John McGuire, Managing Director of Pulsion Technology, describes five ways to use predictive analytics and big data within your business:
Many people hear a lot about predictive analytics and big data but fail to see the relevance to their own businesses. Big data can benefit organisations in so many different ways, depending on your business model and what you are trying to achieve. Ways in which businesses are currently utilising big data and predictive analytics include:
- Product Recommendation
- Customer Behaviour Prediction
- Dynamic Pricing
- Customer Retention
- Customer Targeting and Response Prediction
This week, I will be talking about the application of big data in each of the above areas. I will cover a different technique each day, talking through “Product Recommendation” in today’s post and then finishing with “Customer Targeting and Response Prediction” on Friday. For each case, I will give examples and highlight the benefits that utilising big data and predictive analytics can bring to a business.
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