What Are Predictive Analytics Tools?
Top 10 Predictive Analytics Tools You Need To Know
In this article, we will fixate on predictive analytics and the implements that data analysts use to engender insights and answer the question: “What is perspective?” First, we will expound on what predictive analytics is, then we’ll introduce you to some of the best predictive analytics implements available on the market right now, listing their pros, cons, and other features of each product.
What Are Predictive Analytics Tools?
The process of turning datasets into forecasts and decisions is a science: predictive analytics. A subset of advanced analytics, it is a form of data science that utilizes current data points to forecast the likelihood of certain events and give company bellwethers a blueprint to follow. Predictive analytics implements can be habituated to anticipate the prosperity of future products, minimize customer churn, and nip fraud in the bud. Every company from habiliments retailers to airplane manufacturers needs to be able to turn data into actionable insights in order to maintain longevity and stay competitive with their peers.
Benefits of Utilizing Predictive Analytics Implements.
But making prognostications and pulling meaning from a constant stream of digits and statistics isn’t something any human can do alone. Fortunately for everyone, there are tech implements available that can process even the most astronomically immense magnitude of data sets and avail bellwethers to make apprised decisions about the future of their companies. Below are 10 of the top predictive analytics implementations on the market today.
TOP 10 PREDICTIVE ANALYTICS TOOLS TO KNOW
- FICO Predictive Analytics
- Oracle DataScience
- Q Research
- SAP Predictive Analytics
- SAS Advanced Analytics
- TIBCO Statistica
Alteryx is a terminus-to-end predictive analytics platform that incorporates machine learning principles to avail clients to easily build forecasting data models. Like other platforms on this list, Alteryx offers collaboration capabilities but is built so that users without a coding background can still access insights. The company additionally offers an analytics process automation platform so that users can cumulate all their data science and analytics operations in one central location, making monitoring and deployment more straightforward.
Adopted by Cisco, Dell, GM, and other major companies, Emcien is a full-spectrum predictive analytics implementation that can integrate with platforms like Tableau and Salesforce to build comprehensive data forecasts. Emcien can turn raw data into business presages to avail customers, abbreviate churn and amend their customer retention initiatives, making it more of an ideal implement for marketing and retail clients. The platform distributes prognostications predicated on genuine-time data and can organize insights into a variety of visualization formats beyond simple graphs, according to its website.
FICO PREDICTIVE ANALYTICS
Concretely designed for the finance industry, FICO Predictive Analytics offers implements for tracking, modeling, and forecasting financial and other germane data, according to its site. Alongside its predictive analytics dashboard, FICO withal offers a decision management platform for companies to manage governance and deal with risks to their data’s security. The platform’s focus may not make it ideal for customers in all industries, but FICO’s accommodations can fortify clients in healthcare, retail, and conveyance as well as finance, according to its website.
H2O.ai is a cloud-predicated predictive analytics implement that utilizes AI and machine learning technology to avail customers build scale data models and forecast future data trends. The platform can handle data prognostication types like metric learning, time series forecasting, text relegation, and regression, according to its site. H2O.ai’s advantage is its open-source model, which makes it a more flexible and scalable solution than other proprietary models. Its AI capabilities can preserve equitableness in datasets and give users the facility to control the parameters of their data analysis in case they opt to hone in on categorical minute models.
ORACLE DATA SCIENCE
Oracle Data Science is a comprehensive data tracking implementation that can be acclimated to organize subsisting data and transform it into predictive models so companies can make apprised strategic decisions. Since Oracle DataScience is included in Oracle’s product database, users can access the company’s cloud and artificial perspicacity implements as needed. In integration to constructing data models, Oracle Data Science users can additionally store datasets in the cloud for instant accessibility and synchronization across their org, according to the company’s site.
Geared toward market researchers, Q Research is a data analytics and forecasting implementation that can expeditiously record and interpret data automatically, according to its site. Datasets can be imported from Q Research to presentation platforms like PowerPoint, and users can view their data forecasts in different formats like predictive trees and cluster tables. Q Research’s subsisting client base includes household names like Amazon, Meta, and Nielsen.
RapidMiner is a predictive analytics dashboard that is capable of forecasting, fraud detection, churn obviation, and a variety of other data capabilities. Its data science platform gives users access to technology like AI app building, model engendered, and governance management, according to its site. RapidMiner provides customers with a variety of plugins like Python scripting, web mining and text processing, and other extensions to amplify their data research.
SAP PREDICTIVE ANALYTICS
SAP Predictive Analytics is a full spectrum analytics implementation that sanctions users to build scalable data models and trace connections between subsisting data to prognosticate future business directions. The program’s modeler implementation lets companies look into regression, time series, and clustering data models, which can be exported in a variety of formats, according to the company’s site. It can load data from a number of different sources including Microsoft Excel and SQL View. According to a review on peer tech review site G2, SAP Predictive Analytics users may need “some technical expertise and prior training” in order to thoroughly capitalize on the implementation. This may make SAP Predictive Analytics less intuitive than other simpler platforms, but its advanced capabilities may make it an ideal solution for companies that need to perform more complexified data analytics tasks.
SAS ADVANCED ANALYTICS
SAS Advanced Analytics provides clients with implements to turn immensely colossal magnitudes of data into astronomically immense scale forecasts automatically with the availability of AI technology. In integration with its predictive analytics accommodations, SAS Advanced Analytics offers text mining and data visualization implements to avail clients thoroughly capitalize on their available data, according to its website. Marketed categorically for enterprise utilization, it does feature built-in security features to avail of sensitive enterprise data.
TIBCO Statistica’s platform is built with collaboration in mind, with workflow options that can be shared across multiple teams for heightened overtness. TIBCO Statistica doesn’t offer an open source option but can be scaled to take on both minuscule and astronomically immense datasets to engender variants of models, according to its website. The platform additionally offers IoT-focused capabilities that other platforms do not. It additionally is built with open source functionalities to give clients access to a wider range of analytics functions.