Tech Trend: Predictive data analytics
Predictive analytics is a branch of advanced analytics that uses data, statistical algorithms and machine learning techniques to identify the likelihood of future outcomes based on historical data. With the help of sophisticated predictive analytics tools and models, any organization can use past and current data to forecast trends and behaviors days or years into the future.
The tech has seen a big spike in the last year. Salesforce research shows close to 70% of consumers say COVID-19 elevated expectations about a company’s digital capabilities. Consumer expectations are compelling businesses to take a closer look at the technology.
There are quite a few prominent predictive data analytics companies in Flyover Country. Cincinnati-based 84.51, which counts Kroger as its biggest customer, examines customer data and behavior to help offer personalized experiences. The tech can also identify trends around which clients can plan promotions, pricing decisions, etc.
Prevedere is a Columbus, OH-based company that makes predictive analytics software for consumer goods, retail, manufacturing, and the automotive industry. It tracks customer sentiment (how people are feeling about buying homes, what their disposable income is like, and even what the future production of key commodities will be like).
Milwaukee-based Scanalytics offers retail insights based on real-time and historical reporting using floor sensors to determine foot traffic in a retail space in order to optimize floor space and improve ROI.
Another field that’s taking advantage of predictive analytics more and more is healthcare. We’ll talk about that in a future feature.
Check out this list of 217 Flyover Country companies that offer data solutions.