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How Predictive Analytics Is Being Used Across The Industry Verticals?
The field of Data Science has gained a lot of prominence in the current age of Big Data. Data Science is like an umbrella term that combines different algorithms, analytical techniques, scientific processes, Machine Learning, and other concepts to uncover hidden patterns in large volumes of raw data. Different processes in Data Science work towards mining, analyzing, visualizing, extracting, managing, and manipulation of large volumes of data using scientific techniques and algorithms.
Predictive Analytics is an technique in this field that works towards making accurate predictions about the occurrence of future events by analyzing the present and historical data. Due to the higher extent of accuracy in its predictions, most of the enterprises across the industry verticals are relying on Predictive Analytics as a part of their business development strategy. Work on the algorithms involving Predictive Analytics in real-time with our advanced Data Science Training In Hyderabad
Now, let’s understand how Predictive Analytics is being used across the industry verticals
- Predictive Analytics In Financial Services
Enterprises in the Financial sector need to mange sheer volumes of financial data and are at constant fear of cyber threats & credit related risks. However, with the use of Predictive Analytics, enterprises in this sector are now able to accurately detect and predict the occurrence of financial frauds & credit risks.
By analyzing the financial data collected from different users and by subjecting this data to predictive models, enterprises are maximizing their cross-selling opportunities and are boosting their revenues.
- Predictive Analytics In Manufacturing Industry
Enterprises in the manufacturing industry are also benefiting from the use of Predictive Analytics at large. For instance, by analyzing present and historical machinery data, they are capable of predicting the condition of the machines. Predictive Models are also helping the enterprises in this sector to understand warranty claims to prevent unprecedented warranty costs.
Predictive Analytics is also used across IT, Business, Healthcare, Banking, Space Research, Government and several other industries. Gain real-world expertise in relation to developing Predictive Models with Kelly Technologies Data Science Course In Hyderabad program.
Kumar Raja is a multidisciplinary writer, and lifelong learner. He’s a Digital Marketer in the making who spends his time analyzing the developments in the tech world. He’s very passionate about helping people understand the latest trends in the tech world through his well-researched articles. He’s able to condense complicated information about the latest technologies into easily digestible articles.