How Predictive Analytics Can Help Your Business

Forecasting is critical for any organization that wants to not only reduce its risks and increase profits but is also looking for an edge amongst its competition in crowded marketplaces. Fortunately, with predictive analytics, forecasting can become that much easier.

Predictive analytics is used by many organizations to not only identify business trends but also to recognize threats that can alter their business and operations. These analytics also allow companies to identify with a high degree of probability what will happen in the future. However, the reliability of these predictions depends on two things- the predictive analytics models chosen and the quality of the data that is used. That is why it is vital to select a platform that is suited for your business and specific needs and can get you the information you require.

What is Predictive Analytics?

Predictive analytics uses statistics, data mining, and even machine learning to analyze the probability of future outcomes based on past and current data. In general, these predictive analytics can optimize certain business functions across different platforms, such as sales and marketing. Typically, predictive analytics is commonly used in:

• Fraud Detection: Cybersecurity is more important than ever, and predictive analytics combines multiple analytic methods to help prevent crime and improve detection. This is because predictive analytics examines all actions on a network in real-time, allowing it to spot abnormalities that can indicate advanced vulnerabilities or threats.
• Marketing: Predictive analytics makes it easier to determine customer behavior, purchase patterns, and responses. Additionally, predictive analytics can also help make the most out of marketing spending by allowing companies to retain, attract, and grow their most profitable customers.
• Risk Reduction: A predictive model will generate a credit score that incorporates all the relevant data of a person’s creditworthiness. This credit scoring is then used to assess a buyer’s likelihood of default for purchases.
• Operations: Many businesses typically use predictive analytics to function more efficiently by using these predictive models to forecast inventory and manage processes and resources.

The bottom line is that when a company uses predictive analytics, it allows the business to discover highly accurate insights about the future and its impact. In turn, this helps drive an organization’s decisions and allows them to overcome critical challenges in their business process.

Geospark Analytics & Predictive Analytics

In today’s uncertain times, it is critical to move your organization from being reactive to being proactive. More importantly, it needs to be done as quickly as possible. Luckily with Geospark Analytics, you do not have to struggle through this process on your own. Our Hyperion AI engine streamlines access to millions of sources and identifies leading indicators of global events that can significantly impact your operations, investments, and people. At Geospark, with the help of the following features, we make it a point to protect your business and assets while also helping you discover your full potential:

Pulse

Our Pulse feature allows you to quickly assess the stability of every country, every city, and region in the world. Pulse is a machine learning model that has the ability to constantly update risk assessments across the globe. It does this by learning what normal risk patterns look like around the world. Then takes these patterns and identifies micro-changes in stability that help highlight leading indicators of change. This allows your strategists and managers to take actions when particular events or disruptions impact your company’s stability.

Anticipate

If you want to stay ahead of certain events, our Forecast feature can help you be proactive, rather than reactive, giving organizations space to maneuver. Forecast is a machine learning model that analyzes data from Hotspots and Pulse and produces a real-time forecast for every point worldwide. Not only does Forecast predict future risk trends, but it also allows your organization to make better decisions, go after significant opportunities, and avoid potential disruptions.

Hotspots

With the Hotspot feature, you can pin-point disruptive events around the globe. Even when you are not sure where or what you are actually looking for. Hotspots allow you to track standard patterns of activity and provide you with a visual cue to flag events that can somehow impact your operations, employees, and even investments, which can result in your company suffering billions in economic losses.

Events

Figuring out what is going on around the globe is even easier with our Events feature. This feature allows you to filter the global stream of information and fixate on data that is most important to you. When you focus on the events that impact your company, not only do you save yourself an extensive amount of time. But with this Events feature, you can continuously monitor the globe to identify turmoil that can impact your plans.

Alerts

If you are looking to stay updated at all times, then our Alerts feature is the perfect option for you. Our Alerts allow you to get the information you require, no matter what your location is. Better yet, we can get you the alerts you need for each one of our features, including an Event alert, Hotspot alert, and Pulse alert. This can allow you to catch anything that can impact your business, even when you are away from your desk.

How Can Geospark Analytics Make Predictive Analytics Work For You

Any organization can use predictive analytics to ultimately optimize operations, increase revenue, and reduce their risks. However, the key to getting the information you need from these predictive analytics is dependent on using the right platform. Specifically, one that can understand your business problems, knows what data you need to process, and provides you the critical and accurate figures you need to help your business grow.

At Geospark Analytics, we can be that solution. Our platform can not only help you make decisions faster by allowing you to identify and forecast emerging events and threats. But we can also provide you with the predictive analytics you can count on. If you are looking to figure out how predictive analytics can provide your business with that competitive advantage you have been looking for, contact us today for further information.