How to use Predictive Analysis Technology to boost your Sales
Profit Making: No longer the Old Game
The end goal of any business venture is to reach a position of financial profit where further revenue can not only be ensured but also be regularly and successively increased by impressive amounts. Boosting your sales is the number one method by which you can ensure a greater cash flow, which will result in a surplus of net profit.
At the turn of 21st century, traditional methods have been tried to the point of saturation and only a truly out of the box solution can give you an edge in this era of cutthroat competition. Predictive analysis Technology, the practical result of an inclusive fusion between Big Data & Business Intelligence, is the next big thing for the new age business owners who want to stay ahead of the curve.
What is Predictive Analysis Technology?
Predictive Analysis is the programmed use of data, statistical algorithms and machine learning techniques to understand recent market trends and identify & predict the likelihood of future outcomes based on collected data over. In a layman’s term, it is forecasting the future based on an informed data set and using the assumptions for our benefit by understanding certain statistical patterns. It is used to simply save time and save money, thereby increasing the profit and increasing the chance one gets to make more profit.
How Can Predictive Analysis Technology can be used?
The ability to predict the future can make all the difference when it comes to a business’s revenue, profit and future standings
- Predictive analysis can be applied to machine learning and Artificial Intelligence to optimize business processes. Data points, which are too vast and complicated for human minds to work with, are processed digitally into models which display the next business occurrence and associated information along with it in a matter of seconds.
- Predictive analysis, by the help of an in-depth analysis of new customer data, market trends, social listening, and real-time app, cloud, or product performance data, manages to turn a huge repository of “information / knowledge” into a way of leveraging information & gaining new insights. In a world where data is leverage, predictive knowledge is a certified money-maker.
Predictive Analysis & A Sales Boost:
Let us take a quick look at how Predictive Analysis is creating a major difference in revenues, present and future, and helping companies to make a significant sales boost.
1) Optimization of Market Campaigns
Predictive Analysis helps a business attract, retain and grow their most profitable customers by using sales or search history of said users and developing a personalised campaign to attract each one of them more. Cross-sell opportunities and customer responses and purchases are analysed and likely outcomes are predicted. This predicted data is used to direct existing customers to spend on they are likely to need or want.
For example, a social networking site may mine the number of members in your family and an associated tourism portal might offer you a customised holiday package suited for your family. Naturally, you would be willing to spend more for a vacation opportunity, tailored for you.
2) Improvement of Operations and Logistics
If you are a company that requires managing a certain number of resources or a large inventory then Predictive Analysis is the key to understanding of where today’s trend may culminate into tomorrow. You can always plan better if you know what you need to plan for beforehand.
For example, you have a comprehensive data of your employees’ leave requests for a couple of years. Analysing this data will help you know that how many resources are likely to go on a leave during the holiday season and you will be ready to cope with the situation beforehand by improving your operations and management, minimising any difficulty or loss.
3) Reduction of Risk
One of the major areas where Predictive Analysis Technology is implemented is the finance market. The credit score data is used to figure out how likely you are as a consumer to default on a purchase loan. Insurance claims and collections are other risk related areas where Predictive Analysis is implemented, very strongly.
Reduction of risk thus works to reduce the loss you may have incurred. And by reducing the loss, every penny you save becomes a penny you earn.
4) Understanding your Market Base
To boost sales for your business, the first thing you need to know is what your target audience is and how popular and essential you are, to them. Predictive Analysis presents a wide range of data that can segregate your intended customer base according to age, gender, financial abilities and other markers and can predict which audience group is more attuned to your products. “Social Listening” is a new way of grapevine marketing review that helps Predictive Analysis Technology to increase your sales.
5) Predictive Analysis as a Feedback Loop
For any system to work properly and perfectly, it needs to have a proper feedback and needs to accommodate new changes depending on positive or negative feedback. Predictive Analysis can not only present future positive and negative feedbacks based on current trends but can also predict what the results will be if you change yourself according to the feedback. This ensures that may whatever happen, you will always be in a knowledgeable position where you will know what to do to increase the sales of your products.
Technology is an ever-changing device, which we need to master if we want to leverage it for profit. Data Mining, Big Data & Predictive Analysis are the pillars of the new age market analysis and forecasting system that is essential for any business trying to get a grip on the continuously changing and developing market scenario. As a business the sooner we learn to embrace and incorporate Predictive Analysis into our risk assessment, logistical/managerial decision making and market feedback, the closer we will be to increase our sales and earning that next extra dollar.
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