Enterprises can gain significant long-term benefits by applying predictive analytics to their operational and historical data, according to analysts and IT managers.
Unlike traditional business intelligence practices, which are more backward looking in nature, predictive analytic approaches are focused on helping companies glean actionable intelligence based on historical data.
If applied correctly, predictive analytics can enable companies to identify and respond to new opportunities more quickly, they said.
James Taylor, CEO of Decision Management Solutions, said predictive analytics are especially useful in situations where companies need to make quick decisions with large volumes of data.
Predictive analytics practices can help companies in three key areas: minimizing risk, identifying fraud and pursuing new revenue opportunities, Taylor said.
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