Data can be analyzed for any number of reasons, and it is not uncommon for organizations to have different levels of maturity in how they handle their data. Predictive analytics represents the third of four steps in the analytics maturity model. In the first step, called reactive or descriptive analytics, the focus is on understanding what has happened. The next step, proactive or diagnostic analytics, looks for answers to why something has happened. After this, you are ready for predictive analytics – predicting what will happen next. In the final step, prescriptive analytics, you will be able to (at least in theory) use these analytics to determine what decisions you should make to achieve the desired results.
Using predictive analytics, Bisnode can identify the relationship between your existing customers and product and service categories and predict the likelihood of someone who bought offer A buying offer B or C. We can also help you single out your most profitable customers and then help you identify similar groups to target and determine the likelihood of a purchase within a certain time frame.
We can also analyze what events trigger the need for your products and services, and determine the order in which products will be purchased and at what time intervals. Predictive analytics helps you develop strategies and tactical and operative processes to leverage your opportunities on the market.