How Can Predictive Analytics and Machine Learning Software Give Your Company a Competitive Edge?
If your company could benefit from the ability to predict the future, then you could benefit from Predictive Analytics and Machine Learning technology. These technologies hold the power to transform a vast range of industries, from e-commerce and manufacturing operations to healthcare and medical businesses, financial and investment companies, and even weather forecasting and other sciences.
How Do Predictive Analytics and Machine Learning Technology Work Together?
Predictive Analytics is used in tandem with Machine Learning to largely automate processes and capitalize on the benefits of both technologies. A Predictive Analytics engine will process and analyze large volumes of data, looking for trends, patterns and correlations that may be difficult (or impossible) for humans to detect. But once a PA engine has processed the data, you still need to use those findings to your advantage. This is where Machine Learning technology is useful.
A Machine Learning algorithm can be architected in a way that allows it to make changes to an algorithm, software program or process in response to insights that have been acquired by the Predictive Analytics engine.
We don’t have to look far to find an example; hurricanes have made headlines in recent days. This has prompted companies to alter their product distribution plans to ensure the most in-demand products are sent to the locations where they’re needed most. Distribution and logistics have long used Predictive Analytics and Machine Learning technology. A Predictive Analytics engine is used to process historical trends and new sales data, looking for patterns and correlations that a human analyst could easily miss. Then, these findings are processed by a Machine Learning algorithm that modifies a company’s product distribution plan in response. This process is repeated over and over to ensure that the company’s product distribution plan is optimally relevant, with minimal (if any) human intervention.
How Can Machine Learning and Predictive Analytics Give Your Business a Competitive Edge?
Forecasting when and where a company’s products will be in-demand is just one use for Predictive Analytics and Machine Learning technology. Virtually every industry can benefit from the ability to accurately predict the future, resulting in a potentially significant advantage over a competitor who doesn’t have a good hold on what tomorrow will bring.
Here are just a few examples of how these cutting-edge technologies can bring benefits for business:
- Commerce — Companies can predict surges in demand, which allows the business to dispatch products so they’re in place precisely when and where they’re needed. This can increase sales, since there’s less of a chance that consumers will be met with empty shelves or “sold out” signs.
- Healthcare — The medical and healthcare industries stand to gain a major advantage from the ability to accurately predict the future, especially when it comes to epidemics and pandemics. Drug manufacturers can produce and distribute medications so they’re available when and where they’re needed most. Health clinics and hospitals can anticipate patients’ needs more effectively, so they can bring in medications, staff and other resources just before they’re needed. It’s even theoretically possible to use these technologies to predict the course of an individual’s illness or disease, allowing physicians to treat the patient more effectively. The healthcare sector is one where the benefits of Predictive Analytics and Machine Learning are virtually limitless.
- Insurance — An insurance company could use Predictive Analytics and Machine Learning to analyze weather events, traffic accidents and other data. This analysis allows the company to adjust premiums so they more accurately reflect the risk associated with a consumer.
These are just three industries that stand to benefit from PA and Machine Learning technology, but the applications are really only limited by your imagination. An investor or banker could use these technologies to make better, more informed business decisions. Companies with a presence across a broad geographical area could gain the ability to pre-position resources and assets. This optimization will ensure resources are in place to meet demand as the need arises.
What’s more, Machine Learning can largely automate the process, allowing your business to make use of Predictive Analytics insights in a very effective way. Machine Learning programs can recommend a modification or action based upon predictions. This means your team only needs to review and approve the recommendation. As these technologies advance, the need for human gatekeepers will be reduced. Over time, the predictions become more accurate and better suited to the company’s unique needs.
If your company could benefit from predicting the future (or what factors impact a particular outcome), then Predictive Analytics and Machine Learning technology may represent a wise investment — one that gives your business a competitive advantage. At 7T, we partner with companies worldwide to overcome obstacles using cutting-edge technology, including data lake creation tools, Machine Learning and Augmented Reality (AR). Our experience speaks volumes, as we’ve worked with clients in a number of fields, including medical and healthcare, insurance, manufacturing and beyond. We can integrate these technologies into a custom software platform, including Enterprise Resource Planning (ERP) platforms, Customer Relationship Management (CRM) software, SaaS solutions and mobile apps.
7T is headquartered in Dallas, Texas, with regional offices located in Houston and Chicago. Our clientele is located worldwide, so if you’re seeking to develop a mobile app or another piece of custom software, contact the team at 7T today.