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    I have a business, and naturally, I want it to grow bigger and bigger. Recently, one of my acquaintances talked to me about using a management consulting company that helped facilitate his business growth.

    What really intrigued me was how his consultant used predictive analytics to predict how successful the business will become.

    Is such a thing possible? How does it even work?

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    Sure, it’s possible. Many companies use big data and predictive analytics to get a better idea of their business forecasts. By using predictive analytics along with other technology, it can help a company to map out its strengths and weaknesses.

    The data collected can help businesses with making important decisions. There’s a lot of data collection and analysis involved, all done in real time.

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    I read somewhere that Amazon used predictive analytics and increased their sales by around 30%? Somewhere around that range. When you consider how much money they already make, that’s pretty damn impressive!

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    Predictive analytics is the way to do business in the future. Studying and understanding future trends will help you to take advantage of the data to improve productivity and cut costs. You’ll be in a position to capitalize on this information & trends, allowing you to be further ahead of your competitors.

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    Speaking from my personal experiences, my own business benefited quite well when we used the predictive analytic services from The Predictive Index. The company provided us with a lot of advice and training and it eventually increased our revenue.

    One interesting thing they did was using my past business data to map out my future business forecasts. From their data research, they showed me how to cut costs, they pointed out where I could prevent resources from being used inappropriately, and they also aided me in achieving my business goals.

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    Predictive analytics are very popular in large industries, like the airline industry. When you run a multimillion (multibillion?) business, you will want to invest some of that money into numbers and data to predict how your business will fare in the next few years/decades.

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    One benefit of predictive analytics is risk assessment. By predicting future behaviour, you can take steps to prevent a problem that may be inevitable to some other company.

    For example: cyber threats are huge these days. Luckily, there are ways to use predictive analytics to be able to recognize the signs of fraud and take steps to prevent or reduce such occurrences.