Predictive-Analysis-AI-in-Supporting-Your-Business-Success

The idea was to find out which of her clients were pregnant and, more specifically, which ones had entered their second trimester of pregnancy.

But why on earth would a company like Target want information like this? The plan, while ingenious, had a very simple goal: to develop ads specifically designed for pregnant women for more than three months, when, according to experts, pregnant women begin to buy products such as prenatal clothes or vitamin supplements. If conquered at this stage of pregnancy, most likely these future moms would become loyal customers.

So far so good. But without psychic powers or a crystal ball at hand, how could a group of department stores guess whether their customers were pregnant and, even more, how old?
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In the case of Target, data from women participating in a program of discounts and offers for future mothers and babies, as well as demographic data, were used. By crossing this information with its customers’ purchase records, the company was able to develop a model capable of predicting with a high degree of accuracy which ones were pregnant. But more than that, based on the type of products purchased, the model also allowed us to determine the gestation period and, thus, estimate an approximate date for birth.

This is perhaps one of the hottest cases of the use of predictive analytics, which became known both for the success in the results obtained, and for the debate that it aroused around data privacy. It is also an illustrative example of how this technology is to transform business processes (and not just for large companies).
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What is Predictive Analytics and how can it be useful for small businesses?

In very simple terms, predictive analytics consists of looking at a set of historical data (which we already know) to try to estimate a future outcome (which is unknown).

There are several techniques used in predictive analysis, including data mining (looking for patterns in large amounts of data), statistics and machine learning (a branch of artificial intelligence in which systems learn autonomously from data).

One of the most important aspects of understanding predictive analytics is that it relies on creating data models. These models allow you to build a scenario of what is happening in the present, and then make an informed prediction of what might happen in the future.

Returning to the case of Target, the model built was fed by the database of the discount program for future mothers and babies, by demographic data and also by the purchase records of its customers. After applying predictive analytics techniques, this model allowed us to identify which clients would become mothers.

By providing valuable insights into what (likely) is going to happen in the future, predictive analytics contributes to accelerating and improving our understanding of a given problem, aids decision making, and helps businesses gain competitive advantage.

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Benefits of predictive analytics for startups and SMEs

As predictive analytics becomes more common and accessible, startups and SMEs are also starting to use technology to their advantage. Some of the most significant advantages of predictive analytics for a small business include:

• Targeting and targeted marketing. Understanding and predicting consumer behavior allows you to develop more personalized and effective campaigns. Using predictive analytics, it is possible to understand which channels are most appropriate to reach a certain group of customers, when the right time to do so is and which offers are most appropriate.

• Customer retention. It is known that it is cheaper to keep a current customer than to acquire a new one. Through predictive analysis, it is possible to foresee, looking at changes in consumption patterns, when a customer is about to give up a service and take timely actions to reverse the situation (offering discounts, for example).

• Demand forecast. Knowing what customers will want and when they will want it can transform the way a business (large or small) operates, not only because it facilitates inventory management and helps to avoid unnecessary risks, but also because it allows companies to plan their own sales in advance and adjust prices according to demand and competition. For all these reasons, this is considered one of the biggest advantages of predictive analytics.

Jasmin: What if you could predict the future of your business?

Jasmin, using Artificial Intelligence models, organizes and interprets the data circulating in the system, alerts about the current performance of the business and predicts future evolution. All with dynamic messages on your control panel, simple and quick to understand, on areas such as:

• Customers and sales
  Jasmin shows you the customers conquered, the most profitable customers, those who are no longer customers or the results of sales and their comparison with previous periods.

• Inventory Status
  it also gives you information about the most or least sold items, the profit margins of each item or the stocks issued and received compared to other periods.

• Cash Analysis
  it also provides you with information on the average payment and receipt deadlines, so you can organize your cash plan accurately and without surprises.

• Fulfillment of objectives
  it also provides you with a status report regarding the fulfillment of established objectives in terms of sales, income, expenses or results.

Know your business in detail, reduce information search and analysis time and react quickly. With Jasmin it’s easier to prepare for the future. Learn more about this expert management software for entrepreneurs, startups and SMEs.

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