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January 14, 2022

A journey into the future using predictive analytics

Predictive analytics is an integral part of everyday life. It holds great potential, especially for businesses, in making optimal decisions as well as minimizing risks. About the importance of predictive analytics, its potential, and how Vindelici accompanies you on the journey into the future.  

January 14, 2022

A journey into the future using predictive analytics

Predictive analytics is an integral part of everyday life. It holds great potential, especially for businesses, in making optimal decisions as well as minimizing risks. About the importance of predictive analytics, its potential, and how Vindelici accompanies you on the journey into the future.  

Time travel has been a dream of humankind for hundreds of years. Hence, it has been taking an integral part in countless movies – be it the Dolorean or the time machine in Back to the Future, or Harry Potter’s time-turner. However, in reality, time travels is still a vision -or maybe not? Is it possible to look into the future so we can know what is yet to come? 

The answer is yes! Predictive analytics makes it possible. Nowadays, you can experience the impact and benefits of predictive analytics every day! The streaming platform Netflix, for example, uses a recommendation service that predicts which movies or shows a user might like based on customer information and the movies they have seen in the past. Flight search engines also use predictive analytics to predict the best deal for customers buying an airline ticket. 

 

But what is predictive analytics and how does it work?

Predictive analytics is about finding out what will happen or what is likely to happen. To make this prediction, historical data is used, on which a mathematical model is trained. This model can then be applied to current data, allowing events, developments, and trends to be predicted. Predictive analytics thus enables automated analysis of a large amount of collected data, allowing you to make optimal decisions and minimize risks. 

Businesses, in particular, can benefit from the use of these technologies. There are many fields of application for predictive maintenance, allowing its usage in numerous industries and business areas. 

For example, predictive analytics is used to predict which processes are likely to be (un-) profitable, or which may cause problems. Also, it gives you the ability to correctly predict customer buying behavior and habits, allowing you to target and promote relevant products. This, in turn, allows you to maintain relationships with existing customers, and the risk of losing customers is reduced. In bank lending, predictive analytics is used to identify customers that are most likely to default. However, technology is also valuable and profitable in production as it allows intelligent machine maintenance. This involves using, data on the characteristics of the machine, information on maintenance, and sensor data provided by the machine. Through predictive maintenance, a forecast is then provided showing exactly when maintenance will be required, making it possible to plan. This allows maintenance to be performed on demand and reduces previous maintenance and associated costs, which were carried out as a precaution to prevent failures or machine breakdowns. Required repair work can henceforth be carried out on an on-demand basis. 

How Vindelici generates a view into the future from data

At Vindelici, we have understood the potential of taking a look into the future and therefore accompany our customers on this path. Business Intelligence solutions provide a solid foundation – creating key performance indicators (KPI), analyzing them, and visualizing them clearly in dashboards. They provide a clear picture of the status and show the underlying causes of various events as well as the impact of the past on the present. However, where traditional business intelligence solutions stop is where predictive analytics comes in: The analysis of the current situation is enhanced with insights and data about future events, trends, or situations.  

Together with you, we develop a customized dashboard that is tailored to your needs in a multi-stage process. This ensures that all relevant data and KPIs can be accessed in one place, and are displayed clearly and comprehensibly in the dashboard.
In the first step, we take a joint look at the topics that concern you and find suitable KPIs for data-driven decisions. Once these have been defined, the models for the forecast are created, data is processed and made available in a customized, interactive, and intuitive dashboard. In addition to the past data, the data of the future is also displayed in this dashboard for the reader to see directly at a glance.   

Predictive analytics enables a journey into the future, gaining valuable insights. That way, you can already know today what the customer will decide on tomorrow, how much revenue will be made, or which products will be sold. Yet the areas of application include numerous possibilities and are applicable across industries. There are no limits to predictive analytics.