Predictive Analytics : A New Way Essay
By: Gurneen Kaur Bedi ABSTRACT-
Data science and predictive analytics can help organizations in retail industry synthesize data sources across multiple channels to better target the right customer with the right offer at the right time. This can be achieved by understanding consumer behavior by building mass analytic tools.
The primary objective of this research paper is to prove that firms into retail industry that use predictive analytics to expand and grow their Business get a competitive edge over other Firms in the industry. The most relevant literature was analyzed to comprehend the effectiveness of predictive analytics on Business Organizations. Predictive Analytics is used to understand Consumer Behavior to better target the right customer with the right offer at the right time. I will be analyzing Porters Five Forces under the proposed framework to understand the industry and will be looking into new Business opportunities that will be created by the use of this technology.
• Understanding the Retail Industry with Porters Five Forces.
• Brief Description of Predictive Analytics and how it responds to Consumer Behavior
• Comparison between top Firms on their use of Predictive Analytics.
Retail has always been a data-intensive industry. As the tools available to store, manage and analyze this data evolved, so did the role the analysis of…