Updated June 2, 2023
Introduction to Predictive Analytics Tool
A predictive analytics tool uses existing data stores to predict a number of things, like how to retain customers on an e-commerce site with techniques to increase your revenue base in a substantial manner. By utilizing patterns in consumer behavior and previous trends to access marketing, sales, and business strategies, a predictive analytics tool can create plans for specific times/duration to increase profitability and success.
Predictive Analytics at Work
Consumers are at the heart of any brand/ organization. Understanding their behavior and choices can help determine their future actions, helping brands create customer profiles based on in-store activities, purchase histories, and demographics. That is why a predictive analytics tool helps eliminate the uncertainty of making these decisions and, in the process, creates campaigns that understand customers and their needs in a much more enhanced manner.
Though they do not guarantee 100 percent success, new technologies can help brands adapt to changing consumer needs much better than before. This article highlights some of the best predictive analytics tools that helps empower a brand in more ways than one.
Open Source Predictive Analytics Tool & Platforms
Following are some open-source tools & platforms given.
A customer pattern recognition tool from Lattice, SalesPRISM, helps brands collect sales data and predict potential sales leads. Every brand has a lot of data about customers, and by using factors like CRM data, site traffic, and sales history, SalesPRISM also analyses external data like LinkedIn activity and LexisNexis reports.
In addition, this tool also generates leads for the sales team and provides guidance on approaching customers based on past records and success rates. As this tool uses the data that a brand already possesses, it can be one of the market’s most helpful predictive analytics tools.
2. Terracotta in-Genius
A predictive analytics tool, Terracotta In-Genius, helps a brand speed up data analysis by moving it into RAM. Predicting data processing requirements in the IT industry requires a lot of speed, which is why Terracotta In-Genius is a great analytic tool that relies on Terracotta’ BigMemory 4.0 platform.
The tool transfers data for high transaction applications into a stream of distributed RAM instead of working out of slower data storage drives, making the data management process faster, simpler, and easier. By analyzing data patterns, this tool can predict attacks and help prevent them effectively. For example, this tool is effective in tracking the difference in data transactions in case there has been a credit card fraud.
The healthcare industry is evolving at a rapid pace. With so many diseases and healthcare concerns, the number of patients and hospitals is increasing in a fast manner. This means that hospitals have to use data intelligently to take care of the maximum number of patients while utilizing resources systematically and resourcefully.
This Medalogix helps the healthcare sector to determine future costs properly. It is always difficult for a big hospital to assess the risk of readmitting a patient while also knowing the duration of the patient’s stay. Medalogix helps hospitals make smarter choices about patient stay by analyzing patient records and treatment history at other healthcare facilities. This allows healthcare professionals to create better plans and strategies as they know how many patients will return for further treatment on the one hand and those that will stay at the hospital post-treatment.
4. The Real-time Operations Analytical Result
A security predictive analytics tool, the real-time operations analytical result tool is a lifesaver for big brands and organizations. Today smartphones and tablets have evaded almost every aspect of our professional and personal life. In addition, offices use big data systems to examine data of massive size, and this, in turn, opens them to a lot of security concerns. While security risks and anomalies can be predicted, it is still difficult to predict device-specific security threats.
That is why the real-time operations analytical result tool helps the organization to search specific smartphones, tablets, and desktops for unauthorized access. This tool can track unethical practices like using hard drives/pen drives to copy data. In addition, the real-time operations analytical result tool can also predict the effect of such things on an organization or how it can impact an employee’s productivity.
5. Media Platform
E-commerce platforms are today an integral part of multiple brands and organizations. This means that brands will have to contribute a substantial amount of their time to understand the customers and their habits on e-commerce portals. With big platforms like Amazon and Flipkart, understanding the needs and practices of the customers will go a long way in helping a brand create a comprehensive e-commerce strategy.
Many people know that Google Analytics is a good tool that helps a brand understand and analyze visitor patterns to a particular website or e-commerce portal. Media Platform goes a step ahead and allows brands to analyze the problems related to customers leaving a website. (The company has even termed a term called customer as a manner of understanding the behavior of customer segments/clusters).
The purpose of this tool is to ensure corrective action. When a brand can determine why a customer is leaving a website or why a particular segment of visitors stays on a specific section, they can use the relevant data to create a much more enriched and user-friendly website. A website created using these inputs will help a brand understand the needs of its online customers in a much enhanced and more productive manner than before.
6. SAS Text Miner
Data is what makes a brand get ahead of its competition. However, it is nearly impossible to sift through a lot of data in a short time. A SAS text miner can help brands understand and categorize data much more simpler and easier.
With the help of SAS text miners, users can examine large documents and categorize them according to their requirements. In addition, this tool also helps to correct spelling mistakes and, at the same time, list terms that require more focus and attention.
For example, Text Miner can analyze the complaints data of a large company and determine the trends that can, in turn, help the brand to resolve major issues faced by the customer. Further, this tool can be effective in approaching new customers, predicting and solving future complaints, and creating a support base for customers effectively.
7. TIBCO Software
Understanding customer behavior has always been an important aspect of the success of any brand/ organization. The predictive analytics tool in TIBCO software can effectively help brands understand data much better, enabling them to make smarter business decisions.
By using these analytical tools, brands can anticipate customers’ trends and create campaigns with an assured success rate. By targeting customers using custom messages and promotions, the sales team can effectively use the tools in this software for better customer management. In addition, Spitfire offers variable pricing and a free trial as well.
Rather than depending on marketers to analyze customer data, Toovio relies on prediction algorithms to create custom reports based on client data. This, in turn, allows them to understand the success and failure of their campaigns. By leveraging predictive analytics and modeling, this tool helps the sales team understand customers’ shopping patterns, thereby improving conversion rates, especially on digital promotions.
This tool also offers custom segmentation based on customer usage and spending patterns. The pricing of this tool is based on the number of profiles used and average decisions; therefore, each brand can choose according to its requirement.
A marketing analytics platform, ElementOne uses tools like strategic marketing planning, geographic market analysis, predictive segmentation, and messaging to help brands connect with their target audience in a simplified and successful manner.
ElementOne creates real-time, interactive insights about how customers would react in a particular situation by using a mailing address, phone number, and email address. Further, brands can segment their audience based on predicted behavior at the household level. The pricing of this tool also depends on the level of service and customization required by the brand.
By using an intelligent local search and discovery platform, MyCity Way allows local and global brands to create and launch their own mobile apps. These apps help brands generate their own referrals and build brand loyalty. Effectively combining user intent, location, relevant timing, profiling, and social graph, MyCityWay allows brands to target and effectively segment their customer base.
Further, this tool also offers businesses a suite of mobile marketing tools. An important predictive analytics tool, MyCityWay, is something that every brand must consider because mobile phones are an integral part of the marketing strategy of any brand/ organization.
Another great predictive analytics tool, Lattice, provides tremendous insights into sales to help brands market their products much better. By using this tool provided by Lattice, brands can easily find effective tools to convert their leads into sales. By taking into account customer behavior and contact profile information, Lattice can find out the customers’ buying patterns, enabling brands to make wiser choices. The pricing for the lattice tool is based on the number of sales users, modeling users, and data volumes.
With so many brands in the market, it is increasingly becoming different for many of them to stand out. Personalized marketing campaigns are gaining a lot of prominence as they are a new and effective way of reaching out to a unique target audience.
Optimove allows brands to focus on their customers’ unique needs by creating personal connections with customers, resulting in better retention and engagement of both current and new customer bases. With Optimove, brands can obtain and analyze data to create campaigns that are targeted toward a particular section of the audience. Using advanced learning algorithms, Optimove applies behavioral data to the user segment to enable brands to create direct, personal, and effective campaigns.
Social media is today a very powerful tool and can have a lot of impact on the marketing strategies of a particular brand. With social media channels like Facebook, Twitter, and Instagram, a brand’s reach is limitless.
A good social media strategy with constant engagement can help a brand reach out to many online visitors engagingly. With the help of Viral heat, predictive analytics can be used to understand the social behavior of the target audience.
This tool turns posts, like, and other aspects of social media into hard data, enabling brands to predict and gain insights into their online customer base. An effective tool to reach out to online customers, this tool can help brands use social media to empower and grow their brands effectively. While it is not a hundred percent guarantee of showing future customer trends, they are effective in helping you make decisions that are based on clear facts and data.
With growing competition, brands must use tools that can help them forge ahead successfully and effectively without losing track of their goals and objectives. It is also one of the best ways brands can reach their customer base. As data is almost limitless in this world, using this one can go a long way in helping brands make sense of it systematically and properly.
This has been a guide to the Predictive Analytics tool. Here we have discussed a brief overview of 13 open-source tools and platforms of Predictive Analytics. You may also have a look at the following articles to learn more –