Have you ever wanted to use your services over another? Or, have you wondered what marketing messages would be most effective on certain customers?
Predictive analytics help businesses like yours sort through historical data to find patterns and trends. Today, machine learning and other AI tools are helping to refine analytics for more accurate predictions and can funnel the data your business needs directly into your RevOps strategy. Revenue Operations (RevOps) focuses on maximizing your organization’s revenue potential through an alignment of Marketing, Sales, and Service across your business’s processes, platforms, and people.
This guide will help you better understand how you can implement predictive analytics tools with AI to improve your organization.
What is Predictive Analytics?
Predictive analytics uses statistics and data to identify trends in past behaviors. Once a trend is found, this analytics system determines if the trend is likely to continue or not. The process often involves data mining, advanced data modeling, and machine learning or AI tools to examine data and predict future behaviors.
Is Predictive Analytics Part of AI?
While predictive analytics software often uses AI and machine learning to create insights, they are not the same. Analytics without AI uses past data to make assumptions about future behaviors. It requires testing and recalibrating as new data becomes available.
On the other hand, AI like machine learning automatically analyzes new data to make more accurate predictions. Many businesses are adopting AI as an extension of their existing analytics tools.
How Can Predictive Analytics Be Used for RevOps?
Businesses can use analytics in a variety of ways to improve the overall performance of the organization and to support their RevOps strategy. Most of these uses can be enhanced by using AI to make more accurate assumptions about the future. The most common uses of analytics include:
- Preventing Customer Churn: You can use analytics to examine why past clients did or did not come back to make repeat purchases. The result is a prediction of which customers will be repeat buyers or not in the future. These predictions give you insights into what targeted messages or special offers you can make to turn client churn into repeat business and consistent revenue.
- Targeted Marketing: Analytics can look at your existing marketing and sales data to identify which messages work best for certain clients. These predictions become the basis for targeted marketing to specific client segments.
- Anticipating Needs: Whether you’re managing inventory for an upcoming sale or trying to determine staff needs for an event, analytics makes it easier to anticipate your needs. By using analytics to look at past data, your organization can get an accurate estimate of the demand for a specific product or service. This helps reduce the chance of running out of inventory or being short-staffed during a busy period.
4 Benefits of Using AI for Predictive Analytics
Analytics can help improve your business, and AI can help improve your analytics. Using tools like machine learning makes it easier to access advanced predictions that often get more accurate over time. Some of the most important benefits of using predictive analytics tools with AI include the ability to:
- Increase Efficiency: AI works much faster than human data scientists to collect, process, and analyze data. By using AI, you’re freeing up time to focus on other aspects of your business. You’ll get the insights you need as well as the time your team needs to create strategies and action plans based on those insights.
- Improve the Customer Experience: The more you know about your clients, the easier it is to improve their experience. Machine learning and AI tools give you access to important details about your clients that you may not have known before. You can use this information to create a customized experience for each client.
- Increase Sales: AI-based analytics lets you discover the reasons a client does or doesn’t buy your products or services. You’ll have a better idea of what clients need to go from browsers to buyers. These insights make it possible to change the situation and increase the chance a client will make a purchase, leading to higher sales.
- Improve Security: AI analytics aren’t only for improving sales and marketing. They can also be used to protect your client and business information from security threats like cyber-attacks. As AI learns your clients’ behaviors, it monitors for any unusual activity. You’ll be alerted when your AI detects unexpected activity, so you can check for fraud and protect your clients.
How to Find the Right AI for Your Business
Navigating modern AI tools and predictive analytics software is a lot to take on, especially when you have other business needs to worry about. The experienced team at 5P can help you find the right AI analytics system for your RevOps strategy. We’ll take a look at your existing data processes and recommend the platforms and services we think are going to give you the most benefit. Get started today by requesting a free consultation.