Beginners guide to predictive analytics

If you are someone with an interest in technology then you may have come across the term “predictive analytics.” OTPPAY is one of the innovative platforms that consider predictive analytics to be one of their core value propositions. This is a term you can never avoid in the modern world. Predictive analytics is used to make predictions about unknown future events. It uses numerous techniques such as statistics, data mining, machine learning and artificial intelligence to analyze big data to come up with future predictions.

Predictive analytics uses different analytical, data mining and modeling techniques to reconcile the management, modeling business process and information technology to make predictions. The patterns found in transactional data on the OTPPAY platform can be used to identify opportunities and risks for the future. This can help them predict any unusual activity and take care of fraud. Businesses can interpret big data effectively and apply predictive analytics to their benefits.

Text analytics and data mining combined with statistics can let businesses uncover patterns in both unstructured and structured data. Examples of structured data include marital status, age, unstructured data, sales, and income. Examples of unstructured data include social media content, call center notes, and other types of open text data that should be extracted from the text to be used in the process of model building.

Organizations such as OTPPAY make use of predictive analytics to become proactive. They can make informed decisions based on informed decisions and not based on mere assumptions.

The process of predictive analytics

Defining the project

In this step, there is a definition of the projects of results, goals of the business, and identification of data that is going to be used.

Collection of data

This is whereby data is collected through mining. The data is prepared from different sources for analysis. This helps to come up with an overview of the interactions of customers.

Analyzing data

Here, cleaning is done, inspecting, transforming and modeling the collected data. The main objective of this step is to discover information that may be useful and arrive at informed conclusions.

Statistics

Through statistical analysis, OTPPAY can validate assumptions, and test hypotheses using standard statistical models.

Modeling

Companies can create accurate predictive models about the future automatically by using the predictive model. There are different options where you can choose the best solution by using the multi-model evaluation.

Model monitoring

This is where models are monitored and managed to review the model performance to make sure that the desired results are achieved.

Decisions can be automated through prescriptive analytics so as to make predictions. This will enable the OTPPAY platform to make accurate recommendations depending on the transactions being initiated on the platform. This will enable OTPPAY to find out about fraudulent transactions done on the platform and identify attempts of thefts so that they can handle them accordingly. OTPPAY has invested a lot of manpower and resources to ensure that users on the platform are protected and can get services at a faster rate.

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