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We’ve been avid users of the Voxco platform now for over 20 years. It gives us the flexibility to routinely enhance our survey toolkit and provides our clients with a more robust dataset and story to tell their clients.
Steve Male
VP Innovation & Strategic Partnerships, The Logit Group
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Take a peek at our powerful survey features to design surveys that scale discoveries.
Explore Voxco
Need to map Voxco’s features & offerings? We can help!
Get exclusive insights into research trends and best practices from top experts! Access Voxco’s ‘State of Research Report 2024 edition’.
We’ve been avid users of the Voxco platform now for over 20 years. It gives us the flexibility to routinely enhance our survey toolkit and provides our clients with a more robust dataset and story to tell their clients.
Steve Male
VP Innovation & Strategic Partnerships, The Logit Group
Explore Regional Offices
Find the best survey software for you!
(Along with a checklist to compare platforms)
Take a peek at our powerful survey features to design surveys that scale discoveries.
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We’ve been avid users of the Voxco platform now for over 20 years. It gives us the flexibility to routinely enhance our survey toolkit and provides our clients with a more robust dataset and story to tell their clients.
Steve Male
VP Innovation & Strategic Partnerships, The Logit Group
Explore Regional Offices
01
Predictive analytics involves identifying the likelihood of future outcomes based on an organization’s data. This is done with the use of historical and current data, statistical algorithms, artificial intelligence, and machine learning.
Predictive models create predictions that are based on a lot of information and statistics, hence they are objective and can be easily repeated. The more data an organization has, the more accurate their predictions can be. This is one of the reasons organizations collect data from their customers and employees on an ongoing basis as this helps them make accurate predictions and better decisions.
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02
Predictive analytics uses predictive models that are made through the construction of mathematical models and equations. These equations are created using information such as:
To start developing the model, you first need to gather data on variables that have an effect on the outcome of interest. This data can be used to train the predictive model using machine learning.
Then, to train the predictive model you can introduce a “test data set” by inputting historical data that you already know the outcome of. The actual outcome of the event should then be compared to the outcome predicted by the predictive model in order to see how accurate the results are. Depending on the accuracy of the results, the model may need certain changes to improve its accuracy.
Survey organizations around the world have maximized their phone survey ROI with the advanced features, hosting options, seamless telephony integration, and flexible pricing of our CATI software.
03
The following are a few benefits of Predictive Analytics:
Helps Predict Customer Churn
Can Perform Text Analysis
Promotes Efficiency
Improves CX
Helps Plan Ahead
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04
The following are a few tools used in Predictive Analytics
Text iQ: Unearths trends and patterns from texts from a range of sources such as reviews, surveys, and social media.
Stats iQ: Stats iQ automatically selects and runs relevant statistical tests and delivers the information you need to make informed decisions.
Voice iQ: Gains insights and identifies trends from voice interactions with customers. It can take unstructured voice data and use voice recognition and data mining to interpret and categorize voice interactions.
Predict iQ: Uses advanced learning to create a detailed picture of customer behavior, allowing you to predict your customer’s moves such as customer churn.
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Survey organizations around the world have maximized their phone survey ROI with the advanced features, hosting options, seamless telephony integration, and flexible pricing of our CATI software.
05
Answer: Predictive Analytics can be used by organizations in many ways. It can help determine customer responses or purchases, and customer churn. It can help retain customers or attract new ones to grow a business’ customer base. It can even be used to forecast inventory requirements in order to manage resources more effectively.
Answer: Data mining is the process of turning raw data into useful information by using softwares that can identify patterns and trends within large batches of data.
Answer: Artificial intelligence is a larger concept that refers to intelligent machines and technology that can simulate human thinking and behavior. Machine learning, on the other hand, is a subset of AI that enables machines to learn from data without being programmed.
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