The term predictive analytics refers to the use of data, statistical algorithms, and AI and machine learning to provide the best assessment of future outcomes, trends, behaviors and events based on historical customer data. Brands often use predictive analytics to better understand market trends, customer shopping behaviors and more.
Brian David Crane, founder and CMO at Spread Great Ideas, a digital marketing fund, told CMSWire that predictive analytics, as a computational model, uses AI to analyze past performance and existing models to forecast future possibilities and retrieve actionable insights that can be implemented in a business. “It can uncover hidden patterns and user behavior that companies can implement to improve productivity and profitability.”
