructured, from multiple sources. Without professional tools, it is increasingly difficult to find trends and patterns in historical data and identify future opportunities and threats.

Thanks to predictive analytics solutions, it is possible to combine data with effective actions by drawing reliable conclusions about current and future events. Enterprises create better tailored products and services, increase customer satisfaction, drive revenue growth and optimize recruitment processes. They can instantly identify new business opportunities and reduce the risk of fraud and protect their revenues.

Predictive analytics is a key element of digital transformation. Users need practical and smart yet easy-to-use solutions to provide the business information they need. According to the G2Crowd portal, IBM and SAS are the two most important suppliers offering predictive analytics software. While SAS has a larger market presence, IBM SPSS boasts higher consumer satisfaction. Both solutions are powerful, but IBM excels in three key areas:

it is simpler to use
it is more cost-effective
has more market experience

IBM SPSS is used in all industries. For example, it allows you to study shopping behavior in retail, patient performance in healthcare, assess credit risk for banks, analyze crime patterns for law enforcement. On the other hand, specialist services companies can gain valuable knowledge about the real needs of customers. Predictive analytics empowers data analysis and segmentation to help guide decision making for complex projects. It allows decision makers to focus on what matters most to the company, such as strategic goals and identifying potential threats, enabling proactive responses.

Examples of IBM SPSS business use cases:
New Store Location
New Product Development
Advanced Forecasting
Product Segmentation
Customer Segmentation
Customer Acquisition
CRM Analytics
Customer Retention
Marketing Optimization
Customer Insight
Claims Management
Feedback Management
Operational Efficiency
credit scoring
Fraud Prevention
Risk Management
Business analyzes – IBP SPSS
IBP SPSS is a comprehensive tool that helps you manage, analyze and create publishable charts, tables and decision trees. A simple drag-and-drop interface gives you access to a wide range of features and data sources. However, to take full advantage of its capabilities, you need a partner who will adapt the solution to your business model. If you are looking for reliable and experienced experts – choose the Incube team!

At Incube, we combine business knowledge with the best technology, offering modern solutions that meet business requirements. We will help you improve statistical analyzes thanks to excellent knowledge of the offered technology as well as interdisciplinary knowledge and competences in the field of finance, accounting, IT solution architecture, IT system implementation methodology and communication. Write to us and we will show you how to use your data more effectively and outperform the competition:

Predictive analysis – the most important advantages

Business analyzes in the form of predictive models generate great value for companies. Monitoring the performance of network, financial or production systems makes business analysis a key pillar for sustainable development. One of the advantages mentioned by all entrepreneurs is the optimization of operating procedures. Verification of historical data allows for the identification of shortcomings and their elimination. Incube uses only proven business analysis software from IBM, Onestream or Anaplan. The predictive models created in it enable the mapping of market trends in the context of the plan of necessary development activities and their inclusion in the budget. Business analyzes save time and money. The transformation of the reactive model in favor of predictive tools turns out to be a great way to improve operational efficiency in the enterprise.