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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
 
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
 
Domo logo
 
Domo is a 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 solution. It is suitable for company sizes... Read More
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Domo is a 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 solution. It is suitable for company sizes... 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
 
Tellius logo
 
Tellius is a business intelligence (BI) and analytics platform that is powered by machine learning so users can ask questions of their data and discover hidden insights. The platform features a computation engine that scales up to... Read More
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Tellius is a business intelligence (BI) and analytics platform that is powered by machine learning so users can ask questions of their data and discover hidden insights. The platform features a computation engine that scales up to... Read More

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BOARD logo
 
Created to combine business intelligence, corporate performance management, and business analytics, BOARD is a full-featured business intelligence system that serves midsize and enterprise-level companies in a variety of different... Read More
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Created to combine business intelligence, corporate performance management, and business analytics, BOARD is a full-featured business intelligence system that serves midsize and enterprise-level companies in a variety of different... Read More
 
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.
 
Pentaho logo
 
Pentaho is a business intelligence system designed to help companies make data-driven decisions, with a platform for data integration and analytics. The platform includes extract, transform, and load (ETL), big data analytics, visualizations,... Read More
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Pentaho is a business intelligence system designed to help companies make data-driven decisions, with a platform for data integration and analytics. The platform includes extract, transform, and load (ETL), big data analytics, visualizations,... Read More
 
SAP Business Objects logo
 
With its cohesive, consolidated approach, industry powerhouse SAP BusinessObjects gives organizations a full set of tools to manage and optimize Business Intelligence. From a centralized portal, companies can handle everything from... Read More
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With its cohesive, consolidated approach, industry powerhouse SAP BusinessObjects gives organizations a full set of tools to manage and optimize Business Intelligence. From a centralized portal, companies can handle everything from... Read More
 
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

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Birst logo
 
Birst, an Infor Company, is a web-based networked BI and analytics solution that connects insights from various teams and helps in making informed decisions. The tool enables decentralized users to augment the enterprise data model... Read More
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Birst, an Infor Company, is a web-based networked BI and analytics solution that connects insights from various teams and helps in making informed decisions. The tool enables decentralized users to augment the enterprise data model... Read More
 
icCube Data Analysis & Reporting logo
 
icCube Data Analysis & Reporting is a cloud-based business intelligence platform that offers real-time data analysis and visualizations through configurable dashboards, charts and widgets. The solution is accessible on tablets, smartphones... Read More
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icCube Data Analysis & Reporting is a cloud-based business intelligence platform that offers real-time data analysis and visualizations through configurable dashboards, charts and widgets. The solution is accessible on tablets, smartphones... Read More
 
Microsoft SharePoint logo
 
Microsoft SharePoint 2013 helps organization collect and analyze key business data in order to gain an accurate and actionable view of business operations. The software supports both on-premises as well as web-based deployment architecture.... Read More
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Microsoft SharePoint 2013 helps organization collect and analyze key business data in order to gain an accurate and actionable view of business operations. The software supports both on-premises as well as web-based deployment architecture.... Read More
 
Stratum logo
 
Stratum by Silvon is a robust business intelligence solution that was designed to meet the unique needs of business professionals working for manufacturing and distribution companies. Stratum offers a full suite of integrated analytic... Read More
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Stratum by Silvon is a robust business intelligence solution that was designed to meet the unique needs of business professionals working for manufacturing and distribution companies. Stratum offers a full suite of integrated analytic... Read More
 
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

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Rapid Insight logo
 
Rapid Insight is an on-premise Business Intelligence solutions for higher education institutions and fundraising, healthcare and data science corporations. The suite of applications includes dashboards and scorecards, data mining and... Read More
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Rapid Insight is an on-premise Business Intelligence solutions for higher education institutions and fundraising, healthcare and data science corporations. The suite of applications includes dashboards and scorecards, data mining and... Read More
 
Adaptive Discovery logo
 
Adaptive Discovery from Adaptive Insights is a web-based visualization platform with drag-and-drop design that allows end users to create new visualizations without the need for additional IT resources. This solution can incorporate... Read More
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Adaptive Discovery from Adaptive Insights is a web-based visualization platform with drag-and-drop design that allows end users to create new visualizations without the need for additional IT resources. This solution can incorporate... Read More
 
Databox logo
 
Databox is a cloud-based business analytics platform for marketers, CEOs, analysts and decision makers that provides a single interface to view various key performance indicators (KPIs) and generate reports. It is suitable for small... Read More
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Databox is a cloud-based business analytics platform for marketers, CEOs, analysts and decision makers that provides a single interface to view various key performance indicators (KPIs) and generate reports. It is suitable for small... Read More
 
BuzzBoard logo
 
BuzzBoard is a cloud-based business intelligence tool that analyzes business data to produce business profiles within a user’s target market and generate potential leads. BuzzBoard offers dashboards and scorecards, data mining, online... Read More
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BuzzBoard is a cloud-based business intelligence tool that analyzes business data to produce business profiles within a user’s target market and generate potential leads. BuzzBoard offers dashboards and scorecards, data mining, online... Read More
 
QlikView logo
 
QlikView is a Business Intelligence (BI) data discovery product for creating guided analytics applications and dashboards tailor-made for business challenges. The software enables user to uncover data insights and relationships across... Read More
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QlikView is a Business Intelligence (BI) data discovery product for creating guided analytics applications and dashboards tailor-made for business challenges. The software enables user to uncover data insights and relationships across... Read More
 

Buyer's Guide

by Justin Guinn,
Market Research Associate
Last Updated: February 7, 2018


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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