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 about 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 achhieved using such statistical algorithms and machine learning technologies. A retail store can opt for Price Optimization while an airlines can use route optimization to gain competitive advantage in the market.