Success in business is all about being proactive – being able to anticipate what will happen in the future, and then using this information to your advantage.
And the key to doing this? Predictive AI.
It might sound futuristic, but using predictive analytics in business is nothing new.
Just ask Henry Ford, who used data science analysis in his business as far back as the late 19th century.
This same practice continued to develop in the 1960s, thanks to the growing popularity of computers.
Fast forward to 2022, when predictive AI recorded a market size of $12.49 billion, and it’s evident just how much of a global phenomenon it’s become.
What’s more, it’s showing no signs of slowing down. Reports predict it will reach $38 billion by 2028.
This means that if your business isn’t using predictive analytics yet, it risks getting left behind.
What Is Predictive AI?
Before we explore the marketing potential of AI-powered predictive analytics, it’s helpful to understand what it actually is.
As the name suggests, it’s the use of artificial intelligence and machine learning to predict outcomes.
By analyzing historical data from your business using advanced algorithms, predictive AI can allow you to make more informed, data-driven decisions.
It’ll also help you identify trends, forecast behavior, predict any impending challenges, and devise solutions for them too.
It’s here that AI systems and AI research can be a valuable tool for your business – analyzing complex data in minutes to help improve effectiveness and boost return on investment (ROI).
You’ll have the insights you need to move your business forward and deliver an enhanced customer experience, all through the power of AI.
Predictive AI Vs. Generative AI
So far, so good, but where do AI models like Midjourney and ChatGPT come in?
Now you’re talking about generative AI: artificial intelligence platforms focusing on content creation rather than data prediction.
If predictive AI is about using historical data to predict patterns, trends, and behavior, then generative AI is about creation.
And that means generating realistic images, content, music, and more, all with the help of machine learning.
Both rely on artificial intelligence, but where one focuses on prediction, the other focuses on generation, as the names of these AI models suggest.
The applications of each differ as well. Generative AI models are best suited to creative industries like film, writing, fashion, and art.
Predictive AI models are ideal for industries that rely on data analysis, like healthcare, finance, and marketing.
Both have their place, and both are seeing an increase in usage across various fields, with an expected annual growth rate of 37.3% projected between 2023 and 2030.
And it’s this surge in popularity that makes your understanding of predictive AI so vital.
Because if you’re not already leveraging its potential, you can be sure that your competitors are.
The Benefits Of Predictive AI
Before you commit to using AI technology, it’s helpful to explore its benefits a little further.
While the benefits of generative AI are obvious (saving time and money on image generation and content creation, for one), the advantages of predictive AI are more varied:
1. Future Planning
Staying ahead of the game is all about having a competitive advantage, and this is exactly what AI tools like predictive AI can give you.
Using historical data to forecast trends and outcomes allows you to plan ahead and be proactive in your business approach.
2. Improved Efficiency
The better your predictive data and the more accurate your forecasting, the more you’ll be able to avoid repetitive tasks and errors, helping you streamline your business processes.
3. Faster Decision-making
In marketing, decisions are all about data. The more accurate your data, the more informed your decisions will be.
That’s the advantage of predictive AI – giving you the data you need, when you need it, to make faster, more effective decisions.
4. Pattern Identifying
Have you ever wondered how to use your own data to look for patterns in order to identify opportunities, challenges, and solutions?
That’s what predictive analysis does for you, using machine learning to recognize patterns and guide your decision-making accordingly.
5. Trend Forecasting
Your data contains a wealth of knowledge, and that’s exactly what predictive AI has been designed to draw from.
By using mathematical algorithms, machine learning, data mining, and more, predictive analytics can use your data to predict customer behavior, events, and trends.
Meaning you’ll be getting the valuable business information you need ahead of time.
The Applications Of Predictive AI
By far one of the biggest benefits of predictive AI, however, is the range of applications it’s suited for.
With its ability to improve productivity, increase revenue, and streamline processes, it has the power to impact a wide range of industries, such as:
From market trends to buying habits, predictive AI can follow the customer journey from beginning to end, analyzing it every step of the way.
The fast-paced nature of the retail industry lends itself to AI models perfectly – models that can analyze, adapt, and respond quickly.
Will certain products do better in the marketplace? Will certain incentives secure a sale? Predictive AI can answer all these questions and more.
With so many patients and medical centers worldwide, the opportunities for collecting data in the healthcare industry are endless.
By using the significant resources and abilities of AI models, algorithms will be able to suggest treatments, offer personalized care, and even predict epidemics.
This is how AI can help not only improve diagnoses but save lives in the process.
Thanks to AI, vehicle failures and recalls could become a thing of the past.
By using machine learning, predictive analytics will be able to detect failures in manufacturing before they occur.
Looking to the future, predictive AI could also go one step further, helping to develop automotive technology and driverless vehicles based on studies of driver behavior.
With its ability to forecast trends and apply machine learning models across a host of transactions and customer interactions, predictive AI is a perfect fit for the financial industry.
It’s fast, accurate, efficient, and has the power to revolutionize the way the financial world works.
Using Predictive AI Tools
So what types of predictive AI tools are out there, and what exactly can they do? Let’s take a look.
First up, there’s Predict AI from Neurons.
What’s remarkable is that it’s built on a database of eye-tracking data gathered from more than 120,000 people worldwide and more than 100 billion data points of brain responses.
With its foundation models built on these neuroscience studies, Predict can generate creative insights data in seconds. This allows it to increase conversions and accurately predict human behavior.
Thanks to Predict’s innovative AI technology, you’ll be able to understand how and why customers respond to your brand and your ads.
Which in turn will help you build awareness and drive sales at the same time. Look forward to improved engagement and optimized creativity, too, all with the power of Predict.
Although it may have started life as an app, today, the Dragonfly AI platform is known for its emphasis on content performance.
With a full product suite focused on visual predictive analytics, Dragonfly’s Studio desktop solution offers a range of AI tools.
Increase your ROI, test your performance, A/B test your creatives, and streamline your design process, too, all in one.
With a mobile app for iOS and a browser extension, it’s versatile and flexible, and leverages AI technology perfectly.
All so that the right messages reach the right customers at the right time. Just the boost your bottom line is looking for.
What is it about your marketing campaigns that drive customers to view and purchase your products?
That’s exactly the question that Vizit has been designed to answer.
Powered by award-winning AI, Vizit uses patented technology to simulate what your customers see and feel when they look at your products.
That’s because it’s estimated that 93% of customers use visuals to make their purchasing decisions. So the more you can understand how to capture a customer’s attention, the better results you’ll see.
With predictive AI based on millions of behavioral interactions, Vizit is able to measure your visual content and give you insights to help boost your performance.
You’ll be able to test, learn and grow, all while seeing through your customers’ eyes. And with Vizit ensuring increased conversions of up to 45% and sales growth of 30%, it could be your most rewarding view yet.
Is Predictive AI The Right Tool For Your Business?
While there’s some discourse around the fact that the quality of generative AI, such as OpenAI’s ChatGPT, may be worsening, the benefits and applications of predictive AI are clear.
Machine learning and artificial intelligence aren’t the way of the future – they’re our present reality, and they’re only going to become more sophisticated as time goes by.
Will you let your competitors overtake you with their ability to predict market trends and customer behavior, or will you embrace predictive AI and explore its potential for yourself?
It’s a question only you can answer, and it’s one you’ll need to consider sooner rather than later in order to stay ahead of the pack.
That’s a prediction you can count on.
Featured Image: Andrey_Popov/Shutterstock