Importance of Predictive Analysis in Different Industries

Running head: PREDICTIVE ANALYSIS
PREDICTIVE ANALYSIS
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PREDICTIVE ANALYSIS
Introduction
Predictive analysis constitutes a range of analytical and statistical techniques for creation
models which will be acting beneficial in the processing of future predication (Indira and
Neelamegam 2018). Organizations implementing predictive analysis have been getting highly
benefitted in recent times. This essay discusses about the importance of predictive analysis in
different industries. This essay also discusses about the benefits that will be gained by the
different business organizations on implementation of the predictive analysis in both long and
short term. This essay also discusses about the importance of predictive analysis as per the
organization in case of leveraging of the business in terms of knowledge gaining and perform
application analysis as per the enterprise data.
Predictive analysis across industries
There are 3 major importance of predictive analysis in industries. The importance
includes the likes of providing an in depth customer insight and hence wise improving customer
relationship. In this case the main aspect that is considered is that the analysis technique helps in
proper estimation of the habits and behavior of the customers. This is the main reason that proper
assessment of web transaction as well as the web browsing is to be made. With the data that are
generated due to performing of the analysis will help inn understanding the nature of the client.
Proper analysis of the social media activities and demographics also help in performing proper
predictive analysis (Forejt et al, 2017). Hence wise it can be stated that better customer
relationship can be established. This analysis will not only help in performing analysis of their
nature of the clients but also helps in performing proper analysis of the research and
development management section of the industry. With proper alignment of the requirement of

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PREDICTIVE ANALYSIS
the industry and functioning of the inventory section will ensure that better results can be
achieved.
Another major benefit that will be performed the main aspect that is considered is that
issues that are present in the business process can be well estimated and predicted. This will
ensure that better assessing of the inefficiencies as compared to the costing and the customer
revenue will be performed. Hence the issues that arises from the work cycle is well described
(Khedr, Abdel-Fattah and Solayman 2015). This is the main reason that proper combining of the
inefficiencies that are present in the business operation section is well stated and hence wise
issues can be easily detected and hence mitigation of the same will be easier. Proper analysis of
the customer feedback is also another aspect that is to be performed. With proper analysis of the
customer feedback the issues that are present in the operation process can be easily performed
and the data that are generated will also help in better analysis of the issue and hence wise
mitigate the same.
It is also considered that predictive analysis will be benefitting the functioning of the
supply chain management process. This implementation of predictive analysis helps in proper
assessing of the reducing the cost that might be incurred in the execution of the project (Estelami
and O'Connor 2019). This also helps in bettering of the project management of different
industries.
Benefits of applying predictive analysis in gaining significant long term benefits by the
business organizations to operational and historical data
The main advantages that are received due to the implementation of the predictive
analysis in long run ensures the fact that there will be improved customer experience, in this case