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Companies Using Predictive Analytics

Introduction

The powerful influence of Predictive Analytics in the business ecosystem is far beyond measurement. Being a highly versatile AI-driven concept, it stretches its wings to almost all types of industries. Yet there are few sectors that made considerable use of potent technology and related prediction. So, let’s focus on these show toppers and understand the applicative spectrum of Predictive Analytics.

Automobile Industry 

Besides being a luxury statement, automobiles are the need too. Over the years, dependency of the individuals over two and four-wheelers have increased significantly. Especially, the outbreak of pandemic and social distancing norms has contributed immensely towards the cause. With the growing demand and changing preferences, it becomes important to track and establish the right market for the product and services. Thus, the concept of Predictive Analytics is emerging as a big-time concern. 

CompanyHow Predictive Analytics is Used?
Harley DavidsonThe powerful motorcycle company has shifted its largest focus on Artificial Intelligence for targeting potential customers, generating leads, and making healthy closures. The approach helps the company to understand the needs and experiences of the company and retain high-value customers directly. Precisely, the company uses the AI-based program Albert for the purpose.
VolvoThe renowned name in the car industry is known for its prominent use of detecting faulty parts while assembling. Largely, the car experience ruins with the unexpected break-down making it the crucial point to tackle. Volvo’s early warning system which is programmed through AI and ML algorithms analysis over 1 million events every week. As a result, the company recommends timely service and maintenance to its customers.

Retail Industry

The effective use of Predictive Analytics has brought better fortune to the retail industry. According to the study, the industry has witnessed nearly $4 trillion in sales revenue annually. The technology has paved for delivering better customer experience and satisfaction. Undoubtedly the top names amongst the retail names are Walmart and Amazon.

CompanyHow Predictive Analytics is Used?
WalmartWalmart used Predictive Analytics to understand the behavioral trend and buying habits of the customers. As a result, the accuracy of the prediction helped the company to increase the sale of Strawberry Pop-Tart by seven times. Furthermore, it also used the opportunity to stock the shelves, owing to the expected demand prediction.
Amazon Amazon considers the customers’ behavioral study for anticipating the shipping requirements. With Predictive Analytics, Amazon begins shipping formalities in advance even before the order is confirmed. As a result, the shipping process becomes extremely faster.

Healthcare Industry

The maintenance and tracking of bulky data in the healthcare industry indicate the need for powerful Predictive Analytics. So far, the industry focuses largely on analyzing data to implement better-diagnosing practices. Moreover, the industrial concern extends to reducing the inventory cost and wastage too.

Company How Predictive Analytics is Used?
Alaya Care Alaya Care uses Predictive Analytics to examine the potential risk factors for old-aged patients. The provided AI-driven algorithm considers the clients’ ICD-10 diagnosis, gender, and age. Moreover, Alaya’s authority also managed to keep track of remote patients by establishing monitoring softwares at both ends.   As a result, hospitalization and ER visits reduced by 73% and 64% respectively.
Sound Physician Sound Physician, made the use of technology to predict and track the readmission rate, appointment follow-ups, and leveraging post-discharge facility. Thus, the organization observed a 17.5% reduction in the risk population. Everything became possible with the application of BPCI – Advanced technology.

Entertainment and Media Industry

Predictive analytics has given a big boost to the entertainment industry, also known as the digital entertainment space. The prominent technology allows entertainment giants to shape big data into a piece of insightful information and experience.

Company How Predictive Analytics is Used?
Netflix Netflix, the biggest entertainment platform allows curating engaging content and streaming of these billions of hours of content on the platform.  All this content is created on the basis of a predictive model that analyses the rating, preferred devices keywords, genre preference, etc. The authority claimed that they stream the show House of Cards based on the predictive data analysis that forecasted its success.
Instagram & Facebook Instagram & Facebook feeds are often flooded with new recommendations and friend suggestions each day. Moreover, the search options are prepared on the basis of personal preference. Yes, here users certainly get a personalized experience and it becomes possible with the behavioral model of Predictive Analytics.

Cosmetic Industry

Finding suitable makeup and beauty products is becoming a more overwhelming task because of the personalized recommendations. Predictive Analytics helps in reaching out to customers with the right product at the right time.

CompanyHow Predictive Analytics is Used?
Sephora Sephora, with the sorted AI approach has become more confident about the varying lifestyle and skin types of the customers. The personalized profiles created on the basis of customer’s purchase history and preferences help to come up with suitable recommendations. The company also focuses on analyzing the customer’s brand loyalty which stands at 80% presently.
MAC Cosmetics MAC cosmetics, known for its beauty products throughout the world provides its customers with a virtual-try-on experience using the Ai-driven technology, Perfect Corp. The concept is itself personalized ways of making customers feel valued and confident about the products.

Financial Services Industry

Finance is the crucial sector of the economy where market dynamics play an essential role. So, a timely understanding of these dynamic factors can bring better progress to the sector. The major focal point of the finance industry is its customer base so here predictive analytics revolve around the same.

CompanyHow Predictive Analytics is Used?
Royal Bank of ScotlandThis bank makes the use of numbers and patterns to frame a prediction. Such a continuous pattern helps to identify the customers’ expectations and potential risks such as fraud. Furthermore, the workforce planning becomes comparatively with the precise knowledge of existing and required resources. 
American Express This bank has built the trustable credit card system with the least fraudulent experience. The company uses analytics to identify customers at higher risk well in advance leading to the reduced risk of fraud. Immediately, after discovering even minute chances of risk, the company personally reaches out to customers and warns them.

Sports Industry

Though sports may merely seem to be a fun industry but at the end of the day it is backed by huge franchise competition. As a result, Predictive Analytics grooved the sports ecosystem and helped the competitor compete on some precise and accurate ground. Today, use of the prominent technology in the form of analytics can be seen in almost all sports from indoors to outdoors.

Company How Predictive Analytics is Used?
Sportradar Sportradar, a global data company, considers 40 sports and 800 leagues across the world. Being a partner to NFL, NBA, and NHL it provides proven real-time data based on Predictive Analytics. Since the data is used by broadcasters and media houses, the company focuses on providing authentic data based on Artificial Intelligence.  
Krossover Krossover, is a New York-based sports analytics company that provides solutions to players and coaches by customizing reports for games like football, basketball, baseball, lacrosse, etc. Such reports help to analyze opponents and their sport tactics using AI-driven Predictive Analytics.

Hospitality Industry

Hospitality is all about experiences which become a key factor in determining the goodwill of the company. As a result, the sector is inclining much towards the AI and ML algorithm where relevant predictions are made to leverage personalized services.

Company How Predictive Analytics is Used?
Caesars Palace Caesars Palace allows the use of AI-powered analytics to collect data about guests and use them to predict the most effective service for each guest.  Alongside, the technology helps to frame suitable offerings, events, and functions to encourage the extended stay of guests at the hotel.
Marriott Marriott, a renowned chain of hotels is widely known for its warm hospitality that does justice to the price. The brand uses big data technologies to forecast demand and determine the price for each room & service. As a result, Marriott provides the best amenity package at the best-suited price.

Final Words

Besides considering maintaining the huge volume of data, predictive analytics have added immense relevance in each industry type. An AI-driven technology serves as the tool belt for companies across the world making it to be the potentially right fit for all. As a result, today better performances of the industries rely majorly on data scientists and analysts who handle big data analytics.

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