Marketing Land’s Barry Levine gives an overview of predictive analytics: what it is, which vendors sell it, how companies use it, and how it increases the value marketers bring to the table.
In Isaac Asimov’s Foundation series of science fiction novels, “psychohistory” employs massive amounts of historical data to predict the future behavior of large groups of people.
This, essentially, is predictive analytics, which we tackle in this installment of our MarTech Landscape series.
Instead of predictions about Asimovian empires, though, our generation of predictive analytics is content with more modest goals, like forecasting whether it’s likely you’ll become a customer.
“Think of a credit screen,” predictive scoring service Versium’s CEO Chris Matty suggested to me.
Analysis of several data points in your history — such as your salary and your payment history — is used to answer one question: “Will this person pay back the loan?” That kind of prediction has been around, in one form or another, since the invention of loans.