The use of data, statistical techniques and machine learning algorithms to extract information to predict trends and behavior patterns and consequently the likelihood of future outcomes is known as predictive analytics. Development tools like application programming interfaces (APIs), predictive model markup language (PMML) among others make it a lot easier for companies to include predictive analytics in their business programs. We have compiled a list of ten predictive analytics tools/software that can boost analytics initiatives for a business, the estimated market for which is set to grow to US$9.2 billion by 2020.
It is a popular tool used for account-based marketing (ABM) for B2B companies. It helps to identify target segments after which you can personalize messages based on the insights. Accounts are first grouped based on data signals for marketing outreach. Predictive insights then map out signals like growth trajectory and deliver insights directly to user systems which can be used to personalize messages account wisely. Predictive demand generations help users to expand database size and market to similar accounts and finally the data model is compared with an actual database to tell which areas should the marketing and sales efforts be focused upon.
Features: Predictive lead scoring, predictive demand generation, NLP scientists, use of AI for large data sets, company graph algorithms, neural network scientists
Pricing: Contact EverString for price information
2) IBM SPSS
Predictive insights from big data are used to study customer patterns and guide decisions accordingly while helping to detect new scams with pattern shifts. The outcomes of customer interactions are optimized to sell smartly at the right time and with the right message thus maximizing productivity. The SPSS visual workflow and modeling dashboard builds a predictive model using the existing data. IBM SPSS makes use of both structured and unstructured data and hence statistical analysis like regression, cluster is performed. One of its main function is the detection of anomalies that signal fraudulent activity.
Features: Spatio-Temporal Prediction, Wide range of R programming options, Dummy variables, Temporal Causal Modeling
Pricing: Base edition – $99 per user per month
Custom tables & Advanced Statistics – +$79 per user per month
Complex sampling & Testing – +$79 per user per month
Forecasting & Decision Trees – +$79 per user per month
3) SAS Predictive Analytics
This software portfolio includes SAS Visual Analytics, SAS Enterprise Miner, SAS Model Manager, SAS Scoring Accelerator, SAS Data Mining. SAS is the largest vendor in business analytics software market owning 33 percent of it. It makes use of cutting-edge technology to process the most complex of data sets.
Features: Trend/Problem Indicators, Visual discovery, Metadata management, forecasting, text analytics
Pricing: Starting from $8,000 per year
Unlike traditional analytics, BOARD BEAM offers services to combine both advanced and predictive analytics into daily business operations and decision-making process. Data can be pulled up from any source and extremely accurate forecasts can be obtained. BEAM’s clustering capability also allows obtaining immediate reports.
Features: Simulation, Score carding, MS Office Integration
5) DUNDAS BI
With highly customizable visualizations for dashboards, business users can create relevant content and monitor their performance and business metrics in real time.
Features: Customizable dashboards, data visualizations, reporting, integration, analytics
Pricing: Flexible license-pricing model
Halo is a supply chain intelligence software and is entirely cloud-based. It helps in risk assessment and better decision-making. You can monitor your supply chain process in real-time to predict disruptions and increase efficiency.
Features: Predictive analytics, Profit analysis, performance measurements
Pricing: Detailed pricing information for Halo is not publicly available.
Infer allows you to add predictive analytics to your everyday sales and marketing workflows by combining all your data and identifying ideal prospects, making decisions based on prospects and allow the sales representative to increase performance by planning conversations. It has a three times conversion rate across customers.
Features: Integration with Salesforce, Eloqua and Marketo, Predictive and Numerical lead scoring, Advanced machine learning data science
Pricing: Based on the number of records processed and connected systems
Radius is a cloud-based system with a focus on B2B predictive marketing. Artificial Intelligence and buying signals are coupled to fill the funnel with the most promising prospects. It also helps you to co-market with partners and drives predictable revenue growth.
Features: Omnichannel marketing. Predictive Intelligence, Radius connect
Pricing: Contact vendor.
9) RapidMiner Studio
With guided analytics, built-in templates and predefined connections, RapidMiner allows you to automate report based on time intervals. It is an open source technology and has a collection of algorithms that help build the strongest possible model.
Features: Real-time analytics, Forecasting, API, Charting, Data Import/Export, Data Visualization
Pricing: Starting from $39 per month
10) SAP HANA
An in-memory data platform, HANA allows you to run a real-time business by analyzing live data and reducing IT operations. You can build models along the way with additional connectors taking care of big data sets. It provides a 10GB of bandwidth per user per month.
Features: API, Applications management
The sectors that make use of predictive analytics tools the most are financial-for fraud outlooks, manufacturing, and retail – to predict demand fluctuations. With the addition of user-friendly interfaces, modern predictive analytics tools are no longer meant only for advanced users. Business users can make use of these tools to understand their businesses better and draw actionable insights for process optimization.