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Dreamdata
Dreamdata
Dreamdata is a cloud-based platform for marketing and revenue attribution. The solution allows businesses to track and analyze how certain activities are impacting revenue, how individual channels are performing and what is drivin...Read more about Dreamdata
Minitab
Minitab
Minitab is a cloud-based statistical tool designed to help small to large organizations across various verticals such as manufacturing, healthcare, energy, automotive or non-profit discover market trends, predict patterns and visu...Read more about Minitab
Customer Happiness Index
Customer Happiness Index
Customer Happiness Index is a predictive analytics platform designed to help businesses identify and measure key drivers that impact churn rates, average revenue per user (ARPU) and customer lifetime value (CLV). It enables admini...Read more about Customer Happiness Index
Izenda Business Intelligence
Izenda Business Intelligence
Izenda is a business intelligence (BI) platform that enables real-time data exploration and report creation. It is suited for software vendors and development teams in enterprises that need to embed BI and analytics functionality ...Read more about Izenda Business Intelligence
Tableau Connector for Jira
Tableau Connector for Jira
Tableau Connector for Jira enables organizations to create multiple data sources for real-time visualization and develop actionable insights. Tableau Connector for Jira has customizable data reporting tools and offers users variou...Read more about Tableau Connector for Jira
Fosfor Lumin
Fosfor Lumin
Fosfor Lumin is an insights engine software that helps businesses collect and analyze data to identify trends and patterns. The platform enables managers to monitor and track performance metrics, identify opportunities for improve...Read more about Fosfor Lumin
GiniMachine
GiniMachine
GiniMachine is a no-code SaaS solution, which helps businesses combine machine learning technologies with their historical data. GiniMachine can be used for multiple purposes: credit and collection scoring, the discovery of upsell...Read more about GiniMachine
EverString
EverString
Everstring is a cloud-based predictive analytics platform that allows users to manage B2B data for sales and marketing purposes. The platform’s sales intelligence panel integrates with existing CRM platforms to streamline sales cy...Read more about EverString
Alteryx Designer
Alteryx Designer
Alteryx is the launchpad for automation breakthroughs. Be it your personal growth, achieving transformative digital outcomes, or rapid innovation, the results are unparalleled. The unique innovation that converges analytics, ...Read more about Alteryx Designer
Logi Analytics
Logi Analytics
Logi Analytics is a business intelligence (BI) platform that provides self-service analytics tools for businesses. It can be embedded directly into the applications that employees use every day. Key features include a dashboard, d...Read more about Logi Analytics
Microsoft Power BI
Microsoft Power BI
Microsoft Power BI is a web-based business analytics and data visualization platform that is suitable for businesses of all sizes. It monitors important organizational data and also from all apps used by organizations. Microsoft P...Read more about Microsoft Power BI
SAS Visual Analytics
SAS Visual Analytics
SAS Visual Analytics is our flagship offering for self-service data preparation, visual discovery, interactive reporting, and dashboards--as well as easy-to-use analytics--with governance. SAS Visual Analytics allows non-technical...Read more about SAS Visual Analytics
Course5 Discovery
Course5 Discovery
LiNK is a cloud-based business intelligence (BI) solution designed for midsize and large companies that helps users collect and analyze their market research data. LiNK aggregates research data from different market studies a...Read more about Course5 Discovery
Adverity
Adverity
Adverity is an integrated data platform that helps brands and agencies to connect and manage their data sources in a single place. Key features include standardized database and spreadsheet integration, a data quality monitoring s...Read more about Adverity
Prescriptive Analytics Suite
Prescriptive Analytics Suite
Zebra Prescriptive Analytics is a cloud-based business intelligence solution that enables retail businesses to monitor sales performance, eCommerce transactions and more. It uses statistical metrics, machine learning and benchmark...Read more about Prescriptive Analytics Suite
Lityx
Lityx
LityxIQ is a cloud-based advanced analytics platform for organizations of all sizes. It is an automated machine learning platform, which automates reporting, modeling, and optimization. This solution helps organizations scale thei...Read more about Lityx
Lumenore
Lumenore
Discover actionable insights in your data silos! Lumenore democratizes business intelligence with no-code analytics. Empower your entire team to derive insights from data - giving you a transparent view of your operations and hel...Read more about Lumenore
Amazon Redshift
Amazon Redshift
Amazon Redshift uses SQL to analyze structured and semi-structured data across data warehouses, operational databases, and data lakes, using AWS-designed hardware and machine learning to deliver the best price performance at any s...Read more about Amazon Redshift
MicroStrategy Analytics
MicroStrategy Analytics
The MicroStrategy analytics platform is a cloud-based and on-premise self-service business intelligence platform that supports both data mining and visualization. The platform can be implemented on a gradual and as-needed basis, s...Read more about MicroStrategy Analytics
Anodot
Anodot
Anodot is a cloud-based business intelligence solution that enables organizations to monitor data processes and detect anomalies using artificial intelligence and machine learning technologies. It helps professionals collect data ...Read more about Anodot
Popular Predictive Analytics Software Comparisons
Buyers Guide
Last Updated: November 24, 2022The 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.