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Tableau

Tableau is an integrated business intelligence (BI) and analytics solution that helps to analyze key business data and generate meaningful insights. The solution helps businesses to collect data from multiple source points such as...Read more about Tableau

MATLAB

MATLAB is a programming platform designed to help businesses and educational institutions develop algorithms, analyze data, create applications and more. MATLAB's live editor lets businesses create scripts to combine formatted t...Read more about MATLAB

Microsoft Power BI

Microsoft Power BI is a web-based business analytics and data visualization platform that is suitable for businesses of all sizes. It monitors important organizational data and also from all apps used by organizations. Microsoft P...Read more about Microsoft Power BI

NextGen Office

NextGen Office is an award-winning, cloud-based, clinical and billing solution designed for smaller, independent practices (≤ 10 providers). This all-in-one, full-service solution includes specialty-specific EHR content, an easy-t...Read more about NextGen Office

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Sisense

Sisense goes beyond traditional business intelligence by providing organizations with the ability to infuse analytics everywhere, embedded in both customer and employee applications and workflows. Sisense customers are breaking th...Read more about Sisense

Minitab

Minitab is a cloud-based statistical tool designed to help small to large organizations across various verticals such as manufacturing, healthcare, energy, automotive or non-profit discover market trends, predict patterns and visu...Read more about Minitab

Looker

Looker, now part of Google Cloud, is a cloud-based business intelligence (BI) platform designed to explore and analyze data. The solution helps businesses to capture and analyze data from multiple sources and make data-driven deci...Read more about Looker

ELMO Software

ELMO Software is a cloud-based solution that helps thousands of organisations across Australia, New Zealand and the United Kingdom to effectively manage their people, process and pay. ELMO offers a comprehensive suite of cloud H...Read more about ELMO Software

Splunk Enterprise

The Splunk Enterprise platform allows users to process and index most forms of data in their native format. It includes data indexing tools, which enable users to locate specific data across large data sets. The software is desi...Read more about Splunk Enterprise

Adobe Analytics

Adobe Analytics is a web insights solution that provides deep analytics, marketing attribution and predictive analytics. The cloud-based platform provides businesses with deep insights by allowing them to mix and match data from d...Read more about Adobe Analytics

Workday Adaptive Planning

Workday Adaptive Planning is the only native-cloud planning solution that empowers finance to configure sophisticated, driver-based models with ease, analyze unlimited scenarios on the fly, and use AI and machine learning (ML) to ...Read more about Workday Adaptive Planning

Syft Analytics

Syft Analytics is the award-winning interactive & collaborative financial reporting tool. From simple reports through to integrated forecasts, businesses use Syft to create, collaborate and explore beautiful financial reports. Syf...Read more about Syft Analytics

Wolfram Mathematica

Wolfram Mathematica is a technical computing solution that provides businesses of all sizes with tools for image processing, data visualization and theoretic experiments. The notebook interface enables users to organize documents ...Read more about Wolfram Mathematica

Lighthouse Studio

Lighthouse Studio is an on-premise solution that helps businesses conduct surveys utilizing standard question types, skip patterns, constant sum and various other question types. The maxdiff module enables users to gain insights i...Read more about Lighthouse Studio

Radancy

The leading cloud-based software provider, Radancy, simplifies talent acquisition for enterprises globally and delivers cost-efficient outcomes that strengthen their organizations. The Radancy Talent Acquisition Cloud, powered by ...Read more about Radancy

D&B Finance Analytics

D&B Finance Analytics is a cloud-based risk management solution designed to help businesses analyze credit applications and identify growth opportunities using predictive analytics. The platform enables organizations to establish ...Read more about D&B Finance Analytics

Gem

Gem’s Talent Engagement Platform helps large and mid-size recruiting teams use data and automation to engage talent more deeply, build diverse, high-quality pipelines, and hire predictably at any scale. Gem unifies data and conte...Read more about Gem

SAP Analytics Cloud

SAP Analytics Cloud is a business intelligence and data visualization solution designed for businesses of all sizes. It offers business planning, predictive analytics, digital boardroom and reporting functionalities within a suite...Read more about SAP Analytics Cloud

Alteryx Designer

Alteryx is the launchpad for automation breakthroughs. Be it your personal growth, achieving transformative digital outcomes, or rapid innovation, the results are unparalleled. The unique innovation that converges analytics, ...Read more about Alteryx Designer

Sigma Computing

Sigma is an award-winning modern business intelligence (BI) and analytics platform purpose-built for the cloud. With Sigma, anyone can use the spreadsheet functions and formulas they already know to explore live data at cloud scal...Read more about Sigma Computing

Buyers Guide

Last Updated: March 16, 2023

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.