Are you looking to take your business to the next level by leveraging the latest technology tools? If so, here are the leading predictive analytics tools that can fuel your business with the right decisions.
Galton’s word ‘regression’ from the 19th century has now become a billion-dollar industry, namely predictive analytics. With today’s neck-to-neck competition, your organization will lose in the market if it doesn’t incorporate analytics into its business decisions.
So, before we decode the list of the best predictive analytics tools, Let’s first explore what predictive analytics is and why there is a need for such tools.
Predictive analytics is a division in advanced analytics that employs statistical modeling and machine learning techniques to anticipate the future by analyzing trends in live and historical data.
For instance, Sephora, the world’s leading beauty retailer, utilizes predictive analytics to recommend relevant products to customers. These personalized recommendations have turned 80% of buyers into loyal customers.
Why Predictive Analytics Tools?
By providing insights into the outcomes from the raw data, predictive analytics empowers businesses to make informed decisions and enhance profitability.
Although predictive analytics can provide excellent action plans for growing businesses, creating such analyses manually can be a significant challenge.
Predictive analytics was once just limited to professional data scientists and analysts. It was a complex project that demanded proficiency in statistics, analysis, modeling, etc. But with modern predictive analytics tools, you no longer need to spend weeks or months experimenting with data sets and writing code.
The entire data cycle that data scientists go through, from preparing the data to evaluating it, can now be automated with just a few mouse clicks using predictive analytics tools.
Some essential features to look for in a predictive analytics tool:
- Data preparation: The analytics tool you choose should be capable of handling large volumes of data while also having the ability to clean the data by applying relevant cleaning techniques.
- Modeling: Do you genuinely believe that analytics tools with limited capabilities could supplant human experts? Never; it should be thorough with advanced statistical and machine learning modeling techniques to automate some of the tasks that data scientists perform.
- User-friendly: Analytics tools are not just designed for experts. Low-level techies in your organization will be working with these tools to detect anomalies and fix them. So, go for a user-friendly and easy-to-use tool.
- Visualizations and Reports: The software should provide you with a wide set of options for visuals and reporting formats because the more comfortable you are with the insights, the better decisions you will be able to draw.
- Security: Another addressable feature to look for in any analytics tool is its security measures because data is your treasure. When you provide your data to a tool for analysis and business enhancement, what if the tool leaks the data? You will end up with a ruined business. Thus, choose a tool that ensures the security of data from unauthorized access.
Here are some of the best predictive analytics tools.
ManageEngine Analytics Plus
Try Analytics Plus to get a holistic view of your IT!
A powerful predictive analytics tool from ManageEngine to confidently forecast future trends.
The user-friendly interface of analytics plus enables you to create clear visualizations, analytical insights, and reports seamlessly.
- Get early warnings of IT incidents: Analytics Plus can find potential problems and anomalies in IT before they actually step in so that the concerned team can address them.
- Discover opportunities: By processing large volumes of data sets, analytics plus can help uncover hidden opportunities for your product or business development strategies and marketing methods.
- Plan resource allocation: This tool predicts the patterns in the workloads of existing clients and manages resources to maximize efficiency.
Try out Analytics Plus with a 30-day free trial.
Leverage the power of predictive analytics to move faster and work smarter by getting the most out of data with Qlik AutoML.
Your task is just to input the data set into the tool and select the target field because Qlik AutoML has streamlined the entire analytics process, from figuring out data to model creation. Finally, you will be left with actionable insights that can guide crucial business decisions.
Aside from providing action plans, Qlik gives you reasons behind every report with Explainable AI. This feature supports transparency in the analytics steps to trigger the user’s intuition to get better ideas.
Typical Use cases:
- Sales: An intelligent tool that forecasts sales and gives better customer targeting and retention strategies.
- Finance: Qlik AutoML can be your financial advisor. Get better budget plans for your expenses and capital investments with this powerful tool.
- Supply chain: It can assist you in determining when to restock, refining delivery service strategies, optimizing transportation facilities, and many more.
Additionally, Qlik AutoML is highly interactive. That is, it allows users to specify which algorithm to apply, which evaluation metrics to focus on, which are more weighted features, etc.
You don’t need to be a technical expert or a statistical programmer anymore to use this no-code user-friendly interface of Qlik AutoML.
Use Alteryx to avoid spending time processing data and focus more on actionable insights that boost your businesses. The tool is compatible with ample data sources, including spreadsheets, cloud sources, snowflake, and RPA bots.
You can take Alteryx’s analytics maturity assessment, which provides a report analyzing how well your business is utilizing its data compared to its competitors.
Famous brands like Coca-Cola and Siemens energy have integrated this tool into their workflow to leverage their data effectively.
- Supports collaborative teamwork to assess the insights.
- Users can build and reuse the models whenever required.
- Its drag-and-drop interface ensures the tool is simple for users from multiple backgrounds.
- Deploy it on the cloud or on-premises.
- The tool is equipped with demographic, firmographic, and geospatial intelligence.
You can sign up for a 30-day free trial on either hardware or the cloud.
Transform your data into action plans with Minitab.
Minitab is one of the best advanced predictive analytics tools that provide deeper insights by harnessing best-in-class machine learning algorithms.
This tool is suitable for both newbies in predictive analytics and seasoned experts seeking a second opinion.
Evidence shows that 90% of fortune 100 and 70% of Fortune 500 companies use Minitab software in their analysis.
The building blocks of predictive analytics in Minitab are
- Cart classification and regression
- Random forests classification and regression
- TreeNet classification and regression
Turn your data into knowledge seamlessly with Board.
In today’s data-driven business world, the demand for analytics is crucial in almost all departments and operations of businesses to avoid falling behind in the list of competitors.
Dashboard and Visualization: You can make customized dashboards that fit your business’s predictive analytics reports with plenty of visualization options, including charts, graphs, and tables, to choose from.
Collaboration: Board has a platform that provides the environment for team members to communicate insights and come up with better decisions together.
Cluster analysis: It can create clusters of a specified number of groups and objects by applying the propriety k-means algorithm in the backend.
TrendMiner is a self-service solution for many startups to directly put insights into the hands of engineers eliminating the need for data analysts.
TrendMiner’s capabilities include
- Analyze: It can find the root cause of any pattern or behavior found in the saved history with advanced analytics algorithms.
- Monitor: The tool monitors the process constantly and alerts you when it detects anything informative.
- Predict: Anticipates future performance and guides you in taking profitable actions.
- Contextualize: Process your data with relevant context.
- MLHub: Deploy your analysis into production with MLHub.
It is popular for performance optimization, reducing energy consumption, creating anomaly detection models, detecting water leaks, and many more.
In addition, it has incorporated virtual sensors that process several measurements or features at a time and come up with customized parameters to predict the future.
TIBCO Spotfire offers single-click data science with advanced analytics for businesses to grow smarter. It made classification, clustering, visualization, and other complex statistical programs consumable to mid-level techies without needing professionals.
Additionally, the tool is integrated with unique data science languages and packages such as R, Python, and TERR to train and deploy the models.
- Open source: You can easily incorporate existing functions written in R, SAS, or MATLAB into Tibco’s Spotfire, resulting in unique insights.
- Turbocharge geo-analytics: With this feature, you can analyze location-specific data resulting in more detailed insights. If your business responds differently based on the location, then TIBCO Spotfire could be a good choice.
- Operationalize predictive analytics: It enables you to deploy the analysis into real-time production.
You can try it out for free for 30 days and then opt for a paid subscription if it suits your needs.
Though you have a great team of data scientists and analytics, you should look into automation software to speed up the process. I have made it trivial for you to choose the right predictive analytics tool that suits your business with this list. Check out these data science tools that benefit your data team more.