Minimize the Impact of Recession Data on Predictive Analytics
I
f a company can predict its future
together based on comparable
on the basis of past & current data
traits and purchase habits.
then maybe no one can stop the
Predictive Maintenance Model:
•
company from blooming, but suddenly
Estimate the likelihood of critical
that data got disturb then what the
equipment failing.
company will do? When big data
Quality Assurance Model: When
•
came into the market business strategy
supplying items or services to
totally changed even medical, sports,
consumers, look for and prevent
education everywhere data played a
faults to minimise dissatisfaction
big role. Business takes it another step.
and additional expenses.
They try to analyze the past and current data and try to establish some kind of connection and make predictions for the future, here comes Predictive analytics.
Then Covid-19 hit and it was the first recession which disrupted the Big Data of
the
country.
consumer
Everything
behaviour
to
from supply
networks has been affected by the
Models that are blocked from further
Covid-19 epidemic, and the economic
analysis; all of them are templates that
consequence is creating even more
allow users to turn the historical and
changes.
current data into actionable insights
analytics is grappling with a difficult
that result in great results for a long-
problem like: how to utilise historical
term basis. Predictive models that
data to forecast future behaviour in the
come in a variety of shapes and sizes:
face
•
Customer Lifetime Value Model: Determine which consumers are most likely to spend more money
•
of
Lendingkart
The
discipline
of
ambiguity. and
many
data
Deloitte, more
organisations give their concern on this topic.
on products and services.
As per Deloitte India “From customized
Customer Segmentation Model:
marketing to supply and demand
Customers
patterns, finance to customer service,
are
grouped
[24] issue 1 Analyzia Magazine
