Amid the pandemic, a proactive approach is the only way organizations can rely upon to gain a competitive advantage in the marketplace to continue their business. A proactive approach is a forward-thinking strategy that helps an organization to manage problems in uncertain situations. Predictive analytics, a subset of advanced analytics uses a variety of techniques like data mining, artificial intelligence, machine learning, and statistical model to analyze the current trends and make predictions about the events have come out as a crucial step in implementing the proactive approach. It is enabling organizations to be more efficient and mitigate risks.
Companies of all shapes and sizes can leverage the benefits of predictive analytics to increase their business value. Remote monitoring and predictive analytics are significantly changing the way organizations access real-time system information. With the level of protection offered by predictive analytics, organizations can use the data captured to forecast the chances of failure of systems or components, enabling them to proactively take steps for their replacement. Also, advancements in predictive analytics offer companies the long term benefits of saving time and money.
Companies can significantly gain insights from predictive analytics to implement a proactive business approach. An example where predictive analytics helped organizations to act proactively is of the Retail giant Ralph Lauren. They made use of real-time information from the Eaton PredictPulse, which is a cloud-based remote monitoring system that collects and analyses data from connected power devices thereby provide the insights to take necessary actions. Eaton PredictPulse incorporates predictive analytics where the retailer was able to receive instant humidity and temperature data which in turn alerted the officials about the increasing heat levels in its stores which turned off its air conditioning. Some organizations are making the use of predictive analytics as a cost-cutting effort. Eaton was approached by a leading oil company to analyze how Eaton PredictPulse can benefit them to reduce their expenses in the current scenario of dropping oil prices.
Thus predictive analytics to a greater extent helps organizations and businesses to remain proactive in their approach by providing the tools to enhance their reliability, reduce the cost as well as to analyze the future needs to remain ready for the uncertain future.
