APPLICATIONS
Due to its versatility , predictive analytics can be used across a variety of industries , from manufacturing and supply chain to financial services , insurance , marketing , and human resources ; each utilising it as a tool to improve business performance .
Peter Wood , CTO at Spectrum Search , says : “ In today ’ s competitive business environment , foresight is as valuable as hindsight . As someone deeply involved in AI innovation and technology that optimises internal processes , I can attest that predictive analytics has become a cornerstone in contemporary business strategies .
“ Businesses aren ’ t just looking to make sense of their current data ; they aim to predict future trends , consumer behaviours , and potential risks . Predictive analytics allows companies to not just react but proactively adjust their strategies .”
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Types of predictive analytics models According to Investopedia , there are three common techniques that are used in PA : Decision trees , neural networks , and regression .
Decision trees , which help in the understanding of a person ’ s decisions , are the simplest of models , being easy to understand as well as extremely useful when needing to make a decision quickly . They work by placing data into different groups based on specific variables , and as the name suggests , look like trees , with the branches representing the possible choices and leaves representing a specific decision .
PETER WOOD TITLE : CHIEF STRATEGY OFFICER COMPANY : SPECTRUM SEARCH LOCATION : UNITED KINGDOM
Peter is a seasoned entrepreneur with over eight years of experience in the Web3 space . He has founded and launched three successful Web3 companies , one of which secured US $ 6.5m in funding . His expertise in fundraising , token design and business design make Peter a valuable asset .
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