There are different benefits of using predictive analytics software. These include determining if a consumer is at risk of developing Alzheimer’s disease, detecting fraud, and ensuring creditworthiness. These programs can also help marketers make better decisions. Read on if you want to learn more about how this software can benefit your company. Using predictive analytics to make better business decisions can save you time, money, and effort.
Can help diagnose Alzheimer’s disease
As the number of older people rises, so make the technological advances in diagnostics. With the predictive analytics software, doctors can detect signs of Alzheimer’s disease more accurately than ever before. The software’s capabilities have already been proven to increase the detection rate of the disease by a significant margin. In addition, the software can identify critical regulators of the disease, including VGF, an essential neuronal protein that regulates memory and is decreased in Alzheimer’s patients’ brains and cerebrospinal fluid.
Researchers at Kaunas University have developed a deep-learning-based method that could help diagnose Alzheimer’s disease. Using functional MRI images, the researchers were able to identify regions of the brain associated with Alzheimer’s disease. The new method performed much better than previously developed methods. Alzheimer’s disease accounts for 70 percent of dementia cases and is expected to double every 20 years. It will soon become a substantial public health burden.
Can help detect fraud
Predictive analytics software is a valuable tool for detecting fraud, and you can use it to build more innovative fraud score algorithms and model more accurate fraud prevention strategies. ClearSale executive vice president Rafael Lourenco describes a six-step process to use predictive analytics to stop e-commerce fraud. First, build a comprehensive database of online orders and transactions. Then define each transaction and analyze fraud patterns and variables.
Traditional fraud detection methods are based on a static, rules-based system that relies heavily on human labor. Top analysts and experts are expensive and take time to complete, and their rules are based on a limited amount of knowledge. As a result, while these methods can help identify fraud patterns, they are prone to errors and false negatives. Predictive analytics software can eliminate human intervention and help detect fraudulent activity with the utmost accuracy.
Can help determine creditworthiness
Financial institutions use predictive analytics to help them determine a person’s creditworthiness. While this process may be annoying to consumers, it helps to reduce fraud and improve customer service. The software can also identify suspicious activity and make credit decisions more quickly. But the essential part of predictive analytics is that the software is entirely free from bias. To be more specific, predictive analytics software helps banks determine whether a customer is credit-worthy.
The algorithms used in predictive analytics software work by mining the web for information about a potential customer. They might take into account social media posts and websites visited. A bank or financial institution needs to train its machine learning model on labeled datasets that reveal risky and responsible behavior to make predictions. After preparing the model, runs the collected data through an algorithm to determine a potential customer’s creditworthiness.
Can help marketers make better decisions
Predictive analytics software can lead to more targeted and effective marketing campaigns. Rather than a one-size-fits-all approach, predictive analytics allows brands to create customized offerings based on the buying behavior of particular segments of their target audience. By leveraging predictive analytics, online pet care pharmacies can see an increase in quarterly sales and profits of 24%. The use of predictive analytics has also opened up new opportunities for marketers.
Predictive analytics is a powerful tool for identifying the most profitable customer segments. Businesses can also use the data generated by their equipment to determine when to contact them and which channels they should use. By utilizing predictive analytics, companies can maximize the value of their marketing budget by targeting the right customers. In addition, companies can focus their marketing spending on the right customers and segments by identifying profitable segments. These insights can also help businesses increase the lifecycle of assets and extend their lifespan.