If properly implemented, predictive analytics can provide a wide array of useful information that any business can leverage. At IKO, predictive technology is used to leverage companies’ prospecting and lead generation. However predictive analytics is a versatile technology that has a wide variety of potential and functionality.
It is probably not so surprising that the leading industry adopter of predictive analytics is none other than the IT sector. Nonetheless, organizations across many different sectors are also adopting predictive technology – and in every way imaginable.
Here are 5 companies and organizations that you may not realize actually depend on predictive analytics:
Netflix, which has recently announced an expansion into 130 new countries, is the most popular Internet TV streaming service in the world. Now deemed a ‘global TV brand’ by CEO Reed Hastings, their business model is also incredibly data driven. Netflix utilizes the millions of bits of data they have to predict which shows and movies users would like to watch through their service. Netflix has a ton of data on their watchers – including the content they watch, how much of it they watch as well as demographic data. The company then uses this information to predict which content will likely be successful if streamed through the service and what the common success points between them are. Netflix also utilizes a well-refined recommendation algorithm to predict what users will likely want to watch.
Every company involved in social media marketing knows that Facebook is a very valuable (and often times, expensive) marketing tool. Facebook provides an incredible marketing opportunity for companies. This is because the social network can predict likely preference patterns based on millions of pieces of demographic information and user activity.
But did you know that Facebook can go as far as predicting the evolution and demise of romantic relationships? According to data scientists at the company, relationships that last more than three months on the social network are likely to survive for years. By looking at connections and communication patterns, Facebook can even predict who might be in a relationship next. It is a bit hard to believe, but technology can even predict our relationships before we do!
If Facebook can predict your romantic life, you can bet that a website based on forming relationships between people uses a sophisticated predictive algorithm to achieve this. Match.com, along with several other dating websites, use an algorithm known as a synapse to predict possible matches. This algorithm takes into consideration not only stated user preference but also the activity and browsing patterns of users to predict likely matches.
- Boston Medical Center
Predictive Analytics is not only limited to companies that aim to increase their profits, but it is also useful for institutions or organizations seeking to become more efficient. BMC has recently implemented a predictive analytics solution known as Hospital IQ, which allows healthcare institutions to allocate rooms and staff as per predictive patterns. Based on demand patterns, they are thus able to decipher how many staff members and rooms are needed during certain peak times. Can this technology eventually lead to the widespread reduction of medical wait times? Let’s hope so!
As the second largest software company in the world, Oracle is without a doubt one of the world’s most successful brands. The company has dominated the enterprise software, cloud and computer hardware industry. In addition to creating an internal automated form of predictive data mining, the company uses predictive lead generation softwares such as Leadspace and IKO System. Used alongside key target metrics and the strategic implementation of lead engagement, predictive analytics is also revolutionizing the sales industry.
Though some may tend to initially undermine how valuable structured data is, it is actually quite crucial – for a variety of industries and purposes. Data is an invaluable asset that companies can leverage to a great effect through modern predictive technology.
Refined data and algorithms are providing organizations of every stripe with indispensable information; information that can improve efficiency, market knowledge and ultimately – separate the true market leaders from the rest of the crowd.