Predictive analytics is an art of analyzing current and past data to make predictions about future events.
This technique is widely used in sales to evaluate the key performance indicators and metrics to forecast the performance of sales teams in future quarters. The data obtained through predictive analytics is used to set sales goals and define the sales rep’s quotas.
What are the fundamental statistical techniques encompassed in predictive analytics?
There is a large number of ways to collect and evaluate data; some of them are:
Predictive modeling – predicts future events through analyzing statistics
Data mining – seeks common patterns in vast data sets
Machine learning – uses a computer’s ability to apply advanced statistical methods for classification and regression to make predictions