SpendEdge Announces the Launch of a New Procurement Market Research Report on the Global Predictive Analytics Market
The constant growth of the IT industry every year and the demand from BSFI sector to discover frauds, make predictions about security prices, and perform churn analysis for customer retention is fueling the predictive analytics market.
LONDON: The strategic procurement management report on the predictive analytics market is an integral part of SpendEdge’s IT category portfolio and offers a deep-dive analysis of the current supply market, factors influencing strategic procurement decisions, pricing models, supplier landscape, and procurement best practices. It also offers insights into the major supply market insights, demand-supply shifts, and key market developments to help sourcing and procurement leaders make smart purchasing decisions.
The increasing use of electronic payment modes has resulted in a major upsurge in the incidence of fraudulent activities. Such activities often reduce customer trust, brand value, and severe regulatory fines. This increase has triggered the growth of the global predictive analytics market. Furthermore, one of the major reason behind the increase in fraudulent activities are the prevailing fraud analytics tools. This leads businesses to use predictive analytics for better risk management and loss mitigation.
“Purchasing managers must focus on building a strong analytics infrastructure before implementing advanced analytics tools such as predictive analytics,” says Bhuvaneshwari Udayakumar, an IT procurement research specialist at SpendEdge.
Many businesses lack knowledge of predictive analytics which restricts them from making sound strategies for procurement and reduces their negotiating powers with suppliers. The application of this technology requires a strong grasp of few major concepts such as advanced statistical concepts, machine learning, modeling skills, and a high degree of familiarity with big data platforms. This leads to purchasing managers paying for incorrect or unnecessary.
Need more insights on this report?
This procurement report on the predictive analytics category offers insights on:
- Supply markets, growth drivers, and challenges
- Key suppliers and assessment of their capabilities
- Procurement best practices
- Negotiation strategies and cost-saving opportunities
- Pricing models and category innovations
- For a full, comprehensive list, view our report
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