predictive analytics
The practice of extracting information from existing data sets in order to determine patterns and predict future outcomes and trends. Predictive models and analysis are typically used to forecast future probabilities with an acceptable level of reliability.
Applied to business, predictive models are used to analyze current data and historical facts in order to better understand customers, products and partners and to identify potential risks and opportunities for a company.
Predictive analytics and data mining solutions for the enterprise are currently available from a number of companies, including SAS (Predictive Analytics Suite), IBM (IBM SPSS Statistics), and Microsoft (Microsoft Dynamics CRM Analytics Foundation).
See also business intelligence.
Also see data mining.
Visit eCRM Guide to learn more about predictive analytics and enterprise applications.
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