One thing modern-day enterprises have in abundance is data, and this asset is arguably the most valuable one they have. Through the use of analytical tools, companies are creating business advantages for themselves as they identify new opportunities and streamline day-to-day operations with the help of data-driven insights. “No corporate leader doubts the crucial importance of data and advanced analytics for positioning an organization for success in today’s fiercely competitive global economy,” notes Trevor Silver, founder and CEO of leading analytics, data engineering, and cloud computing solutions provider Exusia, “However, it is also becoming increasingly clear that the pursuit of new markets, business models, and customer segments has to be accompanied by the implementation of robust risk management strategies. As analytical tools grow more sophisticated but also more intuitive and easier to use, companies are embracing predictive analytics to mitigate various risks.”
Predictive analytics entails the application of statistical modeling, data mining techniques, and machine learning to historical data for the purpose of detecting patterns and predicting future outcomes. Along with revealing new opportunities, it also alerts companies to potential risks, allowing them to devise appropriate strategies for dealing with unexpected or imminent threats. The unprecedented disruption caused by the global pandemic has highlighted the need for adopting powerful tools that enable enterprises to predict future scenarios and prepare relevant measures for addressing any issues, according to Exusia. This realization is expected to be a key driver for the predictive analytics market: one research report projects compound annual growth of 24.5% between 2020 and 2025, with sales rising from $7.2 billion to $21.5 billion over that period.
Predictive analytics is not a solution that benefits some industries more than others, according to the experts at Exusia, who note that the ongoing digital transformation has made it critically important for companies across all sectors of the economy. The most obvious application of predictive analytics is in the area of fraud detection and financial risk reduction, but a closer look will reveal that risk management goes beyond preventing cyber scams and weeding out untrustworthy customers. In the energy and manufacturing industries, for example, predictive analytics helps companies improve safety, product quality, resource planning, and operational efficiency by forecasting equipment and production failures, adverse weather events, or demand patterns. In retail, predictive analytics helps manage risks through supporting merchandise planning, price optimization, and marketing campaign effectiveness. Governments around the world also rely on it to improve public services and resource distribution through the study of population trends and consumer behaviors.
“Building a competitive, profitable, and agile enterprise requires identifying threats in advance and preventing them from disrupting operations through robust risk management strategies,” Trevor Silver comments. “This is where predictive analytics plays a key role, enabling corporations not only to prepare for possible adverse scenarios but also uncover new opportunities, eliminate inefficiencies, and make the most productive use of their resources, thus maximizing sales and profitability.”
Exusiais one of the world’s leading providers of technology solutions and operational guidance to companies in the healthcare, telecommunications, hospitality, entertainment, energy, financial services, and consumer products industries. Founded in 2012 by analytics and data engineering expert Trevor Silver, the firm is headquartered in Miami, Florida, with additional offices in Europe (London, UK), Africa (Johannesburg, South Africa), and Asia (Pune India). The innovative solutions offered by Exusiaallow business organizations to grow their revenues, reduce costs, achieve regulatory compliance, and extract maximum value from their technology investment.
Exusia CEO, Trevor Silver, Discusses the Growing Importance of Data Monetization in the Pursuit of New Revenue Streams: https://www.yahoo.com/now/exusia-ceo-trevor-silver-discusses-110000327.html
Exusia Inc. CEO, Trevor Silver, Highlights the Role of Data Strategy in Accelerating Digital Transformation: https://www.yahoo.com/now/exusia-inc-ceo-trevor-silver-093000960.html