Extracting raw data from consumers isn’t the final step when it comes to studying buying behaviour. To successfully determine and target their interests, Predictive Analytics Tools become more incumbent in taking raw data and transforming it into meaningful insights. Predicting trends and behaviour patterns become a lot easier. In this article, we have listed some of the best predictive analytics tools for you to get started with.
10 Best Predictive Analytics Tools in 2020
What is a Predictive Analytics Tool?
The foundation for good predictive outcomes is good data. Therefore, Predictive Analytics Tools are used to analyze current data and historical facts in order to better understand customers, products, and partners. They are also used to identify potential risks and opportunities.
For example, to make predictions about what customers are likely to buy in the future, it’s essential to have detailed data on what they have bought in the past to play to their taste, or study their interests and attributes of previously bought items.
With the addition of adequate high-quality data, predictive models are formed using techniques like decision trees, regression testing, or other methodologies to measure degrees of correlation between variables to help predict future behavior.
Predictive analytics platforms are very complex products and require advanced skill sets if you want to use them effectively. In the hands of skilled data analysts and data scientists, predictive analytics can be an extremely powerful tool.
For example, it could calculate the lifetime value for a customer, predict what product an online shopper is likely to purchase next or estimate sales projections for the next quarter.
Predictive Analytics Tools:
1. SAP Analytics Cloud
First up on our list of Predictive Analytics Tools is SAS Advanced Analytics. The company’s suite of applications and modules for advanced statistical analysis and predictive modeling have made it one of the best.
Products from this tool can be used in two ways: a la carte or in bundles, such as SAS Analytics Pro, which offers an alternative to mixing and matching software by combining Base SAS, SAS/STAT, SAS Studio, and SAS/GRAPH into one desktop package.
MATLAB is another Predictive Analytics Tool used across industry and academia. This tool is a predictive analytics and computing platform based on a proprietary programming language.
3. IBM SPSS
Next up is a software package used for statistical analysis and it is now officially named “IBM SPSS Statistics”.
Other products in the same family are used for survey authoring and deployment such as data mining (IBM SPSS Modeler), (IBM SPSS Data Collection), and text analytics to name some.
4. MicroStrategy Analytics
MicroStrategy Analytics is an enterprise business Predictive Analytics Tool and mobility platform. The main features include data discovery and visualization, automatic big data analysis and reporting, digital security credentials, and support for mobile devices.
5. Alteryx Platform
This is a business intelligence and predictive analytics solution where the solution provides analysts with the unique ability to easily prep, blend, and analyze all of their data using a repeatable workflow, then go onto share analytics at a scale for deeper insights in hours, not weeks.
Interestingly, most analysts love the Alteryx Analytics platform because they can perform a large number of actions without writing any code. So this tool can connect to and cleanse data from cloud applications, data warehouses, spreadsheets and quickly join this data together. It then performs analytics – statistical, predictive, and spatial – using the same intuitive user interface, without writing any code.
Additionally, thousands of companies and data analysts worldwide rely on Alteryx daily.
The goal of this Predictive Analytics Tool is to build a sustainable open-source business that creates software for data science and statistical computing such as the RStudio IDE, R Markdown, Shiny, and many packages in the tidyverse.
This is another analytical software where open source projects are supported by their commercial products that help teams of R users work together effectively, share computing resources, and publish their results to decision makers within the organization.
One can also build hosted products to take away the pain of managing R and RStudio oneself, and allow anyone to use R and RStudio even without serious computing resources.
7. RapidMiner Studio
Next up is a data science and data mining platform from RapidMiner in Cambridge, Massachusetts.
8. SAS Advanced Analytics
SAS Advanced Analytics has a suite of applications and modules for advanced statistical analysis and predictive modeling. Products from the suite are offered in two ways: a la carte or in bundles.
With integrated technology and a common roadmap, SAS and Microsoft are now going to partner up to shape the future of AI and analytics in the cloud.
9. Logi Analytics
This Predictive Analytics Tool is a developer-grade analytics platform designed for application teams needing to rapidly build, deploy, and maintain mission-critical applications.
According to the vendor, Logi allows customers to leverage their existing data and infrastructure combined with the latest ways to author visualizations and query data.
It serves the embedded model, so companies increase the likelihood of building valuable, long lasting applications.
One can focus on enriching embedded analytics capabilities so that their customers’ applications become more valuable, faster.
Logi is designed for application owners who have struggled to build/maintain a solution that can scale to meet the ever evolving analytical requirements of end-users, and recognize the limitations of turnkey analytics that offer no opportunity for differentiation.
10. NICE Nexidia Predictive Behavioral Routing (formerly Mattersight)
Mattersight Predictive Behavioral Routing service is now a part of NICE Nexidia Analytics since the acquisition of Mattersight in 2018. Some of the features include predictive NPS, predictive metrics, proactively identifying and alerting on key events, Mattersight’s open API platform and automatic call categorization.
What is the cost of Predictive Analytics Tools?
Newer, less well-known products usually cost a fraction of the cost of the market leaders.
A couple of well-known necessary products own the lion’s share of the market and these tools tend to be much more expensive than newer upstart products with much smaller market share. A single leading product in the category costs over $5,000 per user.
The free, open-source R programming language has more than 3,000 community-developed analytical applications, but can be challenging to use since it is code-based and does not have a drag-and-drop visual workspace.