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Predictive Analytics Tools


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Dundas BI logo
 
Dundas BI, from Dundas Data Visualization, is a browser-based business intelligence and data visualization platform that includes integrated dashboards, reporting tools, and data analytics. It provides end users the ability to create... Read More
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Dundas BI, from Dundas Data Visualization, is a browser-based business intelligence and data visualization platform that includes integrated dashboards, reporting tools, and data analytics. It provides end users the ability to create... Read More
 
Domo logo
 
Domo is a fully cloud-based business management suite that integrates with multiple data sources, including spreadsheets, databases, social media and any existing cloud-based or on-premise software solutions. It is suitable for company... Read More
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Domo is a fully cloud-based business management suite that integrates with multiple data sources, including spreadsheets, databases, social media and any existing cloud-based or on-premise software solutions. It is suitable for company... Read More
 
Style Intelligence logo
 
InetSoft Style Intelligence is a business intelligence software platform that allows users to create dashboards, visual analyses and reports via a data mashup engine—a tool that integrates data in real time from multiple sources.... Read More
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InetSoft Style Intelligence is a business intelligence software platform that allows users to create dashboards, visual analyses and reports via a data mashup engine—a tool that integrates data in real time from multiple sources.... Read More
 
IntelliFront BI logo
 
IntelliFront BI by ChistianStevens Software enables all industries to view multiple data sets in one place. The system offers real-time dashboards with on-demand reporting. Users have access to business process automation, report... Read More
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IntelliFront BI by ChistianStevens Software enables all industries to view multiple data sets in one place. The system offers real-time dashboards with on-demand reporting. Users have access to business process automation, report... Read More
 
Yellowfin logo
 
Yellowfin, a business intelligence platform, is a single integrated solution developed for companies across varying industries and scaling sizes. This system is customizable to suit businesses in accounting, advertising, agriculture,... Read More
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Yellowfin, a business intelligence platform, is a single integrated solution developed for companies across varying industries and scaling sizes. This system is customizable to suit businesses in accounting, advertising, agriculture,... Read More

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Sage Live logo
 
Sage Live is a web-based and mobile ready accounting platform for small and mid-sized businesses. Key features include multi-company, multi-currency, and multi-legislation support, personalization based on user role, bank integration,... Read More
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Sage Live is a web-based and mobile ready accounting platform for small and mid-sized businesses. Key features include multi-company, multi-currency, and multi-legislation support, personalization based on user role, bank integration,... Read More
 
BOARD logo
 
BOARD offers a module for forecasting with automatic modelling capabilities that make it easy to use. BOARD provides what-if and goal-seeking scenarios that simulate future events and determine the actions to achieve objectives.
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BOARD offers a module for forecasting with automatic modelling capabilities that make it easy to use. BOARD provides what-if and goal-seeking scenarios that simulate future events and determine the actions to achieve objectives.
 
Pentaho logo
 
Pentaho also provides predictive analytics features within its business intelligence suite. This functionality allows users to mine data and build models used for forecasting trends and the outcomes of upcoming events.
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Pentaho also provides predictive analytics features within its business intelligence suite. This functionality allows users to mine data and build models used for forecasting trends and the outcomes of upcoming events.
 
Halo logo
 
Halo is an end-to-end supply chain management and business intelligence platform that helps in business planning and forecasting inventory for supply chain management. The system uses data from all sources - big, small, and in-between... Read More
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Halo is an end-to-end supply chain management and business intelligence platform that helps in business planning and forecasting inventory for supply chain management. The system uses data from all sources - big, small, and in-between... Read More
 
Microsoft SharePoint logo
 
SharePoint integrates with other Microsoft products, such as Microsoft Office, to provide users with the ability to create predictive models either via its desktop platform or cloud-based models.
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SharePoint integrates with other Microsoft products, such as Microsoft Office, to provide users with the ability to create predictive models either via its desktop platform or cloud-based models.

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Birst logo
 
Among its BI offerings, Birst also provides sales-focused predictive analytics. This feature includes compatibility with many sales force automation applications and leverages historical data to forecast future sales performance.
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Among its BI offerings, Birst also provides sales-focused predictive analytics. This feature includes compatibility with many sales force automation applications and leverages historical data to forecast future sales performance.
 
IFS EOI logo
 
IFS Enterprise Operational Intelligence (EOI) is business intelligence software for large companies and organizations. The system works for many industries and offers dashboards and scorecards, data warehousing, data mining and predictive... Read More
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IFS Enterprise Operational Intelligence (EOI) is business intelligence software for large companies and organizations. The system works for many industries and offers dashboards and scorecards, data warehousing, data mining and predictive... Read More
 
Stratum logo
 
Stratum by Silvon helps manufacturers better align supply and demand with an easy-to-use forecasting environment that utilizes predictive analytics to optimize the sales and operations planning process.
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Stratum by Silvon helps manufacturers better align supply and demand with an easy-to-use forecasting environment that utilizes predictive analytics to optimize the sales and operations planning process.
 
Rapid Insight logo
 
Rapid Insight's software allows users from various backgrounds to analyze data and build, test and implement predictive models quickly and efficiently.
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Rapid Insight's software allows users from various backgrounds to analyze data and build, test and implement predictive models quickly and efficiently.
 
SAP Business Objects logo
 
With its consolidated approach, SAP Business Objects gives organizations a set of tools to manage and optimize Business Intelligence. From a centralized portal, companies handle everything from ETL and data cleansing to predictive... Read More
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With its consolidated approach, SAP Business Objects gives organizations a set of tools to manage and optimize Business Intelligence. From a centralized portal, companies handle everything from ETL and data cleansing to predictive... Read More

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Sage X3 logo
 
Sage X3 is an enterprise business management software suite that includes integrated functionality for financial management, sales, customer service, distribution, inventory, and manufacturing, and business intelligence. Sage X3 is... Read More
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Sage X3 is an enterprise business management software suite that includes integrated functionality for financial management, sales, customer service, distribution, inventory, and manufacturing, and business intelligence. Sage X3 is... Read More
 
inZite logo
 
The inZite Business Intelligence Suite from Performance Partners Inc. provides a rapid and agile solution that manages and delivers the accurate and relevant data needed by decisions makers at any level in the organization and enables... Read More
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The inZite Business Intelligence Suite from Performance Partners Inc. provides a rapid and agile solution that manages and delivers the accurate and relevant data needed by decisions makers at any level in the organization and enables... Read More
 
SAP - Business Intelligence logo
 
SAP's predictive analytics software offers users the ability to accurately forecast and act on data stores of all sizes. It can also integrate with the company's in-memory technology, SAP HANA, to processes data in real time.
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SAP's predictive analytics software offers users the ability to accurately forecast and act on data stores of all sizes. It can also integrate with the company's in-memory technology, SAP HANA, to processes data in real time.
 
Exact Macola logo
 
Exact Macola includes over 20 modules to assist with manufacturing, distribution and accounting, including PLM, AP/AR, MRP, MES and more. Additional EDI and e-commerce functionality is available from Exact.
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Exact Macola includes over 20 modules to assist with manufacturing, distribution and accounting, including PLM, AP/AR, MRP, MES and more. Additional EDI and e-commerce functionality is available from Exact.
 
TARGIT Decision Suite logo
 
Data discovery tools are an essential part of the TARGIT fully-integrated business intelligence suite, which allows users to engage in predictive analysis both through its on-premises and cloud-based platforms.
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Data discovery tools are an essential part of the TARGIT fully-integrated business intelligence suite, which allows users to engage in predictive analysis both through its on-premises and cloud-based platforms.
 

Buyer's Guide

by Daniel Harris,
Market Research Associate
Last Updated: May 22, 2017


The term predictive analytics has gained increased attention as a business intelligence (BI) tool, particularly as BI itself has grown in popularity. Predictive analytics software uses mathematical models and algorithms to analyze an organization’s data and provide users with a forecast of future outcomes and events. There are many vendors on the market today that sell predictive analytics tools, so we put together this buyer’s guide to help you better understand the options available. In this guide, we’ll review:

What Is Predictive Analytics Software?
Common Features of Predictive Analytics Software
What Type of Buyer are You?
Market Trends to Understand

What Is Predictive Analytics Software?

While traditional BI software usually examines past and present trends within a company, predictive analytics solutions look to the future to help decision makers plan ahead. These systems extract and code a company’s historical information to determine patterns. Armed with these patterns, predictive models are then created and used to forecast possible trends and outcomes.

This is not an exact science, and forecasts do contain a margin of error. But the key advantage of predictive analytics software is that it can highlight upcoming opportunities and potentials for risk to improve the quality of decision-making around those events.

Predictive analytics visualization from SAP

There are four types of analytics users should know about, which can aid a business in different ways:

Descriptive Descriptive analytics uses incoming data to identify trends occurring in real-time.

This can help answer the question, “What is going on right now?”
Diagnostic Diagnostic analytics uses historical data to determine the cause of an event in the past.

This can help answer, “Why did this happen?”
Predictive Predictive analytics uses historical data to find trends and uses them to predict future events.

This can help answer, “What will happen next month?”
Prescriptive Prescriptive analytics uses both descriptive and predictive data to determine a specific action to take.

This can help answer, “How can I solve this problem?”

Common Features of Predictive Analytics Software

Predictive analytics software features can vary greatly from vendor to vendor—as can how basic or advanced they are—but there are a few features found in many systems:

Functionality Description
Predictive modeling The cornerstone of any predictive analytics software system, predictive modeling is a statistical technique used to predict certain outcomes and behaviors. Models are created using a company’s historic data, then applied to new data to test their accuracy and revised accordingly.
Data mining Data mining is the process of extracting information from a data set in order to identify patterns that can be used to understand other data sets. Often used in tandem with predictive modeling, data mining provides the relational information needed to score the variables used when creating models.
Text analytics Another feature common to predictive analytics software, text analytics allows users to mine textual sources for information, which is then categorized. Because many data sources are made up of unstructured text, as opposed to predefined numerical data, text analytics can be a valuable resource for uncovering and processing information that may otherwise remain unused.
Data visualization Whereas data mining is used to assign relationships to disparate pieces of information, data visualization is a method for viewing those relationships. In other words, it translates predictive insights into charts, graphs or maps that you can then view on dashboards. While data visualization can be considered a more advanced feature, its rise in popularity across many analytics platforms, including BI suites, has added to its commonality in stand-alone predictive analytics systems.
R integration R is an increasingly popular open-source programming language widely used by data miners and statisticians. While R integration is an advanced feature not found in all predictive analytics software, it’s a powerful analytical tool that can boost the abilities of a system by allowing it to mine large amounts of data faster.

What Type of Buyer Are You?

Before evaluating predictive analytics software, it’s important to determine what you plan to use it for. Some of the most common uses of these systems are found in the following industries:

Banking and financial. Predictive analytics software has been a mainstay of the banking and financial industries, namely to predict credit scores and help with fraud prevention, and continues to find broad application there today. Financial advisors are also finding predictive analytics useful in helping forecast market behavior.

Retail. By providing a forward-looking analysis of customer behavior, predictive analytics can be used in retail to optimize marketing, pricing and product distribution along with sales forecasts and site selection.

Healthcare. Predictive analytics is finding wide use in the healthcare industry, particularly as a means to improve patient care, help with disease prevention and improve hospital management and administration.

Market Trends to Understand

As you begin to evaluate predictive analytics software, there are a few important trends to be aware of:

Greater ease-of-use. As traditional BI systems become more user-friendly for business professionals and others lacking IT experience, predictive analytics is closely following suit. Visualizing predictive data has become highly valuable to organizations, and vendors are creating software that allows decision-makers to more easily grasp and act on the insights they provide with everything from charts and bar graphs to heat maps and scatter plots.

Movement to the cloud. As more predictive analytics systems are being offered in the cloud, per-use and subscription-based opportunities are growing. This may be an attractive option for businesses that lack the in-house staff needed to set up and decipher complex statistical modeling or the funds to host an on-premise system.

Increased adoption beyond financial services. While the banking, financial services and insurance industries continue to hold the largest market share for predictive analytics, the growth in customer data being compiled by retailers and manufacturing companies has fueled an increase in more industry-specific software as well. This is evident in the healthcare industry, for example, where predictive analytics systems specifically designed for use in this market are becoming increasingly available.

Overall market growth. The rapid growth in the amount of data gathered by companies combined with technological advances in how it’s able to be processed is fueling a significant expansion in the predictive analytics market. This growth will continue to be a driving factor in the increase of predictive analytics products made available to consumers, along with an increase in the functionality breadth of these products.

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