Project Proposal Predictive Analytics Essay

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Predictive Analytics

Project Proposal

Introduction

Predictive analytics has got to do with the extraction of information from the various data sets that are available at present with an aim of identifying specific patterns and predicting future trends as well as outcomes. It is important to note that predictive models do not necessarily determine the future. Instead, they are predictions or conjectures of future events. The relevance of predictive models cannot be overstated in business. This is more so the case given that they help in the analysis of historical trends as well as present data to not only highlight opportunities for a business enterprise, but also discern potential risks. In essence, predictive analytics could be seen as a consequence of big data. Today, organizations deem data as a source of competitive advantage. In a business setting, data could be inclusive of customer details, industry and market statistics, risk models, supplier information, employee info etc. Business entities could use data to not only inform strategy, but also assess the market for opportunities. Data sets could be complex and large – giving rise to the term big data.

Problem Statement

To remain relevant in the increasingly competitive business world, businesses ought to make use of various strategies and approaches.

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One such approach is the use of coupons. In essence, discount coupons are of great relevance in seeking to further enhance sales by guaranteeing financial discounts to persons who purchase various products or services. It is, however, important to note that a business entity cannot offer coupons to all customers. For instance, the customers who walk through our doors to make various purchases are in the millions. It would be a poor business decision to advance a 10% discount to all customers. Towards this end, there is need to conduct customer assessment so as to determine not only those who are most likely to make purchases, but also those to whom advancing a coupon is likely to optimize revenues. Predictive analytics could, therefore, be of significant utility on this front.

Research Question

Would advancing discount coupons to those most likely to buy our product increase redemption rates?

Some of the companies that have made use of predictive analytics to predict product choices for personalized recommendations include, but they are not limited to, Amazon, Netflix, Tesco, Target, and Pandora (Siegel, 2013). For instance, with regard to….....

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References

Siegel, E. (2013). Predictive Analytics: The Power to Predict Who Will Click, Buy, Lie, or Die. Hoboken, NJ: John Wiley & Sons.

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