What is Predictive Modeling and How Does it Work?

How predictive modeling and predictive analytics impact the bottom line:

Predictive modeling is a mathematical process that aims to predict future events based on past behavior. It’s the core function of predictive analytics applications; it works by analyzing data to identify patterns, and then using those patterns to create algorithms that data scientists train. Predictive modeling is used in a wide variety of applications, from meteorology, to fraud detection, to security management.

What other applications are there for predictive modeling? How has your organization benefitted from it? Share your thoughts in the comments, and be sure to hit that like button.

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