The pandemic has caused many businesses to shut down and millions of employees are too afraid to even leave their homes. On the other hand, some businesses have been able to adapt and remain running throughout the pandemic without losing any profits or productivity. How did they do it?
The answer is predictive analytics – the analysis of past data to make meaningful predictions about future events. While there is no way to predict whether or not you will be affected by the pandemic, predictive analytics can help you prepare for it. It helps companies optimize their business operations to achieve maximum profit and productivity with minimum cos t.
How Companies Are Using Big Data Analytics in Post Pandemic Times
Even before the pandemic hit, predictive analytics was already being used by companies to optimize their business operations. Many call this predictive data analytics or predictive big data analysis. Some ways predictive analytics helps businesses run more smoothly in post pandemic times are:
Key Performance Indicators
Uses predictive data analytics to identify trends that negatively affect a company’s operations. It provides predictive measures of company performance that help companies plan for the future and decrease the likelihood of losing profits or productivity.
Data Mining
Also know as predictive data analysis, data mining is a predictive analytic tool that analyzes large amounts of data to find hidden patterns and correlations that help improve business processes in order to achieve maximum efficiency and savings with minimum cost.
Data Visualization
Predictive analytics is able to ‘see’ patterns in data that humans cannot see or humans would have difficulty interpreting, which allows predictive analytic tools to communicate complex information that humans can understand and use. This helps people make better business decisions faster because they get presented with information in a way that is meaningful to them.
Data Analytics
Predictive big data analysis uses analytic tools to analyze large volumes of data and predict future events or trends. Companies use predictive analytics in order to gain insight into their operations and make more informed business decisions. It helps improve efficiency, quality control, customer service, sales etc.
Data Analytics to the Rescue: Real-Life Example
In order to better prepare for and deal with the pandemic, predictive analytics has been used by companies in real-life situations.
As mentioned earlier, predictive analytics is already being used by businesses in their everyday operations. One example is IBM’s Smarter Planet campaign – predictive data analytics helped IBM predict new product innovations so that they could market them to their customers sooner.
IBM now predicts whether certain chemicals will turn into new and useful compounds. They are also able to predict the quality of their products in real time. This predictive data analysis helps companies save money and run more efficiently.
One of IBM’s projects is called Hockey Analytics, which uses predictive analytics to help NHL teams make better decisions by using predictive analytics to build predictive models from data mined from past games. It made the Toronto Maple Leafs one of the most successful teams for several years.
As you can see, predictive big data analysis is already being used by businesses across a wide range of industries and it has helped them achieve operational excellence in numerous ways while helping companies prepare for the post-pandemic world.
Predictive data analytics helps businesses remain running in post pandemic times by helping them make better decisions faster, using predictive analytic tools. These tools can analyze large amounts of data and predict future trends or events. Using machine learning and predictive analytics, businesses can optimize their business operations to achieve maximum profitability and productivity with minimum cost.
Analytics is now a key component in organizations’ strategic decision-making process as it allows companies to make better decisions faster that improve operational efficiency and bottom line performance. It helps them prepare for challenges such as the current pandemic or other unexpected events, and makes them less susceptible to the chaos that comes with such events.
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