How does predictive analytics work?
Every industry is harnessing Predictive Analysis to boost its decision-making power and foresee risk and opportunities to have a competitive differentiation in the market. Airlines use it to set ticket prices based on past travel trends, Hospitality industry uses this technology to forecast the number of guests based on past booking data to predict occupancy and manage resources efficiently to maximize revenues. Retailers use it to forecast inventory, manage shipping schedules, peak season trends to maximize sales. Predictive Analysis helps the banking sector in detecting fraud and criminal behaviors.