The maturity level of the modern-day organizations is increasing in terms
of data utilization. From descriptive analytics such as Reports and BI
Dashboards, the modern organizations are moving towards Predictive
analytics. Various techniques such as data mining, statistical modeling,
machine learning, and artificial intelligence are used on the data from
multiple sources to predict the future.
Various forecasting models generated by predictive analytics can help the
business to understand the future demand, sales prediction, etc. Similarly,
optimization in business processes can also be achieved using such
statistical algorithms and machine learning technologies. A retail store can
opt for Price Optimization while an airline can use route optimization to
gain competitive advantage in the market.