This type of analytics prescribes the action to take to prevent any future issues. It also makes use of all promising trends. This type of analytics is where big data and artificial intelligence come into play. Statistical modeling deals with assessing situations to prove or disprove a hypothesis. AI deals with predicting potential outcomes based on many variables.
Data science and analytics consulting are essential to all businesses. It can help them in creating new products. It also makes them more efficient for better performance and enhances the customer phone number list experience. It provides information for better decision-making and detects challenges and opportunities. It makes forecasts that can reduce labor and cost, thereby saving time.
Here are some benefits of Market Research:
Helps with future planning for the business, for example:
Should the firm extend its product line?
Makes the decision-making process easier
Provides accurate data (thus debunking business myths and personal judgments).
It reduces risk.