Predictive Analytics

What is Predictive Analytics?

Predictive Analytics is the use of mathematical and statistical methods, including artificial intelligence and machine learning, to predict the value or status of something of interest. Predictive analytics can be used to answer a vast array of questions such as:

  • Which asset will fail within the next 75 days?
  • How many units of product X will be sold next month?
  • How much energy will a specific customer require in the next 15 minutes?
  • Which customers will likely churn in the next 30 days?
  • Is this transaction fraudulent?
  • Is this image a car?

The benefits of predictive analytics are wide ranging and potentially game changing for a company. In particular, predictive analytics powered by AI/machine learning embedded in business processes can drive significant improvements such as reduced costs, increased margins and profitability, better safety and reliability, and lower environmental impact. A classic use of AI-powered predictive analytics is for predictive maintenance, enabling companies to reduce downtime, increase production, and reduce potential environmental impact (e.g., by avoiding leaks).

 

Why is Predictive Analytics Important?

Predictive analytics is a core function of enterprise AI. The foundational purpose of enterprise AI applications is to serve as “prediction engines,” providing insights to drive actions that improve business operations and performance. In the case of AI-powered predictive maintenance, for example, these applications can alert equipment and facilities operators in advance of critical failures, so that assets can be serviced or replaced before the failure – resulting in less unscheduled maintenance, fewer production and revenue interruptions, and increased asset life and utilization.

There are limitless opportunities to apply predictive analytics in virtually every area of an organization’s operations. Machine learning models can be applied to customer interactions (for use cases such as product recommendations), financial transactions (for example, to predict instances of money laundering), production (how much should be produced to meet predicted demand), and many other use cases.

 

Predictive Analytics with C3.ai

C3.ai is the leading provider of enterprise AI software technology to drive and accelerate digital transformation. C3.ai provides the C3 AI® Suite, a complete, end-to-end platform for developing enterprise AI applications, enabling organizations to leverage the power of AI-enabled predictive analytics for virtually any use case. C3 AI Suite provides comprehensive tools and capabilities for designing, developing, deploying, and operating enterprise AI applications at industrial scale. With the C3 AI Suite, organizations can accelerate development of enterprise AI applications on cloud platforms including AWS and Azure 25-fold and deploy them in one-tenth the time of other approaches.

C3.ai also delivers a portfolio of prebuilt, SaaS enterprise AI applications that embed predictive analytics for a growing number of use cases such as predictive maintenance, inventory optimization, fraud detection, and anti-money laundering. Some of the world’s largest organizations – including Shell, the US Department of Defense, Enel and Koch Industries – use C3.ai technology to drive digital transformation initiatives that significantly reduce costs, increase asset availability and reliability, improve human safety, and enhance customer satisfaction.