What is Predictive Technology?
Now, with predictive technology, healthcare and insurance executives have a powerful new tool to improve decision-making by taking advantage of all of the available information hidden in the mass of complex data. Predictive technology is a process that significantly improves business decisions by taking full advantage of the information content in large, complex, transactional databases. Predictive solutions go beyond data warehousing (collecting and structuring the data) and data mining (discovering the information hidden in the data) to provide timely, actionable information at the individual level. Predictive solutions do real-time data mining in demanding operational environments with a focus on specific decisions that affect an organization’s bottom-line. Complex Patterns Exploited How do predictive solutions work? They identify and exploit behavioral patterns hidden within complex transaction streams. Some of these patterns are familiar to experts, while others are too complex to
Predictive technology refers to the techniques and tools used to model future behavior and preferences among consumers and other groups. Many applications for predictive technology exist, from improving the efficiency of call center workplaces, to identifying possible terrorist threats. The most common use for it is in marketing, like that done by retailers. In all cases, predictive technology looks for patterns in past behavior and results in order to predict future events. The desire or need to predict what will happen next is one that people are seeing as increasingly valuable. Because of this, predictive technology will probably become more commonplace as time goes on. It is often used in forecasting weather patterns, price movements in stock markets, traffic patterns, and much else. Marketing, however, is likely its most profitable use. Many retailers collect information about which consumers are buying what products, in an effort to establish patterns. These patterns are used to
Now, with predictive technology, healthcare and insurance executives have a powerful new tool to improve decision-making by taking advantage of all of the available information hidden in the mass of complex data. Predictive technology is a process that significantly improves business decisions by taking full advantage of the information content in large, complex, transactional databases.
Predictive technology seeks to predict future trends by analyzing past and current events and patterns. Its used in various industries to help identify and forecast customers needs and future purchasing trends, as well as to anticipate the likelihood of fraudulent transactions. Q: Who are the big users of predictive technology? A: Predictive software is used mainly in three industries telecommunication, insurance and banking to derive more value from customer relationship manage- ment (CRM) and enterprise resource planning (ERP) programs. Predictive technology can provide companies with a more proactive approach to modeling an immense wealth of customer-based data. Q: What percentage of this market does HNC own? A: Currently, the top 100 names in the telecommunication, insurance and banking sectors employ HNCs solutions. In the credit card fraud protection sector, HNC accounts for 50% and 75% of the worldwide and domestic markets, respectively. In addition, 35% of the domestic insuranc
