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Predictive Analytics are used to analyze current data and historical facts in order to better understand customers, products, and partners. It is also used to identify potential risks and opportunities. Predictive analytics platforms tend to be very complex products and require advanced skill sets in order to use them effectively.
In the hands of skilled data analysts and data scientists, predictive analytics can be an extremely powerful tool. It can, for example, calculate customer lifetime value for a given customer; estimate sales projections for the next quarter, or predict what product an online shopper is likely to purchase next.
The basis for good predictive outcomes is good data. For example, to make predictions about what customers are likely to buy in the future, it's essential to have detailed data on what they have bought in the past, attributes of purchased products, etc.
Provided there is adequate high-quality data, predictive models are created using techniques like regression testing, decision trees or other methodologies to measure degree of correlation between variables to help predict future behavior.
Predictive Analytics tools are strongly related to Business Intelligence, and they are sometimes considered as part of the BI universe. The distinction between BI and predictive analytics is that BI is usually considered descriptive, i.e. looking at what happened in the past. Predictive analytics is about finding hidden patterns in data using complex mathematical models to predict future outcomes.
The emergence of big data platforms like Hadoop and very fast in-memory analytics products has resulted in some blurring of the lines between big data and predictive analytics.
A couple of well-known incumbent products own the lion’s share of the market and these tools tend to be much more expensive than newer upstart products with much smaller market share. One of the leading products in the category costs over $5,000 per user. Newer, less well-known products typically cost a fraction of the cost of the market leaders.
The free, open-source R programming language has more than 3,000 community-developed analytical applications, but can be challenging to use since it is code-based and does not have a drag-and-drop visual workspace.
SPSS Statistics is a software package used for statistical analysis. It is now officially named "IBM SPSS Statistics". Companion products in the same family are used for survey authoring and deployment (IBM SPSS Data Collection), data mining (IBM SPSS Modeler), text analytics, and collaboration a...
MicroStrategy Analytics is a platform for Business Intelligence (BI) and self-service analytics. It enables organizations worldwide to analyze the vast amounts of data stored across their enterprises to make better business decisions. MicroStrategy currently has 3 versions: MicroStrategy Analy...
MatLab is a predictive analytics and computing platform based on a proprietary programming language. MatLab is used across industry and academia.
NICE Nexidia Analytics is based on the company's acquisitions of Nexidia and Mattersight.
Alteryx Analytics is a business intelligence and predictive analytics offering.
SAP Analytics Cloud combines planning, business intelligence, and predictive analytics as a unified cloud-based platform allowing visualization, planning and prediction to be performed within a single tool. It is built on top of the very fast SAP Cloud Platform, and integrates natively with on-p...
RStudio is a free and open-source integrated development environment for R, a programming language for statistical computing and graphics.
Logi Analytics is a developer-grade analytics platform designed for application teams needing to rapidly build, deploy, and maintain mission-critical applications. Logi serves the embedded model, so companies increase the likelihood of building valuable, long lasting applications. The vendor foc...
JMP is a division of SAS and the JMP family of products provide statistical discovery tools linked to dynamic data visualizations.
RapidMiner Studio is a data science and data mining platform from RapidMiner in Cambridge, Massachusetts.
Anaconda is an open source Python distribution / data discovery & analytics platform.
Swiss company KNIME offers their KNIME Analytics Platform for big data and predictive analytics.
SAS Enterprise Guide is a menu-driven, Windows GUI tool for SAS.
The former Mattersight Predictive Behavioral Routing service is now part of NICE Nexidia Analytics since the
Oracle Advanced Analytics combines the Oracle database with the Oracle Data Mining and Oracle R Enterprise components (adding R programming language functionality), providing an complete predictive analytics suite.
IBM SPSS Modeler is a predictive analytics platform that helps users build accurate predictive models quickly and deliver predictive intelligence to individuals, groups, systems, and enterprises. With an intuitive interface and drag-and-drop features, the software is designed to be easy to use wi...
Panoply is an ETL-less, smart end-to-end data management system built for the cloud, which streamlines data from source to analysis. An end-to-end data management solution, Panoply provides the tools for data integration, connecting, transformation, warehousing, and more. The vendor claims Panopl...
JMP Pro offers all the capabilities of JMP, plus advanced features for more sophisticated analysis including predictive modeling and cross-validation techniques.
H2O.ai is an open-source predictive analytics and machine learning platform.
Intricately provides sales intelligence for people that sell and market technology products. The vendor aims to help companies find the right accounts and seize every opportunity to connect in a value-driven way.Additionally, the vendor says their software offers a 360-degree view of each company...
Frontline Systems Analytic Solver is an Excel add-on for performing data mining, and predictive analytics from within Microsoft Excel.
SAP Predictive Analytics is, as the name would suggest, a statistical analysis and data mining platform that can be deployed with SAP HANA.
Lexalytics (formerly Semantria) is a software-as-a-service and services provider specializing in cloud-based text analytics and sentiment analysis. This business intelligence (BI)/analytics tool offers an easy way to unlock meaningful insights and sentiment analysis from large amounts of unstruct...
The Insider Growth Management Platform (GMP) is a martech platform accessible from a single tech stack. It brings together all technologies marketers need to deliver personalized experiences and empowers them to take data based actions. The vendor says one of the core features introduced by GMP i...