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Predictive analytics helps you stop making educated guesses and make decisions based on hard data, not gut feelings. These tools use machine learning and predictive models to analyze vast amounts of data, then find patterns and suggest what might happen in the future.
With modern predictive analytics tools, you no longer need a degree in data analytics to make these predictions. These AI-powered business intelligence platforms are built for the everyday person who needs help with decision-making.
Today, we take a look at the very best predictive analytics tools, their pros, cons, and pricing.
Predictive analytics tools are apps designed to analyze historical data and make predictions about future outcomes. These tools use statistical techniques, machine learning algorithms, and data mining to find trends, pattern, and relationships between data points.
Businesses can make predictions based on historical data and guide their decision-making in the future, helping save time and money. Predictive analytics can be used across different industries, such as healthcare, transportation, marketing, finance, and many others.
If you don’t have a degree in data science and experience in advanced analytics, no worries. We’ll show you the most important features you should look for when purchasing your next predictive analytics solution.
Data integration capabilities: the tool should connect to a variety of data sources, including apps, data warehouses, APIs, and other platforms.
Integrated AI and ML features: artificial intelligence and machine learning models such as generative AI help enhance predictive analytics features. AI algorithms typically allow for natural language processing and let end users ask for predictive analytics insights in plain English.
Advanced analytics: access to a wide array of analytics features, from basic regression models to advanced neural networks.
User-friendly interface: AI features and automation are important, but they need to be easy to understand and use so the average user can benefit from all the predictive analytics features. Besides the interface, these tools are typically no-code and don’t require previous development experience.
Scalability: the ideal predictive analytics tool can handle large datasets just as easily as a few rows of data. You should also be able to add more users who can collaborate on data analytics operations. Speaking of which…
Collaboration features: within the tool, multiple users should be able to access data sources, visualizations, and analysis tools, ideally in the cloud.
Customization and extensibility: as the user, you should be able to write custom code or scripts (e.g. Python or R) for running advanced analyses. Also, the tool should easily integrate with the rest of your stack through API.
Security and compliance: the data should be encrypted both at transit and at rest. If necessary, the tool should comply with legislation such as GDPR, HIPAA, and others.
Visualization and reporting: after statistical analysis, the tool should allow you to create a variety of visualizations based on your needs and requirements. Bar charts, choropleths, pie charts, tables… You should be able to choose based on the end goal of your analytics needs.
Support and documentation: if you don’t understand statistical models, decision trees, or how data mining works, you should have access to detailed documentation or a support number where you can ask for help.
Cost and licensing: the pricing models should be flexible and the licensing transparent regarding app usage.
Ready to become more data-driven and unlock actionable insights from your data? Here are some of our top picks for predictive data analysis, for a wide range of use cases and budgets.
Best for: embedded analytics
If you want to add embedded analytics features to your software AND give your end users the power of predictive analytics, Luzmo is the right platform for you. Luzmo is easy to integrate into your software and comes with a powerful API and a variety of data sources. After the setup, your customers get access to interactive dashboards filled with data from your product.
The end users can now take a look at historical data and use artificial intelligence to predict future outcomes, optimize processes, and find new ways to use your product. The benefits are twofold.
First, your end users get additional value as they can see the data from your tool and make predictions from it. Second, you as the company that sells the software can now market real-time AI-powered predictive analytics workflows as a selling point.
The end user gets access to interactive graphs and charts with their key metrics and they have a chance to explore data on their own terms and make more informed decisions. Most other tools on this list also support embedded analytics, but only as an extra.
On the other hand, Luzmo was built for embedded analytics use cases from the start. It has a great user interface, it handles large datasets with ease and looks and feels like a part of your tool.
But before you leave, let’s make things clear.
Luzmo can: be connected to a predictive model built outside of Luzmo and be used for analyzing and visualizing predictive data.
Luzmo cannot: give you access to built-in predictive analytics features. It cannot do forecasting and predictions out of the box.
Get a free demo today to see what Luzmo can do for you!
Best for: enterprise analytics
IBM Watson Studio is an integrated development environment where users can build, run, and manage AI models. IBM was already a household name in the world of IT but they entered the data analytics world with a bang when they purchased SPSS (Statistical Package for Social Sciences) in 2009.
IBM Watson Studio helps with data mining, preparation, and visualization with the help of AI. It supports a variety of data sources for easy data integration and modeling.
Pricing for this tool starts at $500 per month.
Best for: enterprise companies that want to build their own predictive models
SAP offers predictive analytics capabilities within its SAP Analytics Cloud and SAP HANA apps. Within SAP, you can use predictive analytics alongside their traditional BI features.
The most interesting product is called Smart Predict and it’s built for novice users who don’t have knowledge of data models, big data, or even Excel. SAP has access to historical data and users can ask questions about future outcomes.
You can create all types of predictive scenarios, such as classification, regression, and time series forecasting.
SAP HANA Cloud is priced per metric, which costs $9.72 per piece. You are required to purchase a minimum of 100 metrics.
Best for: visual data mining, machine learning and advanced analytics
Statistical Analytics System or SAS is one of the leading analytics tools in the enterprise sector. It has a dedicated product called SAS Predictive Miner that allows users to create, test and deploy predictive models. It’s easy to use and provides a drag-and-drop interface with a range of predictive analytics models.
Then there is SAS Visual Data Mining and Machine Learning, a tool for advanced analytics and machine learning. In this platform, you can build predictive models with techniques such as deep learning, gradient boosting, and support for vector machines.
SAS prices start at $1,500 per user.
Best for: predictive analytics with a high level of customization
Alteryx is a lesser-known data analytics tool compared to some of the giants mentioned in this list. It has a number of pre-built predictive analytics tools, including drag-and-drop predictive modeling, linear and logistic regression, decision trees, random forests, and more.
It integrates with R and lets you add your own code to your chosen predictive model. Alteryx offers a range of time series forecasting tools such as ARIMA models, exponential smoothing, and others.
To ensure the accuracy of your data, you can use Alteryx for cross-validation.
Alteryx pricing starts at $4,950 monthly.
Best for: teams that already use Tableau for business intelligence
Tableau is one of the best-known business intelligence tools and it’s been keeping up with the times. Besides data management, data preparation, and visualization, it now also has its own AI platform for predictive analytics, among other use cases.
Tableau offers a wide range of statistical functions and calculations, accommodating newbies and experienced data analysts. It integrates with R and Python, which allows your devs to add custom code if necessary.
Custom table calculations are supported and you can integrate a variety of data sources. As we’ve written many times, the visualization options are excellent.
You’ll need an Explorer license to do predictive analytics, and they come in at $70 per user.
Predictive analysis may sound like a scary term but there is no industry or business out there that can’t benefit from a data-powered look into the future. Thanks to modern AI-based tools, you no longer need a team of data scientists to access these features.
Luzmo strikes the balance between powerful features and ease of use. It allows you to visualize powerful data forecasts in beautiful, interactive dashboards, added directly to your software. Let your end users discover the real value in your app and add an embedded analytics dashboard.
Get a free demo and see how Luzmo can help!
Experience the power of Luzmo. Talk to our product experts for a guided demo or get your hands dirty with a free 10-day trial.
