What are the best predictive analytics tools on the market? How much have you spend to use professional predictive analytics software? How to find the solutions best for your business? Read the article to find out more about contemporary predictive analytics applications that can be used in your workplace.
Predictive analytics software – table of content:
- What is predictive analytics?
- Predictive analytics software
- IBM SPSS
- Alteryx Designer
- SAP Analytics Cloud
- SAS Visual Analytics
- Predictive analytics tools – how it works?
What is predictive analytics?
Predictive analytics is a type of research that allows you to forecast future events and generate deep insights into the processes. There are many benefits of predictive analytics since this method gives particularly accurate readings that can be used to resolve various problems. Among many issues that can be addressed with the predictive analytics are: fraud detection, risk reduction, marketing campaign optimizing, decision making improving, and operations efficiency improving.
The main areas or industries that use predictive analytics include sectors of: banking and financial, retail, healthcare, pharmaceuticals, insurance, utilities, public and governmental, and aerospace. All needed insights have to based on data, hence predictive analytics software is needed to process, calculate and organize all the initial information.
Only the best solutions allow quick and accurate analysis of datasets. In this article, we have listed predictive analysis software available on the market that should meet you needs regarding you budget and operational requirements.
Predictive analytics software
Mathematica is a software developed by Wolfram Research that deals with mathematical problems with a single click. It allows data visualization and presentation both in 2D and 3D. It is user friendly, versatile. IT can be integrated with C++, Python and other languages.
The main features of the software include: ad hoc reporting, convolutional neural networks, customizable dashboard, data management & visualization, document classification, image analysis, model training, neural network modeling, reporting, analytics, self-learning, visualization.
Type of software:reporting, statistical analysis, business intelligence.
Sisence is platform that offers its services all over the world. The platform is mainly used by managers and data scientists. It offers good quality visualization features and interpretative tools.
The main features of the software include: dashboard, ad hoc query, reporting, machine learning, API, AI, benchmarking, budgeting, forecasting, chat-bot, collaboration tools, conversion tracking, customizable branding.
Type of software:data analysis software, data visualization software, integration software, HR analytics software.
Currently Minitab software is used by thousands of business worldwide. The analysis tools of the application are easy to use for all clients regardless their scientific background, therefore not only statistics graduates can use the program. Minitab provides statistical, predictive and improvement analysis in one solution.
The main features of the software include: discovery of association, tools for collaboration, dashboard, data analysis, data blending, data capture, data transfer, data discovery, data import, data export, data visualization, forecasting tools.
Type of software:data analysis software, statistical analysis software, reporting software.
SPSS made by IBM is a well-known, popular product that came out first in 1968. SPSS is a specialized tool for advanced statistical research. Recently it is available as two products: SPPS Statistics and SPSS Modeler, where the first is typical statistical software, while the second one transforms the data into visual representations. SPPS is great for large businesses that deal with statistical analysis and data modeling as well as for academics and data scientists.
The main features of the software include: instant reporting, budgeting, collaboration aid, dashboard, data discovery and visualization, KPI, machine learning, predictive analysis, statistical analysis.
Type of software:statistical analysis, reporting.
Alteryx used to be known under a name SRC LLC but the company rebranded into its current name in 2010. The APA platform produced by Alteryx is one of a kind platform for non-coders. It contains building blocks that can be applied to your data. The benefit of the platform is that it can easily handle unstructured data.
The main features of the software include: reporting, discovery of associations, collaboration aid, database of customers, dashboard, data analysis tools, data: blending, cleansing, discovery, extraction, integration and mapping.
Type of software:statistical analysis, business intelligence integration.
SAP Analytics Cloud
Probably one of the best predictive analytics applications currently on the market. It is produced by German company, which has started long ago in the 70s. The software is great for businesses of any size since it is easy to use for non-technicals. It is good both for data mining, augmented analytics and predictive analytics.
The main features of the software include: dashboard, queries, reporting, API, benchmarking, collaboration, reports, templates, data blending, data export, data import and discovery.
Type of software:predictive analytics, data visualization, business intelligence.
SAS Visual Analytics
SAS is best for large businesses. The modules of the platform deal easily with advanced text analysis, statistical analysis and forecasting. The software is able to deal both with structured and unstructured data.
The main features of the software include: dashboard, reporting, machine learning, AI, API, discovery of associations, collaboration aid, reports, data management and transformation.
Type of software:business intelligence, data analysis, predicative analytics, reporting and statistical analysis.
Predictive analytics tools – how it works?
The tools presented above offer no-code solutions, data lakes and machine learning algorithms. Some of them are complete, expanded, multi-functional workspaces, while other offer just basic functions. To select the best predictive analytics software for your company you have to know your own needs well.
Predictive analysis uses historical data to search for patterns, schemes and repetitive occurrences of events. To facilitate predictive process machine learning algorithms as well as regression analysis are used. It seems that without good quality software for predictive analytics realistic decision making related to the marketplace is not longer possible.
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