Small-to-midsize businesses can now take advantage of some of the predictive analysis tools previously reserved for big brands.
Big Data and predictive analytics is an example of this dynamic at work. Both are a perfect fit for smaller companies, particularly since cost is no longer a barrier to entry. Today, we’ll explore predictive analysis tools specifically geared for SMBs, and also how this technology applies to VoIP call centers.
Predictive analytics is used to make predictions about unknown future events. As such, it uses data mining, statistics, modeling, machine learning and artificial intelligence to analyze current data to surface targeted outcomes and trends. For SMBs, these types of predictions can generate custom offers based on customer preferences and purchasing histories.
Predictive analysis does not tell a small business owner what will happen in the future. It forecasts what might happen in the future with an acceptable level of reliability, coupled with what-if scenarios and risk assessments. For future probabilities, predictive models combines current data with historical facts to assess a better understanding of SMB customers, products and third party partners.
Created for SMBs that can’t afford traditional big data technology, the software ‘BigML’ zeroes in on data that companies already have collected.
Their hosted machine-learning platform finds relationships and patterns with pre-existing data sets to predict customer churn. BigML’s tools can also be used to create those data sets. The ’confidence values’, which surfaces as a result, will assure the company the certainty of all of the predictions that BigML surfaces.
Their service focuses on taking the complexities out of creating a high-availability, low-latency machine-learning system, personalized for an SMB’s specific needs.
Priced economically for the smaller firm, projects tasks that come in under 16MB are free, and for premium services, monthly subscriptions range from $30 to $300 per month.
Early in 2016, Stitch Labs launched a sales forecasting tool for small local merchants.